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Business Analytics 1 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Three developments
spurred recent explosive growth in the use of
analytical methods
in business applications: What are these three advances?

A

Tech Advances
Software Advances
Hardware Advances

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2
Q

The first development that spurred recent explosive growth in the use of analytical methods in business
applications is known as

A

Technological Advances

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3
Q

Examples of these technological advances include:

A

scanner tech
e-commerce
internet
social networks
personal electronic devices

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4
Q

T/F- Businesses want to use the data to improve the efficiency and profitability of their operations, better understand their customers,
price their products more effectively, and gain a competitive advantage.

A

True

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5
Q

The second development that dealt with ongoing research has resulted in numerous methodological development. What did this include?

A
  • Advances in computational approaches to effectively handle and explore
    massive amounts of data.
  • Faster algorithms for optimization and simulation.
  • More effective approaches for visualizing data.
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6
Q

The third development made it easy for businesses to solve big problems faster and more accurately than ever before.

A

Hardware Software

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7
Q

The third development consisted of

A
  • better computing hardware
  • parallel computing
  • cloud computing
  • recently GPU’s for DEEP NN
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8
Q

What type of decisions involve higher-level issues concerned with the overall direction of the organization, define the organization’s overall goals and aspirations for the future.

A

Strategic Decisions

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9
Q

What type of decisions concern how the organization should achieve the goals and objectives set by its strategy?
- usually the responsibility of midlevel management

A

Tactical Decisions

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10
Q

What type of decisions affect how the firm is run from day to day. They are also the domain of operations managers, who are the closest to the customer

A

Operational Decisions

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11
Q

The scientific process of transforming data into insight for making better decisions. Used for data-driven or fact-based decision making,
more objective than other alternatives for decision
making. This is known as

A

Business Analytics

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12
Q

T/F- Business analytics is defined as predictive and prescriptive
Problem centric vs Data centric

A

True

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13
Q

What are some tools business analytics can aid decision making by

A
  • creating insights from data
  • Improving our ability to accurately forecast for
    planning.
  • Helping us quantify risk.
  • Yielding better alternatives through analysis and
    optimization.
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14
Q

What type of analytics encompasses the set of techniques that describes what has happened in
the past

A

Descriptive Analytics

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15
Q

What are some examples that descriptive analytics include

A
  • Data queries.
  • Reports.
  • Descriptive statistics.
  • Data visualization (including data dashboards).
  • Data-mining techniques.
  • Basic what-if spreadsheet models
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16
Q

A request for information with certain characteristics from a database. Is known as?

A

Data Query

17
Q

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

A

Data Mining

18
Q

What type of analytics consists of techniques that use models constructed from past data to
predict the future or ascertain the impact of one variable on another.

A

Predictive Analytics

19
Q

T/F- Survey data and past purchase behavior may be used to help predict the
market share of a new product when using predictive analytics

A

True

20
Q

What are some techniques used in predictive analytics?

A

Linear Regression
Time Series Analysis
Models of association that find patterns or relationships among variables in a large database
Simulation
Multi-variate statistical analysis

21
Q

What technique used in predictive analytics involves the use of probability and statistics to construct a
computer model to study the impact of uncertainty on a decision.

A

Simulation

22
Q

Any set of data that is too large or too complex to be handled by standard data-processing techniques and typical desktop software. This has been with us since the first computer This is known as

A

Big Data

23
Q

IBM describes the phenomenon of big data through the four Vs:

A

Volume
Velocity
Variety
Veracity

24
Q

Which V of big data is described as data that is collected electronically that allows us to collect more of it.
To be useful, these data must be stored, and this storage has led to vast quantities of data

A

Volume

25
Q

Which V of big data is described as real-time capture and analysis of data present unique challenges both in
how data are stored and the speed with which those data can be analyzed for decision making.

A

Velocity

26
Q
A

Business Analytics 1 (4 decks)

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