Finals M1

Question 1

Three Terms in Business Literature are often related to one another

Answer 1

Analytics
Business Analytics
Business Intelligence

Question 2

Begins with a data set (a simple collection of data or a data file) or commonly with a database (a collection of data files that contain information on people, locations, and so on).

Answer 2

Business Analytics

Question 3

A simple collection of data or a data file

Answer 3

data set

Question 4

A collection of data files that contain information on people, locations, and so on.

Answer 4

database

Question 5

As databases grow, they need to be stored somewhere.

Answer 5

True

Question 6

Hardware and software used for data remote storage, retrieval, and computational functions

Answer 6

computer clouds

Question 7

A collection of databases used for reporting and data analysis store data.

Answer 7

data warehousing

Question 8

Database storage areas have become so large that a new term was devised to describe them.

Answer 8

True

Question 9

Describes the collection of data sets that are so large and complex that software systems are hardly able to process them .

Answer 9

Big data

Question 10

They define ________ as anything that is not big data.

Answer 10

little data

Question 11

describes the smaller data segments or files that help individual businesses keep track of customers.

Answer 11

Little data

Question 12

Using analytics as a means of sorting through data to find useful information, the application of analytics has found a new purpose.

Answer 12

True

Question 13

Can be defined as a process that involves the use of statistical techniques (measures of central tendency, graphs, and so on), information system software (data mining, sorting routines), and operations research methodologies (linear programming) to explore, visualize, discover and communicate patterns or trends in data.

Answer 13

analytics

Question 14

measures of central tendency, graphs, and so on

Answer 14

statistical techniques

Question 15

information system softwares:

Answer 15

data mining, sorting routines

Question 16

operations research methodologies aka?

Answer 16

linear programming

Question 17

can be defined as a process that involves the use of statistical techniques, information system software , and operations research methodologies to explore, visualize, discover and communicate patterns or trends in data.

Answer 17

Analytics

Question 18

Analytics is an older term commonly applied to all disciplines, not just business.

Answer 18

True

Question 19

convert data into useful information.

Answer 19

analytics

Question 20

Three types of analytics

Answer 20

descriptive , predictive , and prescriptive

Question 21

The application of simple statistical techniques that describes what is contained in a data set or database.

Answer 21

Descriptive analytics

Question 22

An application of advanced statistical, information software, or operations research methods to identify predictive variables and build predictive models to identify trends and relationships not readily observed in a descriptive analysis.

Answer 22

Predictive analytics

Question 23

An application of decision science, management science, and operations research methodologies (applied mathematical techniques) to make best use of allocable resources.

Answer 23

Prescriptive analytics

Question 24

To identify possible trends in large data sets or databases.

Answer 24

Descriptive analytics

Question 25

To build predictive models designed to identify and predict future trends.

Answer 25

Predictive Analytics

Question 26

To allocate resources optimally to take advantage of predicted trends for future opportunities.

Answer 26

Prescriptive Analytics

Question 27

________________ statistics, including methodologies like: measures of central tendency (mean, median, mode) measures of dispersion (standard deviation) charts graphs sorting methods frequency distributions probability distributions sampling methods

Answer 27

Descriptive

Question 28

____________statistics, uses: Multiple regression ANOVA Information system methods like data mining and sorting. Operations research methods like forecasting models.

Answer 28

Predictive

Question 29

________________ statistics, uses operations research methodologies like linear programming and decision theory.

Answer 29

Presciptive

Question 30

answers the questions what happened and why it happen

Answer 30

Descriptive analytics

Question 31

What exactly is the problem? How many, how often, where? What happened?

Answer 31

Descriptive analytics

Question 32

answers the question what will happen:

Answer 32

predictive analytics

Question 33

What will happen next if…? What if these trends continue? What could happen…? What actions are needed?

Answer 33

predictive analytics

Question 34

Anticipates what will happen, when it happened, and also why it happened:

Answer 34

prescriptive analytics

Question 35

How can we achieve the best outcome including the effects of variability? How can we achieve the best outcome?

Answer 35

prescriptive analytics

Question 36

____________ is focused on generating insightful information from data sources

Answer 36

analytics

Question 37

____________________ goes the extra step to leverage analytics to create an improvement in measurable business

Answer 37

business analytics

Question 38

the three types of analytics are applied sequentially (descriptive, then predictive, then prescriptive).

Answer 38

True

Question 39

can be defined as a process beginning with business-related **data collection** and consisting of sequential **application of descriptive, predictive, and prescriptive major analytic components**, the outcome of which supports and demonstrates **business decision-making** and organizational performance.

Answer 39

BA

Question 40

Policing/Security Transportation Fraud and Risk Detection Manage Risk Delivery Logistics Web Provision Proper Spending Customer Interactions City Planning Healthcare Travel Energy Management Internet/Web Search Digital Advertisement

Answer 40

Where is Analytics Applied

Question 41

____________ will translate the **business challenges into operational measures** that can be monitored over time, not only for analytics impact, but for the entire company.

Answer 41

Metrics

Question 42

is a data point at a single point in time

Answer 42

Measurement

Question 43

Metrics is Measurement with context

Answer 43

True

Question 44

Measurement is Metrics with context

Answer 44

False

Question 45

____________ means by which your company can measure progress and business analytics impact.

Answer 45

Objective

Question 46

When is Analytics Not Practical?

Answer 46

When There’s No Data When There’s No Precedent When the Decision Maker Has Considerable Experience When the Variables Can’t Be Measured

Question 47

The Three Secret of Success EUR

Answer 47

Establish business analytic culture Understand analytic in play Recognize the insights as a competitive advantage.

Question 47

Challenges of Business Analytics ECC

Answer 47

Environment Competition Customers

Question 48

Predictive analytics methodologies MR A DMDS FM

Answer 48

Multiple regression ANOVA Information system methods like data mining and sorting. Operations research methods like forecasting models.

Question 49

Prescriptive analytics methodologies

Answer 49

Decision Theory Linear Programming