Week 1

Question 1

What type of data analytics do firms use for internal reporting and decision making?

Answer 1

BI, Big data analytics, AI

Question 2

Which systems form the foundation of corporate reporting?

Answer 2

Enterprise resource planning (ERP) or accounting information systems (AIS), BI and data warehouses.

Question 3

What does cloud-based services provide acces to for all kind of firms?

Answer 3

access to digital capabilities, which have previously only been accessible to large companies.

Question 4

What is management?

Answer 4

Management is a process by which organizational goals are achieved by using resources.

Question 5

What is decision making?

Answer 5

Selecting the best solution from two or more alternatives

Question 6

What are the 4 steps in the decision making process which managers follow?

Answer 6

Intelligence
Design
Choice
Implementation

Question 7

What is a model?

Answer 7

A simplified representation or abstraction of reality

Question 8

What are the five characteristics of systems?

Answer 8

• Set of two or more interrelated components interacting to achieve a goal;
• Has a boundry;
• Has inputs and outputs;
• Interacts with its environment;
• Is governed by processes, rules and procedures.

Question 9

What is data?

Answer 9

Data are facts that are collected, recorded, stored and processed. They are insufficient for decision making.

Question 10

What is information?

Answer 10

Data that has been organized and processed so that it’s meaningful.

Processed data used in decision making.

Question 11

What are business analytics a combination of and what is its purpose?

Answer 11

combination of computer technology, management science techniques and statistics to solve problems.

Question 12

What are descriptive analytics?

Answer 12

Describes what happened in the past or is happening right now.
Used in business reporting, dashboard, scorecards and data warehousing.
Outcomes: well defined business problems and opportunities.

Question 13

What are predictive analytics?

Answer 13

Predicts what will happen and why it happens.

Uses data mining, text mining, web/media mining, forecasting.

Outcomes: accurate projections of the future states and conditions.

Question 14

What are prescriptive analytics?

Answer 14

prescribes what should I do and why should i do it.

Enables optimization, simulation, decision modelling and expert systems.

Outcomes; best possible business decisions and transactions.