MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS
LATEST UPDATE
Present Value
Used to measure the worth of a stream of cash flows, taking into account the time value
of money.
Descriptive analytics
the use of data to understand past and current business performance and make
decisions.
Descriptive analytics application
used to categorize, characterize, consolidate, and classify data to convert them into
useful info for the purpose of understanding and analyzing business performance.
Answers what happend questions. Ex: meaningful charts and reports
Predictive ananlytics
seeks to predict the future by examining historical data, detecting patterns or
relationships in them, and then extrapolating these relationships forward in time.
Predictive analytics application
They can predict risk and find relationships in data not readily apparent with traditional
analysis. Answers what will happen questions.
Prescriptive analytics
uses optimization to identify the best alternatives to minimize or maximize some
objective.
Prescriptive analytics application
Answers what should we do questions.
Descriptive model
explains behavior and allows users to evaluate potential decisions by asking "what if?"
questions.
Predictive model
focuses on what will happen in the future. Many examine historical date and assume
that the past is a representative of the future.
Prescriptive model
helps decision makers identify the best solution to a decision problem
Optimization
finding values of decision variables that minimize (or maximize) something such as cost
(or profit)
Objective function
the equation that minimizes (or maximizes) the quantity of interest
Optimal solution
values of the decision variables at the minimum (or maximum) point
Decision model
A logical or mathematical representation of a problem or business situation that can be
used to understand, analyze, or facilitate making a decision
Phases of problem solving
, 1) Recognizing a problem
2) Defining he problem
3) Structuring the problem
4) Analyzing the problem
5)Interpreting results and making a decision
6) Implementing the solution
Data
numbers or textual data that are collected through some type of measurement process
and not yet processed into a meaningful form
Big Data
refers to massive amounts of business date from a wide variety of sources much of
which is available in real time, and much of which is uncertain or unpredictable.
Information
results of analyzing data; that is, extracting meaning from data to support evaluation
and decision making.
Reliability
data are accurate and consistent
Validity
data correctly measures what it is supposed to measure
Model
an abstraction or representation of a real system, idea, or, object
Uncertainty
imperfect knowledge of what will happen
Risk
associated with the consequences of what actually happens
When does a problem exist
when there is a gap between a desired state (what managers want) and an existing
state (the situation that managers are facing)
T/F: Descriptive analytics helps detect hidden patterns in large quantities of data
to group data into sets to predict behavior.
False: Predictive data does this.
T/F: A manager at Academy wishes to know the company's revenue and profit in
its previous quarter. Predictive analytics should be used.
False: Descriptive analytics should be used
T/F: Prescriptive analytics can help a company address the best way of shipping
goods from their factories to minimize costs.
True
T/F: Analyzing the problem is the first step in decision making.
False-Recognizing a problem
T/F: Product mix is determined by top managers
True
T/F: The demand for professionals with analytics expertise has skyrocketed
True
T/F: Modern business analytics can be viewed as an integration of business
intelligence, information systems, statistics, and modeling optimization.
True
LATEST UPDATE
Present Value
Used to measure the worth of a stream of cash flows, taking into account the time value
of money.
Descriptive analytics
the use of data to understand past and current business performance and make
decisions.
Descriptive analytics application
used to categorize, characterize, consolidate, and classify data to convert them into
useful info for the purpose of understanding and analyzing business performance.
Answers what happend questions. Ex: meaningful charts and reports
Predictive ananlytics
seeks to predict the future by examining historical data, detecting patterns or
relationships in them, and then extrapolating these relationships forward in time.
Predictive analytics application
They can predict risk and find relationships in data not readily apparent with traditional
analysis. Answers what will happen questions.
Prescriptive analytics
uses optimization to identify the best alternatives to minimize or maximize some
objective.
Prescriptive analytics application
Answers what should we do questions.
Descriptive model
explains behavior and allows users to evaluate potential decisions by asking "what if?"
questions.
Predictive model
focuses on what will happen in the future. Many examine historical date and assume
that the past is a representative of the future.
Prescriptive model
helps decision makers identify the best solution to a decision problem
Optimization
finding values of decision variables that minimize (or maximize) something such as cost
(or profit)
Objective function
the equation that minimizes (or maximizes) the quantity of interest
Optimal solution
values of the decision variables at the minimum (or maximum) point
Decision model
A logical or mathematical representation of a problem or business situation that can be
used to understand, analyze, or facilitate making a decision
Phases of problem solving
, 1) Recognizing a problem
2) Defining he problem
3) Structuring the problem
4) Analyzing the problem
5)Interpreting results and making a decision
6) Implementing the solution
Data
numbers or textual data that are collected through some type of measurement process
and not yet processed into a meaningful form
Big Data
refers to massive amounts of business date from a wide variety of sources much of
which is available in real time, and much of which is uncertain or unpredictable.
Information
results of analyzing data; that is, extracting meaning from data to support evaluation
and decision making.
Reliability
data are accurate and consistent
Validity
data correctly measures what it is supposed to measure
Model
an abstraction or representation of a real system, idea, or, object
Uncertainty
imperfect knowledge of what will happen
Risk
associated with the consequences of what actually happens
When does a problem exist
when there is a gap between a desired state (what managers want) and an existing
state (the situation that managers are facing)
T/F: Descriptive analytics helps detect hidden patterns in large quantities of data
to group data into sets to predict behavior.
False: Predictive data does this.
T/F: A manager at Academy wishes to know the company's revenue and profit in
its previous quarter. Predictive analytics should be used.
False: Descriptive analytics should be used
T/F: Prescriptive analytics can help a company address the best way of shipping
goods from their factories to minimize costs.
True
T/F: Analyzing the problem is the first step in decision making.
False-Recognizing a problem
T/F: Product mix is determined by top managers
True
T/F: The demand for professionals with analytics expertise has skyrocketed
True
T/F: Modern business analytics can be viewed as an integration of business
intelligence, information systems, statistics, and modeling optimization.
True
