BSIS 308 Exam 1 Questions With Correct Answers
why |is |business |analytics |important? |- |CORRECT |ANSWER✔✔-can |aid |decision |making |by |
creating |insights |from |data, |by |improving |our |ability |to |more |accurately |forecast |for |planning, |
by |helping |us |quantify |risk, |and |by |yielding |better |alternatives |through |analysis |and |
optimization.
Descriptive |analytics |- |CORRECT |ANSWER✔✔-the |use |of |data |to |understand |past |and |current |
business |performance |and |make |informed |decisions. |Examples |are |data |queries, |reports, |
descriptive |statistics, |data |visualization |including |data |dashboards, |some |data-mining |
techniques, |and |basic |what-if |spreadsheet |models.
Predictive |Analytics |- |CORRECT |ANSWER✔✔-consists |of |techniques |that |use |models |
constructed |from |past |data |to |predict |the |future |or |ascertain |the |impact |of |one |variable |on |
another. |Linear |regression, |time |series |analysis, |some |data-mining |techniques, |and |simulation, |
often |referred |to |as |risk |analysis, |all |fall |under |the |banner |of |predictive |analytics.
Prescriptive |Analytics |- |CORRECT |ANSWER✔✔-indicates |a |course |of |action |to |take; |that |is, |the |
output |of |a |prescriptive |model |is |a |decision. |Predictive |models |provide |a |forecast |or |
prediction, |but |do |not |provide |a |decision. |Other |examples |of |prescriptive |analytics |are |
portfolio |models |in |finance, |supply |network |design |models |in |operations, |and |price-markdown
|models |in |retailing.
Big |Data |- |CORRECT |ANSWER✔✔-Any |set |of |data |that |is |too |large |or |too |complex |to |be |
handled |by |standard |data-processing |techniques |and |typical |desktop |software
Volume |- |CORRECT |ANSWER✔✔-Because |data |are |collected |electronically, |we |are |able |to |
collect |more |of |it. |To |be |useful, |these |data |must |be |stored, |and |this |storage |has |led |to |vast |
quantities |of |data. |Many |companies |now |store |in |excess |of |100 |terabytes |of |data
why |is |business |analytics |important? |- |CORRECT |ANSWER✔✔-can |aid |decision |making |by |
creating |insights |from |data, |by |improving |our |ability |to |more |accurately |forecast |for |planning, |
by |helping |us |quantify |risk, |and |by |yielding |better |alternatives |through |analysis |and |
optimization.
Descriptive |analytics |- |CORRECT |ANSWER✔✔-the |use |of |data |to |understand |past |and |current |
business |performance |and |make |informed |decisions. |Examples |are |data |queries, |reports, |
descriptive |statistics, |data |visualization |including |data |dashboards, |some |data-mining |
techniques, |and |basic |what-if |spreadsheet |models.
Predictive |Analytics |- |CORRECT |ANSWER✔✔-consists |of |techniques |that |use |models |
constructed |from |past |data |to |predict |the |future |or |ascertain |the |impact |of |one |variable |on |
another. |Linear |regression, |time |series |analysis, |some |data-mining |techniques, |and |simulation, |
often |referred |to |as |risk |analysis, |all |fall |under |the |banner |of |predictive |analytics.
Prescriptive |Analytics |- |CORRECT |ANSWER✔✔-indicates |a |course |of |action |to |take; |that |is, |the |
output |of |a |prescriptive |model |is |a |decision. |Predictive |models |provide |a |forecast |or |
prediction, |but |do |not |provide |a |decision. |Other |examples |of |prescriptive |analytics |are |
portfolio |models |in |finance, |supply |network |design |models |in |operations, |and |price-markdown
|models |in |retailing.
Big |Data |- |CORRECT |ANSWER✔✔-Any |set |of |data |that |is |too |large |or |too |complex |to |be |
handled |by |standard |data-processing |techniques |and |typical |desktop |software
Volume |- |CORRECT |ANSWER✔✔-Because |data |are |collected |electronically, |we |are |able |to |
collect |more |of |it. |To |be |useful, |these |data |must |be |stored, |and |this |storage |has |led |to |vast |
quantities |of |data. |Many |companies |now |store |in |excess |of |100 |terabytes |of |data
