EBTM 350 MIDTERM EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++

EBTM 350 MIDTERM EXAM QUESTIONS AND ANSWERS WITH

COMPLETE SOLUTIONS GRADED A++


3 types of analytics

Descriptive — charts

Predictive — forecasting

Prescriptive — "best" solution, scenario manager

Data types

Categorical -- groups

Ordinal -- Order matters, rankings (ex. order number)

Interval -- Constant differences, arbitrary zero (ex. order date, arrival date)

Ratio -- Continuous, real zero (ex. item cost, quantity)

6 steps in problem solving

1. Recognizing the problem

2. Defining the problem

3. Structuring the problem

4. Analyzing the problem

5. Interpreting results and making a decision

6. Implementing the solution

Big data

Large volumes of business data from a wide variety of sources

Influence diagrams