Week Six Flashcards
1.What are the three main types of decisions?
Unstructured, structured, and semi-structured decisions
2.What is the first stage of the decision-making process?
Intelligence, which involves identifying problems.
3.What role does Business Intelligence (BI) play in decision-making?
BI provides infrastructure for data collection, storage, and analysis to support decision-making.
4.What are Mintzberg’s managerial roles categorized into?
Interpersonal, decisional, and informational roles
5.What is predictive analytics used for?
Predictive analytics uses statistical analysis and data mining to forecast trends.
6.What is a key challenge in decision-making related to information?
Information quality, which affects the accuracy and reliability of decision-making.
7.What is the purpose of Decision-Support Systems (DSS)?
DSS use analytical models to aid in semi-structured decision-making.
8.What is the difference between classical and contemporary behavioral management models?
Classical models focus on planning and organizing, while contemporary models depict managers as informal and reactive.
9.What is the role of Geographic Information Systems (GIS) in business analytics?
A Geographic Information System (GIS) is a technology that ties location-related data to maps, enabling analysis and visualization of spatial information, which can aid in decision-making for local governments and businesses.
10.What is the final stage of the decision-making process?
Implementation, which involves executing and monitoring solutions.
11.What are Key Performance Indicators (KPIs) used for?
Key Performance Indicators (KPIs) are measurable values that evaluate the success of an organization in achieving key business objectives, helping to track performance and progress towards strategic goals.
12.What is the focus of operational intelligence?
Operational intelligence refers to the real-time monitoring and analysis of business activities, utilizing data generated by sensors and other sources to inform decision-making and enhance operational efficiency.
13.What is a Balanced Scorecard?
The Balanced Scorecard is a strategic planning and management system that aligns business activities to an organization’s vision and strategy, measuring outcomes across four dimensions: Financials, Business Processes, Customers, and Learning & Growth.
14.How does data visualization assist in decision-making?
Data visualization presents data in graphical formats, allowing decision-makers to easily interpret complex information, identify trends, and make informed decisions based on visual insights.
15.What is a pivot table?
A pivot table is a data summarization tool used in spreadsheets that allows users to rearrange, summarize, and analyze large datasets dynamically, facilitating insights and reporting
16.What are semi-structured decisions?
Semi-structured decisions are those that involve some aspects with clear-cut answers provided by established procedures, while other parts may require judgment and insight from decision-makers.
17.What defines structured decisions?
Structured decisions are repetitive and routine decisions that follow definite procedures, allowing them to be handled consistently without requiring new assessments each time.
18.What characterizes unstructured decisions?
Unstructured decisions are those that require judgment, evaluation, and insight from decision-makers to solve complex problems, as they do not have predefined procedures or straightforward answers.
19.What is sensitivity analysis?
Sensitivity analysis is a technique used to determine how different values of an independent variable can impact a particular dependent variable under a specific set of assumptions, helping to assess risk and variability in decision-making.
