EBTM 350 FIRST EXAM QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
analytics (business analytics)
the use of data, I.T., statistical analysis, quantitative methods, and
mathematical/computer-based models to help managers gain and make better, fact-
based decisions.
Descriptive analytics
Uses data to understand the past and present; Metrics and measures
Predictive Analytics
analyzes past performance in an effort to predict the future; forecasting and simulation
Prescriptive Analytics
Uses optimization techniques to identify the best alternative to maximize or minimize
some objective; operations research or management science
Ordinal data
data placed in categories according to a specified characteristic; no quantitative
relationship to one another
categorical data
data that is ranked or ordered according to some relationship with one another; no fixed
units of measurement
Interval Data
, Ordinal data but with constant differences between observations; no true zero point;
ratios are not meaningful
Ratio Data
Continuous values and have a natural zero point; ratios are meaningful
Decision Model
a model used to understand, analyze, or facilitate decision making
Examples of Input data types
-Data
-Uncontrollable Variables
-Decision variables(Controllable)
Examples of Output data types
-Performance Measures
-Behavioral Measures
Descriptive decision models
simply tell 'what is' and describe relationships, do not tell managers what to do
Predictive Decision Models
often incorporate uncertainty to help managers analyze risk; use data from the past to
define a potential future relationship
Prescriptive decision models
help decision makers identify the best solution using optimization, objective function,
constraints, optimal solution
Step 1: Problem Solving Process
Recognizing the problem
WITH COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
analytics (business analytics)
the use of data, I.T., statistical analysis, quantitative methods, and
mathematical/computer-based models to help managers gain and make better, fact-
based decisions.
Descriptive analytics
Uses data to understand the past and present; Metrics and measures
Predictive Analytics
analyzes past performance in an effort to predict the future; forecasting and simulation
Prescriptive Analytics
Uses optimization techniques to identify the best alternative to maximize or minimize
some objective; operations research or management science
Ordinal data
data placed in categories according to a specified characteristic; no quantitative
relationship to one another
categorical data
data that is ranked or ordered according to some relationship with one another; no fixed
units of measurement
Interval Data
, Ordinal data but with constant differences between observations; no true zero point;
ratios are not meaningful
Ratio Data
Continuous values and have a natural zero point; ratios are meaningful
Decision Model
a model used to understand, analyze, or facilitate decision making
Examples of Input data types
-Data
-Uncontrollable Variables
-Decision variables(Controllable)
Examples of Output data types
-Performance Measures
-Behavioral Measures
Descriptive decision models
simply tell 'what is' and describe relationships, do not tell managers what to do
Predictive Decision Models
often incorporate uncertainty to help managers analyze risk; use data from the past to
define a potential future relationship
Prescriptive decision models
help decision makers identify the best solution using optimization, objective function,
constraints, optimal solution
Step 1: Problem Solving Process
Recognizing the problem
