BCOR 2020 Midterm Exam Questions
and Verified Detailed Answers
Business Problems - ✔✔How much to produce, How much to buy, When to
open the store, What products to promote?
Decision making types - ✔✔Strategic decisions, Tactical (managerial) decisions,
and operational decisions
Strategic decisions - ✔✔A decision that involves higher-level issues and that is
concerned with the overall direction of the organization, defining the overall
goals and aspirations for the organization's future.
Tactical (Managerial) decisions - ✔✔A decision concerned with how the
organization should achieve the goals and objectives set by its strategy.
operational decisions - ✔✔A decision concerned with how the organization is
run from day to day.
Decision Making Process - ✔✔Identify and define the problem, Determine the
criteria, Determine the set of alternative solutions, Evaluate the alternatives,
and Choose an alternative
What are examples of business decisions? - ✔✔Loan Processing, Amazon: what
products to recommend?, Airline ticket prices, medical diagnosis
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,Decision making - ✔✔It is the responsibility of managers to plan, coordinate,
organize and lead their organizations to better performance.
Common Approaches to decision making - ✔✔Tradition, Intuition, Rules of
thumb, using relevant data
Challenges of Decision making - ✔✔Uncertainties, and enormous number of
alternatives
Business Analytics (BA) - ✔✔the scientific process of transforming data into
insights for making better decision
What are the three categories of business analytics? - ✔✔Descriptive,
Predictive, and Prescriptive
Descriptive analytics - ✔✔Encompasses the set of techniques that describes
what has happened in the past
Examples of descriptive analytics - ✔✔Data queries, Reports, Descriptive
statistics, Data visualization (including data dashboards), Data-mining
techniques,Basic what-if spreadsheet models.
Predictive Analytics - ✔✔Consists of techniques that use models constructed
from past data to predict the future or ascertain the impact of one variable on
another.
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, Prescriptive Analytics - ✔✔Indicates a best course of action to take: Provide a
forecast or prediction, but do not provide a decision.A forecast or prediction,
when combined with a rule, becomes a prescriptive model.
Rule-based models - ✔✔Prescriptive models that rely on a rule or set of rules
What is data? - ✔✔the facts and figures collected, analyzed, and summarized
for presentation and interpretation.
Variable - ✔✔A characteristic or a quantity of interest that can take on different
values; such as Symbol, Industry, Share Price, and Volume.
Observation - ✔✔a set of values corresponding to a set of variables
Variation - ✔✔the difference in a variable measured over observations (time,
customers, items, etc.)
Random (uncertain) variable - ✔✔a quantity whose values are not known with
certainty
descriptive statistics - ✔✔statistics that summarize the data collected in a study
Types of Data - ✔✔Population, sample (includes random), Quantitative,
categorical, cross-sectional, and time series
Population Data - ✔✔The set of all elements of interest in a particular study.
Sample Data - ✔✔data collected from a subset of the population
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©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
and Verified Detailed Answers
Business Problems - ✔✔How much to produce, How much to buy, When to
open the store, What products to promote?
Decision making types - ✔✔Strategic decisions, Tactical (managerial) decisions,
and operational decisions
Strategic decisions - ✔✔A decision that involves higher-level issues and that is
concerned with the overall direction of the organization, defining the overall
goals and aspirations for the organization's future.
Tactical (Managerial) decisions - ✔✔A decision concerned with how the
organization should achieve the goals and objectives set by its strategy.
operational decisions - ✔✔A decision concerned with how the organization is
run from day to day.
Decision Making Process - ✔✔Identify and define the problem, Determine the
criteria, Determine the set of alternative solutions, Evaluate the alternatives,
and Choose an alternative
What are examples of business decisions? - ✔✔Loan Processing, Amazon: what
products to recommend?, Airline ticket prices, medical diagnosis
1|Page
©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
,Decision making - ✔✔It is the responsibility of managers to plan, coordinate,
organize and lead their organizations to better performance.
Common Approaches to decision making - ✔✔Tradition, Intuition, Rules of
thumb, using relevant data
Challenges of Decision making - ✔✔Uncertainties, and enormous number of
alternatives
Business Analytics (BA) - ✔✔the scientific process of transforming data into
insights for making better decision
What are the three categories of business analytics? - ✔✔Descriptive,
Predictive, and Prescriptive
Descriptive analytics - ✔✔Encompasses the set of techniques that describes
what has happened in the past
Examples of descriptive analytics - ✔✔Data queries, Reports, Descriptive
statistics, Data visualization (including data dashboards), Data-mining
techniques,Basic what-if spreadsheet models.
Predictive Analytics - ✔✔Consists of techniques that use models constructed
from past data to predict the future or ascertain the impact of one variable on
another.
2|Page
©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
, Prescriptive Analytics - ✔✔Indicates a best course of action to take: Provide a
forecast or prediction, but do not provide a decision.A forecast or prediction,
when combined with a rule, becomes a prescriptive model.
Rule-based models - ✔✔Prescriptive models that rely on a rule or set of rules
What is data? - ✔✔the facts and figures collected, analyzed, and summarized
for presentation and interpretation.
Variable - ✔✔A characteristic or a quantity of interest that can take on different
values; such as Symbol, Industry, Share Price, and Volume.
Observation - ✔✔a set of values corresponding to a set of variables
Variation - ✔✔the difference in a variable measured over observations (time,
customers, items, etc.)
Random (uncertain) variable - ✔✔a quantity whose values are not known with
certainty
descriptive statistics - ✔✔statistics that summarize the data collected in a study
Types of Data - ✔✔Population, sample (includes random), Quantitative,
categorical, cross-sectional, and time series
Population Data - ✔✔The set of all elements of interest in a particular study.
Sample Data - ✔✔data collected from a subset of the population
3|Page
©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
