Finals M3 Flashcards

1
Q

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

A

Big Data

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2
Q

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

A

Analytics

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3
Q

_________ is collected facts and figures

A

Data

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4
Q

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

A

Database

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5
Q

____________ comes from analyzing data

A

Information

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6
Q

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

A

Business analytics

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7
Q

As ___________ grow, they need to be stored somewhere.

A

Databases

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8
Q

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

A

computer clouds

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9
Q

A collection of databases used for reporting and
data analysis

A

data warehousing

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10
Q

__________________ examine historical data for similar products

A

Descriptive Analytics

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11
Q

__________________ predict sales based on price

A

Predictive Analytics

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12
Q

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

A

Prescriptive Analytics

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13
Q

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

A

portion

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14
Q

What are the six steps in the problem solving process

A

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

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15
Q

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

A

Recognizing the Problem

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16
Q

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
A

Defining the Problem

17
Q

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

A

Structuring the Problem

18
Q

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

A

Analyzing the Problem

19
Q

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.

A

Interpreting Results and Making a Decision

20
Q

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

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

A

Implementing the Solution

21
Q

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

22
Q

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

23
Q

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

A

Sales-Promotion Model

24
Q

Simply tell “what is” and describe
relationships

A

Descriptive Decision Models

25
As price increases, demand falls.
A Linear Demand Prediction Model
26
Often incorporate uncertainty to help managers analyze risk.
Predictive Decision Models
27
________________________ is imperfect knowledge of what will happen in the future
Uncertainty
28
help decision makers identify the best solution.
Prescriptive Decision Models
29
Finding values of decision variables that minimize (or maximize) something such as cost (or profit).
Optimization
30
The equation that minimizes (or maximizes) the quantity of interest.
Objective function
31
limitations or restrictions.
Constraints
32
values of the decision variables at the minimum (or maximum) point
Optimal solution
33
____________ is all about exploration, visualization and model building. Finding the right algorithm is often a process of trial and error.
Discovery
34
Steps of Analytics Life Cycle
Data Discovery Deployment