MIS 453: Business Analytics and Decision Making

What is one of the main constant activities in any business?

Intelligence
Designing
Implementation
Decision-making (correct)

What leads to more efficient operations and higher profitability?

Better decision-making (correct)
Improved communication
Better data collection
More efficient operations

What is the first phase in Simon's Process?

Choice
Implementation
Intelligence (correct)
Design

What is the main goal of Business Intelligence?

To make better decisions (D) Signup and view all the answers

What is Business Intelligence, according to the definition?

A broad category of applications, technologies, and processes for gathering, storing, accessing, and analyzing data (C) Signup and view all the answers

What is the purpose of the Design Phase in Simon's Process?

To develop and analyze possible courses of action (B) Signup and view all the answers

What does BI as a discipline combine?

Architectures, tools, databases, analytical tools, applications, and methodologies (C) Signup and view all the answers

What is the main problem with the increasing amount of available data?

It is difficult to manage the information (D) Signup and view all the answers

Why is it important to analyze data?

To provide business value (C) Signup and view all the answers

What enables the effective management of giant data warehouses and Big Data?

All of the above (D) Signup and view all the answers

What is a key benefit of business intelligence systems?

They enable data insights to drive business decisions (D) Signup and view all the answers

What industries use BI systems?

A wide range of industries, including retail, news media, and more (B) Signup and view all the answers

What is the primary function of a Data Warehouse in a BI system?

To store and manage current and historical data for querying and reporting (A) Signup and view all the answers

What is the main goal of Business Performance Measurement in a BI system?

To manage business performance by providing tools for planning and budgeting (B) Signup and view all the answers

What is the primary benefit of using Business Analytics technologies in a BI system?

To transform data into knowledge and support business strategy (B) Signup and view all the answers

What is the primary function of a User Interface in a BI system?

To provide a comprehensive graphical view of corporate performance measures (C) Signup and view all the answers

Why is Business Intelligence (BI) important for organizations?

To improve decision making, cut costs, and identify new business opportunities (D) Signup and view all the answers

What is a key benefit of using Business Intelligence in an organization?

To transform decision making into a more data-driven activity (D) Signup and view all the answers

What is a potential barrier to BI success according to the text?

Inaccurate data (B) Signup and view all the answers

What is analytics, according to the Institute for Operations Research and Management Science (INFORMS)?

The combination of computer technology, management science techniques, and statistics to solve real problems (B) Signup and view all the answers

What type of analytics aims to determine what is likely to happen in the future?

Predictive analytics (A) Signup and view all the answers

What is the main goal of prescriptive analytics?

To determine the best possible decision (A) Signup and view all the answers

What is the primary function of descriptive analytics?

To answer the question of what happened in the past (A) Signup and view all the answers

What is an example of an enabler for descriptive analytics?

OLAP/DW (C) Signup and view all the answers