BCOR Midterm Questions and Answers Rated A

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BCOR Midterm Questions and Answers Rated A Business Problems ✔✔How much to produce, How much to buy, When to open the store, What products to promote? Decision making types ✔✔Strategic dec ... isions, Tactical (managerial) decisions, and operational decisions Strategic decisions ✔✔A decision that involves higher-level issues and that is concerned with the overall direction of the organization, defining the overall goals and aspirations for the organization's future. Tactical (Managerial) decisions ✔✔A decision concerned with how the organization should achieve the goals and objectives set by its strategy. operational decisions ✔✔A decision concerned with how the organization is run from day to day. Decision Making Process ✔✔Identify and define the problem, Determine the criteria, Determine the set of alternative solutions, Evaluate the alternatives, and Choose an alternative What are examples of business decisions? ✔✔Loan Processing, Amazon: what products to recommend?, Airline ticket prices, medical diagnosis Decision making ✔✔It is the responsibility of managers to plan, coordinate, organize and lead their organizations to better performance. Common Approaches to decision making ✔✔Tradition, Intuition, Rules of thumb, using relevant data Challenges of Decision making ✔✔Uncertainties, and enormous number of alternatives Business Analytics (BA) ✔✔the scientific process of transforming data into insights for making better decision What are the three categories of business analytics? ✔✔Descriptive, Predictive, and Prescriptive Descriptive analytics ✔✔Encompasses the set of techniques that describes what has happened in the past Examples of descriptive analytics ✔✔Data queries, Reports, Descriptive statistics, Data visualization (including data dashboards), Data-mining techniques,Basic what-if spreadsheet models. Predictive Analytics ✔✔Consists of techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another. Prescriptive Analytics ✔✔Indicates a best course of action to take: Provide a forecast or prediction, but do not provide a decision.A forecast or prediction, when combined with a rule, becomes a prescriptive model. Rule-based models ✔✔Prescriptive models that rely on a rule or set of rules What is data? ✔✔the facts and figures collected, analyzed, and summarized for presentation and interpretation. Variable ✔✔A characteristic or a quantity of interest that can take on different values; such as Symbol, Industry, Share Price, and Volume. Observation ✔✔a set of values corresponding to a set of variables Variation ✔✔the difference in a variable measured over observations (time, customers, items, etc.) Random (uncertain) variable ✔✔a quantity whose values are not known with certainty descriptive statistics ✔✔statistics that summarize the data collected in a study Types of Data ✔✔Population, sample (includes random), Quantitative, categorical, crosssectional, and time series Population Data ✔✔The set of all elements of int [Show More]

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