BCOR 2020 (all solved)

strategic decision correct answers a decision that involves higher level issues and is concerned with the overall direction of the organization, defining the overall goals and aspirations for the organizations future tactical decisions correct answers a decision concerned with how an organization should achieve the goals and objectives set by its strategy operational decisions correct answers affect how the firm is run from day to day business analytics correct answers the scientific process of transforming data into insight for making better decisions descriptive analytics correct answers analytical tools that describe what has happened data query correct answers a request for information with certain characteristics from a database data dashboards correct answers collections of tables, charts, maps, and summary statistics that are selected to help management monitor selected aspects of the companies performance data mining correct answers the use of analytical techniques for better understanding patterns and relationships that exist in large data sets predictive analytics correct answers techniques that use models constructed from past data to predict the future or to ascertain the impact of one variable on another simulation correct answers the use of probability and statistics to construct a computer model to study the impact of uncertainty on the decision at hand prescriptive analytics correct answers techniques that analyze input data and yield a best course of action rule based model correct answers a prescriptive model that is based on a rule or set of rules optimization models correct answers a mathematical model that gives the best decision, subject to the situations constraints simulation optimization correct answers the use of probability and statistics to model uncertainty, combined with optimization techniques, to find good decisions in highly complex and uncertain settings decision analysis correct answers a technique used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain set of future events