Business Analytics - Chapter 1 Quiz

The decisions concerning an organization’s goals and future plans are called _____.

Tactical decisions are concerned with _____.

Picks and Axes Inc. is an Internet-based retail seller of hiking boots and mountaineering gear. The company decides to open retail stores across the major areas of the city to help complement its Internet-based strategy. This activity would be categorized as a(n) _____.

_____ is the most critical step of the decision-making process.

Which of the following is not an approach to making decisions?

Data-driven decision making tends to decrease a firm's _____.

Data dashboards are a type of _____analytics.

The extraction of information on the number of shipments, how much was included in each shipment, the date each shipment was sent, and so on from the manufacturing plant’s database exemplifies _____

Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen.

A forecast that helps direct police officers to areas where crimes are likely to occur based on past data is an example of _____.

Which one of the following is used in predictive analytics?

A retail store owner offers a discount on product A and predicts that the customers would purchase products B and C in addition to product A. Identify the technique used to make such a prediction.

_____ are used in the pharmaceutical industry to assess the risk of introducing a new drug.

Which of the following analytical techniques helps us arrive at the best decision?

Simulation optimization helps _____.

When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses _____ to develop an optimal strategy.

_____ assigns values to outcomes based on the decision maker’s attitude toward risk, loss, and other factors.

Which of the following best exemplifies big data?

Which of the following sources of big data is not publicly available?

Advanced analytics generally refers to _____.

In the financial sector, _____ are used to construct financial instruments such as derivatives.

Optimization models can be used to _____.

Utility theory is the study of the _____ or relative desirability of a particular outcome that reflects the decision maker’s attitude toward a collection of factors, such as profit, loss, and risk.

_____ refers to the technology that allows data, collected from sensors in all types of machines, to be sent over the Internet to repositories where it can be stored and analyzed.

_____ refers to a programming model used within Hadoop that performs the two major steps for which it is named: the map step and the reduce step.

_____ is an open-source programming environment that supports big data processing through distributed storage and distributed processing on clusters of computers.

_____ analytics are techniques that use models, constructed from past data, to predict the future or to ascertain the impact of one variable on another.

A _____ decision involves higher-level issues and is concerned with the overall direction of the organization, defining the overarching goals and aspirations for the organization’s future.

A _____ decision is concerned with how the organization should achieve the goals and objectives set by its strategy.

_____ analytics use techniques that take input data and yield a best course of action.

In the spectrum of business analytics, which is the most complex?

In order to manage an organization’s human resource activities, such as hiring employees, tracking, and influencing employee retention, HR personnel use _____.

A better understanding of consumer behavior through analytics directly leads to _____.

A light bulb manufacturer uses descriptive analytics _____.

The U.S. Internal Revenue Service uses _____ to identify patterns that distinguish questionable annual personal income tax filings.

An increase in data _____ would help to protect stored data from destructive forces or unauthorized users.

_____ may be used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain set of future events.

The use of analytical techniques for better understanding patterns and relationships that exist in large data sets is _____.

_____ are analytical tools that describe what has happened.

A dashboard is a collection of tables, charts, and maps to help management _____ selected aspects of the company’s performance.

A decision concerned with how the organization is run from day to day is known as a(n) _____.

A mathematical model that gives the best decision, subject to the situation’s constraints, is an a(n) _____.

A data _____ is a request to obtain information with certain characteristics from a database.

Business analytics is the _____ process of transforming data into insight for making better decisions.

A data _____ is trained in both computer science and statistics and knows how to effectively process and analyze large amounts of data.

The use of probability and statistics to construct a computer model to study the impact of uncertainty on the decision at hand is called _____.

Predictive and prescriptive analytics can also be referred to as _____.

_____ analytics is the analysis of online activity, such as visits to websites or social media.

One of the 4 Vs of big data that refers to uncertainty due to data inconsistency and incompleteness, ambiguities, latency, deception, and model approximations is _____.

Data that are too large or too complex to be handled by standard data-processing techniques and typical desktop software are called _____.

Veracity has to do with how much _____is in the data.

What are the four V’s of big data?