BSIS 308 Exam 1 | Questions with 100% Correct Answers

BSIS 308 Exam 1 | Questions with 100% Correct Answers In some instances, advanced analytics refers to: a) descriptive and prescriptive analytics b) simulation c) predictive and prescriptive analytics d) decision analys ...

BSIS 308 Exam 1 | Questions with 100% Correct Answers In some instances, advanced analytics refers to: a) descriptive and prescriptive analytics b) simulation c) predictive and prescriptive analytics d) decision analysis A company's human resources department is responsible for ensuring all of the following except that the: a) organization has the mix of skill sets necessary to meet its needs b) highest-quality talent is hired c) employees are having the proper amount of taxes removed from their gross pay d) organization is meeting its diversity goals Firms guided by data-driven decision making tend to have: a) a higher market value b) lower productivity c) higher risk d) lower profit ______ assigns values to outcomes based on the decision maker's attitude toward risk, loss, and other factors. a) Simulation optimization b) Utility theory c) Optimization model d) Data dashboard IBM describes Big Data through the phenomenon of the 4 Vs, shown below. Identify the "V" illustrated by data in doubt. Veracity IBM describes Big Data through the phenomenon of the 4 Vs, shown below. Identify the "V" illustrated by data at rest. Volume IBM describes Big Data through the phenomenon of the 4 Vs, shown below. Identify the "V" illustrated by data in motion. velocity IBM describes Big Data through the phenomenon of the 4 Vs, shown below. Identify the "V" illustrated by data in many forms. Variety 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 sales. This activity would be categorized as a(n): a) tactical decision b) operational decision c) strategic decision d) financial decision A type of modeling that combines the use of probability and statistics to model uncertainty with optimization techniques to find good decisions in highly complex and highly uncertain settings is called: a) data dashboard modeling b) chart analysis c) spreadsheet modeling d) simulation optimization The decisions concerning an organization's goals and future plans are called: a) financial decisions b) tactical decisions c) strategic decisions d) operational decisions Which of the following analytical techniques is designed to output the best decision? a) predictive analytics b) data mining c) prescriptive analytics d) descriptive analytics The U.S. Internal Revenue Service uses ______ to identify patterns that distinguish questionable annual personal income tax filings: a) utility theory b) prescriptive analytics c) data mining d) decision analysis Tactical decisions are concerned with: a) the day-to-day activities of the organization b) the goals and plans of the organization c) the domain of operations managers who are close to the customer d) how the organization should achieve the goals and objectives set by its strategy Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen. a) simulation b) crosstabulation c) data dashboards d) tables The use of analytics in health care is becoming exceedingly important in order to control costs as well as: a) expand their services into foreign markets b) provide a multitude of online health care services c) acquire additional properties d) provide more effective treatments Supply network design models provide data about plant and distribution center locations that will minimize cost while still meeting the customer service requirements. These models are referred to as a) optimization models b) forecasting models c) data mining models d) network models Professional sports teams use analytics to: a) determine the rules that will determine how the game is played b) ensure that they are able to keep their players healthy c) predict which days games should be scheduled to increase the likelihood of good weather d) decide how much to offer players in contract negotiations Simulation optimization helps: a) in identifying the constraints of the situation b) to find good decisions in highly complex and highly uncertain settings c) in assigning values to outcomes d) to estimate outcomes of historical unknowns Walmart handles over one million purchase transactions per hour. Although the data represents opportunities,: a) it also presents analytical challenges from a processing point of view b) it can be processed or analyzed in a reasonable amount of time c) it has led to a decrease in the use of analytics d) it seldom has valuable applications When a decision maker is faced with several decision alternatives and an uncertain set of future events, he or she uses ______ to develop an optimal strategy. a) utility theory b) predictive analytics c) data mining d) decision analysis The tools of business analytics are useful for all of the following except: a) fact-based decision making b) creating insights from data c) improving our ability to more accurately forecast for planning d) enabling us to eliminate all risk in decision making ______ encompasses reports, data dashboards, and descriptive statistics to describe past data. a) Predictive analytics b) Descriptive analytics c) Prescriptive analytics d) Decision analysis The scientific process of transforming data into insight for making better decisions is called: a) business analytics b) data analysis c) statistical studies d) tactical processes Businesses that collect data about their customers have a(n) _____ to protect the data from misuse: a) obligation b) agreement c) legal imperative d) ethical concern A retail store owner offers a discount on product A and predicts that customers would purchase products B and C in addition to product A. Identify the technique used to make such a prediction. a) Data query b) Simulation c) Data mining d) Data dashboards Sports franchises dynamically adjust ticket prices throughout the season to reflect the relative attractiveness and potential demand for each game by using: a) data mining b) predictive analytics c) simulation d) prescriptive analytics The decisions that affect how the firm is run day-to-day are called: a) financial decisions b) tactical decisions c) strategic decisions d) operational decisions In a financial sector, we use ______ to construct financial instruments such as derivatives: a) descriptive and prescriptive models b) predictive models c) descriptive models d) prescriptive models All three types of analytics—descriptive, predictive, and prescriptive—are used in: a) marketing analytics but not health care analytics b) marketing and health care analytics c) health care analytics but not marketing analytics d) neither marketing nor health care analytics Which of the following techniques is used in predictive analytics? a) data dashboards b) linear regression c) data visualization d) optimization models Which of the following best exemplifies big data? a) Five hundred Facebook users upload one thousand pictures per day b) Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis c) A local grocery store collects data from those who scan their loyalty card d) A pharmacy keeps track of customer purchases to send their customers coupons ______ helps in constructing a mathematical model to predict future sales, based on past data. a) Predictive analytics b) Decision analysis c) Prescriptive analytics d) Descriptive analytics There are five steps to the decision-making process. Of the five steps, which is the most critical? a) identifying and defining the problem b) determining the criteria that will be used to evaluate alternate solutions c) determining the set of alternate solutions d) choosing an alternative Requesting information from a manufacturer's database on the number of shipments, how much was included in each shipment, and the date each shipment was sent are examples of a: a) spreadsheet model b) data dashboard c) data mining procedure d) data query A children's apparel manufacturer could use descriptive analytics to: a) present supply chain to managers visually b) achieve efficiency in delivery of goods c) schedule staff and vehicles for delivery d) plan capacity utilization by incorporating the inherent uncertainty in commodities pricing A better understanding of consumer behavior through analytics leads to: a) a decrease in demand b) assured increase in sales c) more effective pricing strategies d) poor customer satisfaction With the advent of big data and the dramatic increase in the use of analytics and data science to improve decision making, increased attention is being given to _____ surrounding data privacy and the ethical use of models based on data. a) ethical concerns b) predictive concerns c) legal concerns d) analytics Which of the following is NOT an acceptable approach to decision making? a) intuition b) random selection c) "rule of thumb" d) tradition GE Asset Management uses optimization models to decide how to allocate its investments. This is an example of a) financial analytics b) web analytics c) marketing analytics d) supply-chain analytics A survey that included a random sample of 50 companies spanning 10 different industries was conducted. The survey asked how long the company had been in business, the company's annual revenue from the previous fiscal year, the industry, and annual profit margin from the previous fiscal year. How many variables were measured? a) 1 b) 4 c) 10 d) 50 What is one benefit of using conditional formatting in Excel? a) Conditional formatting can make it easy to identify data that satisfy certain conditions in a data set b) Conditional formatting can help to visually display the data in charts and graphs c) Conditional formatting helps perform calculations like averages and standard deviations d) Conditional formatting enables the data to be displayed in ascending or descending order The difference in a variable measured over observations is referred to as: a) variation b) variables c) data d) statistics The total of relative frequencies for a data set is always 1: a) True b) False What is the median? The value in the middle when the data are arranged in ascending order. In a survey of patients in a local hospital, 62.42% of the respondents indicated that the health care providers needed to spend more time with each patient. In this survey, the sample is all survey respondents. a) True b) False Extreme observations that have values that are unusually large or unusually small are called: a) outliers b) quartiles c) end points d) z-scores The test scores of 8 students are listed below. Find the standard deviation of the test scores. 80 82 83 86 89 92 95 99 a) 6.71 b) 8 c) 45.02 d) 88.25 On calc: stats--> edit--> enter numbers in L1--> stats--> calc--> 1 var stats--> calculate--> Sx is standard deviation. The test scores of 32 students are listed below. The median is 69.5. 32 37 41 44 46 48 53 55 56 57 59 63 65 66 68 69 70 71 74 74 75 77 78 79 80 82 83 86 89 92 95 99 a) True b) False