Exam 1

Question 1

An umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance

Answer 1

Business Intelligence

Question 2

the management of data for all uses (operational and analytical) and the analysis of data to drive business processes and improve business outcomes through more effective decision making and enhanced customer experiences

Answer 2

Data Analytics

Question 3

Descriptive, predictive, prescriptice

Answer 3

Data Analytics

Question 4

summarizes what has happened, historical, archival, static (examples: sales of each product per region per month)

Answer 4

Descriptive Analytics

Question 5

what might happen in the future, probabilistic, based on models, uncertain (example: will sales in the northeast be up or down in May this year?)

Answer 5

Predictive Analytics

Question 6

recommends what should happen and likely result of action, recommendations, likely outcomes (example: should we ship more products to the northeast region because sales are expected to be up significantly next month)

Answer 6

Prescriptive Analytics

Question 7

Fast, automatic, effortless, implicit, affective

Answer 7

System 1

Question 8

Slower, conscious, effortful, explicit, cognitive

Answer 8

System 2

Question 9

exhaustively seek the best, compare decisions with others, expend more time and energy unhappier with outcomes

Answer 9

Maximizers

Question 10

Accept good enough, don’t obsess over other options, can move on after deciding, happier with outcomes

Answer 10

Satisficers

Question 11

Serving to indicate or point out, stimulating interest as a means of furthering investigation. Trial and error method of problem solving, used when an algorithmic approach is impractical

Answer 11

Heuristic

Question 12

the decision-making process that is logically expected to lead to the optimal result, given an accurate assessment of the decision maker’s values and risk preferences

Answer 12

rationality

Question 13

People assess the frequency, probability, or likely causes of an event by the degree to which instances or occurrences of that event are readily available in memory

Answer 13

the availability heuristic

Question 14

when making a judgment about an individual (or object or event), people tend to look for traits the individual may have that correspond with previously formed stereotypes

Answer 14

the representativeness heuristic

Question 15

search for and interpret evidence in a way that supports the conclusions we favored at the outset

Answer 15

Confirmation heuristic

Question 16

most of our judgments follow an affective, or emotional, evaluation that occurs even before any higher level reasoning takes place

Answer 16

the affect heuristic