MISY5370-Data Mining & Predictive |\ |\ |\ |\
Analytics Midterm questions with |\ |\ |\ |\
answers
Strategic Decision - CORRECT ANSWERS ✔✔a decision that
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involves higher-level issues and that is concerned with the overall
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direction of the organization, defining the overarching goals and
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aspirations for the organization's future
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Tactical decision - CORRECT ANSWERS ✔✔a decision concerned
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with how the organization should achieve the goals and
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objectives set by its strategy |\ |\ |\ |\
Operational Decision - CORRECT ANSWERS ✔✔a decision
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concerned with how the organization is the run from day to day
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Business Analytics - CORRECT ANSWERS ✔✔the scientific process
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of transforming data into insight for making better decisions
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descriptive analytics - CORRECT ANSWERS ✔✔analytical tools
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that describe what has happened
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data query - CORRECT ANSWERS ✔✔a request for information
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with certain characteristics from a database
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, data dashboard - CORRECT ANSWERS ✔✔a collection of tables,
|\ |\ |\ |\ |\ |\ |\ |\ |\
charts, and maps to help management monitor selected aspects
|\ |\ |\ |\ |\ |\ |\ |\ |\
of the company's performance
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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
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data mining - CORRECT ANSWERS ✔✔techniques used to find
|\ |\ |\ |\ |\ |\ |\ |\ |\
patterns or relationships among elements of the data in a large
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
database
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
|\ |\ |\ |\ |\ |\ |\
take input data and yield a best course of action
|\ |\ |\ |\ |\ |\ |\ |\ |\
optimization model - CORRECT ANSWERS ✔✔a mathematical |\ |\ |\ |\ |\ |\ |\
model that gives the best decision, subject to the simulation's
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
constraints
simulation optimization - CORRECT ANSWERS ✔✔the use of
|\ |\ |\ |\ |\ |\ |\ |\
probability and statistics to model uncertainty, coalyimbined with
|\ |\ |\ |\ |\ |\ |\
optimization techniques , to find good decisions in highly
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
complex and highly uncertain settings
|\ |\ |\ |\
Analytics Midterm questions with |\ |\ |\ |\
answers
Strategic Decision - CORRECT ANSWERS ✔✔a decision that
|\ |\ |\ |\ |\ |\ |\ |\
involves higher-level issues and that is concerned with the overall
|\ |\ |\ |\ |\ |\ |\ |\ |\
direction of the organization, defining the overarching goals and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
aspirations for the organization's future
|\ |\ |\ |\
Tactical decision - CORRECT ANSWERS ✔✔a decision concerned
|\ |\ |\ |\ |\ |\ |\ |\
with how the organization should achieve the goals and
|\ |\ |\ |\ |\ |\ |\ |\ |\
objectives set by its strategy |\ |\ |\ |\
Operational Decision - CORRECT ANSWERS ✔✔a decision
|\ |\ |\ |\ |\ |\ |\
concerned with how the organization is the 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 dashboard - CORRECT ANSWERS ✔✔a collection of tables,
|\ |\ |\ |\ |\ |\ |\ |\ |\
charts, and maps to help management monitor selected aspects
|\ |\ |\ |\ |\ |\ |\ |\ |\
of the company's performance
|\ |\ |\
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
|\ |\ |\ |\ |\ |\ |\
data mining - CORRECT ANSWERS ✔✔techniques used to find
|\ |\ |\ |\ |\ |\ |\ |\ |\
patterns or relationships among elements of the data in a large
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
database
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
|\ |\ |\ |\ |\ |\ |\
take input data and yield a best course of action
|\ |\ |\ |\ |\ |\ |\ |\ |\
optimization model - CORRECT ANSWERS ✔✔a mathematical |\ |\ |\ |\ |\ |\ |\
model that gives the best decision, subject to the simulation's
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
constraints
simulation optimization - CORRECT ANSWERS ✔✔the use of
|\ |\ |\ |\ |\ |\ |\ |\
probability and statistics to model uncertainty, coalyimbined with
|\ |\ |\ |\ |\ |\ |\
optimization techniques , to find good decisions in highly
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
complex and highly uncertain settings
|\ |\ |\ |\
