Finals M3

Question 1

____________ includes machine generated data from sensory networks, nuclear plants, scanning devices, consumer driven data from social media
.

Answer 1

Big Data

Question 2

The science of examining data (text,quantitative, qualitative, etc.)to bring fourth underlying information
.

Answer 2

Analytics

Question 3

_________ is collected facts and figures

Answer 3

Data

Question 4

_______ is a collection of computer files that contain information on people, locations, and so on

Answer 4

Database

Question 5

____________ comes from analyzing data

Answer 5

Information

Question 6

____________ begins with a data set or commonly with a
database.

Answer 6

Business analytics

Question 7

As ___________ grow, they need to be stored somewhere.

Answer 7

Databases

Question 8

A/an _____________ are hardware and software used for data remote storage, retrieval, and computation functions

Answer 8

computer clouds

Question 9

A collection of databases used for reporting and
data analysis

Answer 9

data warehousing

Question 10

__________________ examine historical data for similar products

Answer 10

Descriptive Analytics

Question 11

__________________ predict sales based on price

Answer 11

Predictive Analytics

Question 12

__________________ find the best sets of pricing and advertising to maximize sales revenue

Answer 12

Prescriptive Analytics

Question 13

Business analytics represents only a ________________ of the overall problem solving and decision making process.

Answer 13

portion

Question 14

What are the six steps in the problem solving process

Answer 14

Recognizing the problem
Defining the problem
Structuring the problem
Analyzing the problem
Interpreting results and making a decision
Implementing the solution

Question 15

It exist when there is a gap between what is
happening and what we think should be happening

Answer 15

Recognizing the Problem

Question 16

Problem complexity increases when the following occur:

• Large number of courses of action
• Several competing objectives
• External groups are affected
• Problem owner and problem solver are not the same person
• Time constraints exist

Answer 16

Defining the Problem

Question 17

Stating goals and objectives
Characterizing the possible decisions
Identifying any constraints or restrictions

Answer 17

Structuring the Problem

Question 18

Identifying and applying appropriate Business Analytics techniques
Typically involves experimentation, statistical analysis, or a solution
process

Answer 18

Analyzing the Problem

Question 19

Managers interpret the results from the analysis phase.
Incorporate subjective judgment as needed.
Understand limitations and model assumptions.
Make a decision utilizing the above information.

Answer 19

Interpreting Results and Making a Decision

Question 20

Translate the results of the model back to the real world.

Make the solution work in the organization by providing adequate training and resources

Answer 20

Implementing the Solution

Question 21

An abstraction or representation of a real system, idea, or object

Answer 21

Model

Question 22

Can be a written or verbal description, a visual display, a
mathematical formula, or a spreadsheet representation

Answer 22

Models

Question 23

Managers typically need to know how best to use pricing, coupons and advertising strategies to influence sales

Answer 23

Sales-Promotion Model

Question 24

Simply tell “what is” and describe
relationships

Answer 24

Descriptive Decision Models

Question 25

As price increases,
demand falls.

Answer 25

A Linear Demand
Prediction Model

Question 26

Often incorporate
uncertainty to help managers analyze risk.

Answer 26

Predictive Decision Models

Question 27

________________________ is imperfect knowledge of what will happen in the future

Answer 27

Uncertainty

Question 28

help decision makers identify the
best solution.

Answer 28

Prescriptive Decision Models

Question 29

Finding values of decision variables that
minimize (or maximize) something such as cost (or profit).

Answer 29

Optimization

Question 30

The equation that minimizes (or maximizes)
the quantity of interest.

Answer 30

Objective function

Question 31

limitations or restrictions.

Answer 31

Constraints

Question 32

values of the decision variables at the
minimum (or maximum) point

Answer 32

Optimal solution

Question 33

____________ is all about exploration, visualization and model
building. Finding the right algorithm is often a process of trial
and error.

Answer 33

Discovery

Question 34

Steps of Analytics Life Cycle

Answer 34

Data
Discovery
Deployment