MISY 5370 EXAM 1 CHAPTER 1 WITH ALL CORRECT &
VERIFIED ANSWERS (UPDATED TO PASS)
First Development Correct answer-Technological advances, Internet social networks, and data
generated from personal electronic devices.
Second Development Correct answer-Ongoing research has resulted in numerous methodological
developments: Computational advances, Faster algorithms
Third Development Correct answer-Better computing hardware, parallel computing, and cloud
computing
Strategic Decisions Correct answer-Higher level issues concerned with overall direction. define the
overall goals and aspirations.
One of the Common approaches to making decisions Correct answer-Tradition
Common approaches to making decisions Correct answer-Intuition
Common approaches to making decisions Correct answer-Rules of thumb
Common approaches to making decisions Correct answer-Using the relevant data available
Business analytics - Correct answer-Scientific process of transforming data into insight for making
better decisions
Descriptive analytics - Correct answer-It encompasses the set of techniques that describes what
has happened in the past.
Descriptive analytics Correct answer-Examples - data queries, reports, data visualization, data
mining-techniques, what if models.
Data dashboards - Correct answer-Collections of tables, charts, maps, and summary statistics that
are updated as new data become available.
Decision Making Correct answer-is managers responsibility
Managers' responsibility Correct answer-To make strategic, tactical, or operational decisions.
Strategic decisions involve Correct answer-higher-level issues concerned with the overall direction
of the organization
Strategic decisions Correct answer-define the organization's overall goals and aspirations for the
future.
Tactical decisions Correct answer-Concern how the organization should achieve the goals and
objectives set by its strategy
Tactical decisions are Correct answer-usually the responsibility of midlevel management
Operational decisions Correct answer-Affect how the firm is run from day to day.
, Operational decisions Correct answer-are the domain of operations managers, who are the closest
to the customer
Decision making can be defined as the following process Correct answer-Identify and define the
problem
Determine the criteria that will be used to evaluate alternative solutions
Determine the set of alternative solutions
Evaluate the alternatives
Choose an alternative
Common approaches to making decisions Correct answer-Tradition
Intuition
Rules of thumb
Using the relevant data available
Tools of business analytics can aid decision making by: Correct answer-Creating insights from data
Improving our ability to more accurately forecast for planning
Helping us quantify risk
Yielding better alternatives through analysis and optimization
A better understanding of consumer behavior through marketing analytics leads to Correct
answer-The better use of advertising budgets
More effective pricing strategies
Improved forecasting of demand
Improved product line management, and
Increased customer satisfaction and loyalty
In Health care analytics Descriptive, predictive, and prescriptive analytics are used Correct answer-
To improve patient, staff, and facility scheduling
Patient flow
Purchasing
Inventory control
Descriptive analytics Correct answer-encompasses the set of techniques that describes what has
happened in the past
Descriptive analytics Correct answer-is dealting with Past-Historical data
Examples of descriptive analytics Correct answer-data queries, reports, descriptive statistics, data
visualization (data dashboards), data-mining techniques, and basic what-if spreadsheet models.
Data query Correct answer-is a request for information with certain characteristics from a
database.
Data dashboards Correct answer-Collections of tables, charts, maps, and summary statistics that
are updated as new data become available.
Dashboards are used to Correct answer-help management monitor specific aspects of the
company's performance related to their decision-making responsibilities.
VERIFIED ANSWERS (UPDATED TO PASS)
First Development Correct answer-Technological advances, Internet social networks, and data
generated from personal electronic devices.
Second Development Correct answer-Ongoing research has resulted in numerous methodological
developments: Computational advances, Faster algorithms
Third Development Correct answer-Better computing hardware, parallel computing, and cloud
computing
Strategic Decisions Correct answer-Higher level issues concerned with overall direction. define the
overall goals and aspirations.
One of the Common approaches to making decisions Correct answer-Tradition
Common approaches to making decisions Correct answer-Intuition
Common approaches to making decisions Correct answer-Rules of thumb
Common approaches to making decisions Correct answer-Using the relevant data available
Business analytics - Correct answer-Scientific process of transforming data into insight for making
better decisions
Descriptive analytics - Correct answer-It encompasses the set of techniques that describes what
has happened in the past.
Descriptive analytics Correct answer-Examples - data queries, reports, data visualization, data
mining-techniques, what if models.
Data dashboards - Correct answer-Collections of tables, charts, maps, and summary statistics that
are updated as new data become available.
Decision Making Correct answer-is managers responsibility
Managers' responsibility Correct answer-To make strategic, tactical, or operational decisions.
Strategic decisions involve Correct answer-higher-level issues concerned with the overall direction
of the organization
Strategic decisions Correct answer-define the organization's overall goals and aspirations for the
future.
Tactical decisions Correct answer-Concern how the organization should achieve the goals and
objectives set by its strategy
Tactical decisions are Correct answer-usually the responsibility of midlevel management
Operational decisions Correct answer-Affect how the firm is run from day to day.
, Operational decisions Correct answer-are the domain of operations managers, who are the closest
to the customer
Decision making can be defined as the following process Correct answer-Identify and define the
problem
Determine the criteria that will be used to evaluate alternative solutions
Determine the set of alternative solutions
Evaluate the alternatives
Choose an alternative
Common approaches to making decisions Correct answer-Tradition
Intuition
Rules of thumb
Using the relevant data available
Tools of business analytics can aid decision making by: Correct answer-Creating insights from data
Improving our ability to more accurately forecast for planning
Helping us quantify risk
Yielding better alternatives through analysis and optimization
A better understanding of consumer behavior through marketing analytics leads to Correct
answer-The better use of advertising budgets
More effective pricing strategies
Improved forecasting of demand
Improved product line management, and
Increased customer satisfaction and loyalty
In Health care analytics Descriptive, predictive, and prescriptive analytics are used Correct answer-
To improve patient, staff, and facility scheduling
Patient flow
Purchasing
Inventory control
Descriptive analytics Correct answer-encompasses the set of techniques that describes what has
happened in the past
Descriptive analytics Correct answer-is dealting with Past-Historical data
Examples of descriptive analytics Correct answer-data queries, reports, descriptive statistics, data
visualization (data dashboards), data-mining techniques, and basic what-if spreadsheet models.
Data query Correct answer-is a request for information with certain characteristics from a
database.
Data dashboards Correct answer-Collections of tables, charts, maps, and summary statistics that
are updated as new data become available.
Dashboards are used to Correct answer-help management monitor specific aspects of the
company's performance related to their decision-making responsibilities.
