QMB 3602 EXAM 1 QUESTIONS AND ANSWERS
Management Science - CORRECT ANSWER✅✅disciple that attempts to AID management decision
making by applying a scientific approach to managerial problems that involve quantitative factors
D in DMAIC - CORRECT ANSWER✅✅Define the problem
M in DMAIC - CORRECT ANSWER✅✅Measure, getting measurements, getting data
A in DMAIC - CORRECT ANSWER✅✅Analyze. spreadsheets, making sense of the data
I in DMAIC - CORRECT ANSWER✅✅How we improve. make a decision based on the analysis
C in DMAIC - CORRECT ANSWER✅✅Control. make sure the solutions are doing what we want them to
do, if we need to re evaluate or change anything
Business Analytics (data analytics) - CORRECT ANSWER✅✅involves extracting information and
knowledge from data
business analytics are widely applied in - CORRECT ANSWER✅✅marketing, hr management, economics,
finance, health, sports, politics
Predictive Analytics - CORRECT ANSWER✅✅what could happen in the future?
use historical data to make predictions, build models that help understand what might happen,
commonly considered advanced predictions. Use statistics and data mining
Prescriptive analytics - CORRECT ANSWER✅✅what should we do?
optimization and simulation algorithms to provide advice
Big Data - CORRECT ANSWER✅✅massive volume of structured and unstructured data.
, Extremely difficult to manage, process, and analyze using traditional data processing tools. Presents
great opportunity to gain knowledge and game changing intelligence.
3 characteristics of big data - CORRECT ANSWER✅✅volume, velocity, variety
Volume - CORRECT ANSWER✅✅immense amount of data compiled for a single or multiple sources
Velocity - CORRECT ANSWER✅✅generated at a rapid speed, management is a critical issue
Variety - CORRECT ANSWER✅✅all types, forms, granularity, structure or unstructured
Veracity - CORRECT ANSWER✅✅credibility and quality of the data, reliablility
Values - CORRECT ANSWER✅✅methodological plan for formulating questions, curating the right data,
and unlocking hidden potential
4 scales of measurement - CORRECT ANSWER✅✅Nominal, Ordinal, Interval, ratio
Nominal - CORRECT ANSWER✅✅Categorical, least sophisticated, values differ by label or name. ex:
marital status
Ordinal - CORRECT ANSWER✅✅Categorical, reflect labels or name, but can be ranked. cannot interpret
the difference between the ranked values. ex: reviews from 1-5 stars
Interval - CORRECT ANSWER✅✅Numerical, categorize and rank differences are meaningful. Zero value
is arbitrary and does not reflect absence of characteristic. example: temperature
Ratio - CORRECT ANSWER✅✅Numerical, most sophisticated, a true zero point. ex: profits
Management Science - CORRECT ANSWER✅✅disciple that attempts to AID management decision
making by applying a scientific approach to managerial problems that involve quantitative factors
D in DMAIC - CORRECT ANSWER✅✅Define the problem
M in DMAIC - CORRECT ANSWER✅✅Measure, getting measurements, getting data
A in DMAIC - CORRECT ANSWER✅✅Analyze. spreadsheets, making sense of the data
I in DMAIC - CORRECT ANSWER✅✅How we improve. make a decision based on the analysis
C in DMAIC - CORRECT ANSWER✅✅Control. make sure the solutions are doing what we want them to
do, if we need to re evaluate or change anything
Business Analytics (data analytics) - CORRECT ANSWER✅✅involves extracting information and
knowledge from data
business analytics are widely applied in - CORRECT ANSWER✅✅marketing, hr management, economics,
finance, health, sports, politics
Predictive Analytics - CORRECT ANSWER✅✅what could happen in the future?
use historical data to make predictions, build models that help understand what might happen,
commonly considered advanced predictions. Use statistics and data mining
Prescriptive analytics - CORRECT ANSWER✅✅what should we do?
optimization and simulation algorithms to provide advice
Big Data - CORRECT ANSWER✅✅massive volume of structured and unstructured data.
, Extremely difficult to manage, process, and analyze using traditional data processing tools. Presents
great opportunity to gain knowledge and game changing intelligence.
3 characteristics of big data - CORRECT ANSWER✅✅volume, velocity, variety
Volume - CORRECT ANSWER✅✅immense amount of data compiled for a single or multiple sources
Velocity - CORRECT ANSWER✅✅generated at a rapid speed, management is a critical issue
Variety - CORRECT ANSWER✅✅all types, forms, granularity, structure or unstructured
Veracity - CORRECT ANSWER✅✅credibility and quality of the data, reliablility
Values - CORRECT ANSWER✅✅methodological plan for formulating questions, curating the right data,
and unlocking hidden potential
4 scales of measurement - CORRECT ANSWER✅✅Nominal, Ordinal, Interval, ratio
Nominal - CORRECT ANSWER✅✅Categorical, least sophisticated, values differ by label or name. ex:
marital status
Ordinal - CORRECT ANSWER✅✅Categorical, reflect labels or name, but can be ranked. cannot interpret
the difference between the ranked values. ex: reviews from 1-5 stars
Interval - CORRECT ANSWER✅✅Numerical, categorize and rank differences are meaningful. Zero value
is arbitrary and does not reflect absence of characteristic. example: temperature
Ratio - CORRECT ANSWER✅✅Numerical, most sophisticated, a true zero point. ex: profits
