MGSC 300 Ch. 6 Exam Questions With
Accurate Answers
bounded rationality - ANSWER Idea that rationality is limited by the tractability of the
decision, cognitive limitations of the mind, and time available to make the decision
Descriptive data analytics - ANSWER Create a summary of historical data to yield useful
information and possibly prepare the data for future more sophisticated analysis
Predictive data analytics - ANSWER The process of using data analytics methods and
techniques to model and make predictions about unknown events from data
Prescriptive data analytics - ANSWER Dedicated to finding the best course of action
among various choices given the known parameters
( - 3rd level of data analytics and most powerful
- uses optimization tech. and machine learning to solve complex decisions by suggesting
multiple options for taking advantage of futures opportunities/mitigating risks &
outcomes)
Business Intelligence (BI) - ANSWER Set of best practices, software, infrastructure and
tools to acquire and transform raw highly structured data into actionable insights to help
managers at all levels of the organization make informed business decisions
Data science - ANSWER A multi-disciplinary field that uses domain expertise, scientific
, methods, programming skills, algorithms and statistics to extract knowledge and insights
from structured, semi-structured, and unstructured big data sets to predict future
behavior and prescribe actions
Traditional BI - ANSWER provides managers w/ easy to understand "snapshot" of what's
happening now and what happened in the past to bring an org. to its current state.
- relatively unsophisticated data analysis method that uses dashboards, data mashups,
and data visualization
Modern BI - ANSWER provide visual interactive self-service analytics to improve speed
and quality of decision-making. Includes "embedded BI"
- more flexible and accessible than traditional BI
7 Key attributes of modern BI software - ANSWER - speed
- visualization
- single source of truth
- real-time collaboration
- comprehensive governance
- scalability
- mobility
BI Professionals - ANSWER Include analysts, developers, managers, consultants, and
business analysts
Accurate Answers
bounded rationality - ANSWER Idea that rationality is limited by the tractability of the
decision, cognitive limitations of the mind, and time available to make the decision
Descriptive data analytics - ANSWER Create a summary of historical data to yield useful
information and possibly prepare the data for future more sophisticated analysis
Predictive data analytics - ANSWER The process of using data analytics methods and
techniques to model and make predictions about unknown events from data
Prescriptive data analytics - ANSWER Dedicated to finding the best course of action
among various choices given the known parameters
( - 3rd level of data analytics and most powerful
- uses optimization tech. and machine learning to solve complex decisions by suggesting
multiple options for taking advantage of futures opportunities/mitigating risks &
outcomes)
Business Intelligence (BI) - ANSWER Set of best practices, software, infrastructure and
tools to acquire and transform raw highly structured data into actionable insights to help
managers at all levels of the organization make informed business decisions
Data science - ANSWER A multi-disciplinary field that uses domain expertise, scientific
, methods, programming skills, algorithms and statistics to extract knowledge and insights
from structured, semi-structured, and unstructured big data sets to predict future
behavior and prescribe actions
Traditional BI - ANSWER provides managers w/ easy to understand "snapshot" of what's
happening now and what happened in the past to bring an org. to its current state.
- relatively unsophisticated data analysis method that uses dashboards, data mashups,
and data visualization
Modern BI - ANSWER provide visual interactive self-service analytics to improve speed
and quality of decision-making. Includes "embedded BI"
- more flexible and accessible than traditional BI
7 Key attributes of modern BI software - ANSWER - speed
- visualization
- single source of truth
- real-time collaboration
- comprehensive governance
- scalability
- mobility
BI Professionals - ANSWER Include analysts, developers, managers, consultants, and
business analysts
