BSIS 308 Chapter 1 Exam #1 Questions with correct
answers
Businesses that collect data about their customers have a(n) _____ to protect the
data from misuse. - ✔✔Obligation
Supply network design models provide data about plant and distribution center
locations that will minimize cost while still meeting the customer service
requirements. These models are referred to as - ✔✔Optimization Models
There are five steps to the decision-making process. Of the five steps, which is the
most critical? - ✔✔Identifying and Defining the Problem
Which of the following analytical techniques is designed to output the best
decision? - ✔✔Prescriptive Analytics
Firms guided by data-driven decision making tend to have - ✔✔A higher market
value
The tools of business analytics are useful for all of the following except -
✔✔Enabling us to eliminate all risk in decision making
Simulation optimization helps - ✔✔to find good decisions in highly complex and
highly uncertain settings.
The decisions concerning an organization's goals and future plans are called -
✔✔Strategic Decisions
, A retail store owner offers a discount on product A and predicts that customers
would purchase products B and C in addition to product A. Identify the technique
used to make such a prediction. - ✔✔Data Mining
Walmart handles over one million purchase transactions per hour. Although the
data represents opportunities, - ✔✔It also presents analytical challenges from a
processing point of view
Tactical decisions are concerned with - ✔✔How the organization should achieve
the goals and objectives set by it's strategy
Which of the following is NOT an acceptable approach to decision making? -
✔✔Random Selection
In a financial sector, we use ______ to construct financial instruments such as
derivatives. - ✔✔Predictive Models
GE Asset Management uses optimization models to decide how to allocate its
investments. This is an example of - ✔✔Financial Analytics
The scientific process of transforming data into insight for making better decisions
is called - ✔✔Business Analytics
Picks and Axes Inc. is an Internet-based retail seller of hiking boots and
mountaineering gear. The company decides to open retail stores across the major
answers
Businesses that collect data about their customers have a(n) _____ to protect the
data from misuse. - ✔✔Obligation
Supply network design models provide data about plant and distribution center
locations that will minimize cost while still meeting the customer service
requirements. These models are referred to as - ✔✔Optimization Models
There are five steps to the decision-making process. Of the five steps, which is the
most critical? - ✔✔Identifying and Defining the Problem
Which of the following analytical techniques is designed to output the best
decision? - ✔✔Prescriptive Analytics
Firms guided by data-driven decision making tend to have - ✔✔A higher market
value
The tools of business analytics are useful for all of the following except -
✔✔Enabling us to eliminate all risk in decision making
Simulation optimization helps - ✔✔to find good decisions in highly complex and
highly uncertain settings.
The decisions concerning an organization's goals and future plans are called -
✔✔Strategic Decisions
, A retail store owner offers a discount on product A and predicts that customers
would purchase products B and C in addition to product A. Identify the technique
used to make such a prediction. - ✔✔Data Mining
Walmart handles over one million purchase transactions per hour. Although the
data represents opportunities, - ✔✔It also presents analytical challenges from a
processing point of view
Tactical decisions are concerned with - ✔✔How the organization should achieve
the goals and objectives set by it's strategy
Which of the following is NOT an acceptable approach to decision making? -
✔✔Random Selection
In a financial sector, we use ______ to construct financial instruments such as
derivatives. - ✔✔Predictive Models
GE Asset Management uses optimization models to decide how to allocate its
investments. This is an example of - ✔✔Financial Analytics
The scientific process of transforming data into insight for making better decisions
is called - ✔✔Business Analytics
Picks and Axes Inc. is an Internet-based retail seller of hiking boots and
mountaineering gear. The company decides to open retail stores across the major
