BCOR 2205 Final Questions & Answers Already Passed!!

data warehouse - a repository of historical data that are organized by subject to support decision makers in the organization, primarily used by large companies what is stored in a data warehouse? - data that provides info to help with making decisions who decides what data is stored in a data warehouse? - outputs - the product or a service created by the process inputs - materials, services, and information that flow through and are transformed as a result of process activities productivity - the result of optimizing each individual's work process choice phase - third phase: testing, verification, of proposed solution: selecting a solution or course of action that seems best suited to resolve the problem. the solution is then implemented (pick an option and decide how to implement it) design phase - second phase: validation of the model using test data; decision makers construct a model for the situation by making assumptions that simplify reality and by expressing the relationships among all the relevant variables; criteria is set to evaluate all of the potential solutions that are proposed (what are my options?) intelligence phase - examination; how the decision making process starts. managers examine a situation and identify and define the problem or opportunity (what's the problem?) implementation phase - last phase, if implementation's successful the proposed solution solved the problem/ seized the opportunity. if it failed, then the process returns to the previous phasesinterpersonal roles - Figurehead, leader, and liaison roles involve dealing with other people decisional roles - entrepreneur, disturbance handler, resource allocator, negotiator mid-structured decisions - semistructed decisions - middle ground of structured and unstructured that require a combo of standard solution procedures and individual judgement structured decisions - deal with routine and repetitive problems for which standard solutions exist, such as inventory control, are laid out in a particular sequence, the procedures of obtaining a sufficient solution are known unstructured decisions - decisions where there are no cut and dried solutions, no standardized process in carrying out the 3 phases, intuition and judgement often play an important role, BI can't make unstructured decisions but helps to assist decision makers financial planning - a process used to achieve financial success based upon the development and implementation of financial goals and planning management control - acquiring and using resources efficiently in accomplishing organizational goals operational control - executing specific tasks efficiently and effectively strategic planning - the long-range goals and policies for growth and resource allocation; define the context in which operational control decisions are made data reduction - the simplification of large amounts of data obtained from qualitative interviews or other sources; the process of abstracting and summarizing behavioral datawhat does data reduction do? - abstracts and summarizes behavioral data affinity analysis - data analysis and data mining technique that discovers co-occurrence relationships among activities performed by (or recorded about) specific individuals or groups. goal-seeking analysis - attempts to calculate the value of the inputs necessary to achieve a desired level of output sensitivity analysis - the study of the impact that changes in one (or more) parts of the model have on other parts of the model; usually examines the impact that changes in input variables have on output variables what-if analysis - attempts to predict the impact of a change in the assumptions (input data) on the proposed solution data mining - the process of searching for valuable business information in a large database, data warehouse, or data mart; two basic operations: predicting trends and behaviors and identifying previously unknown patterns; helps to overall create a sustainable competitive advantage through identifying a business opportunity