MISY 5325 MIDTERM COMPREHENSIVE
COURSE REVIEW
◉ Second development.
Answer: • Advances in computational approaches to effectively
handle and explore massive amounts of data
• Faster algorithms for optimization and simulation, and
• More effective approaches for visualizing data
◉ Third development.
Answer: • The methodological developments were paired with an
explosion in computing power and storage capability.
• Better computing hardware, parallel computing, and cloud
computing have enabled businesses to solve big problems faster and
more accurately than ever before.
◉ Strategic Decision.
Answer: •Involve higher-level issues concerned with the overall
direction of the organization.
•These decisions define the organization's overall goals and
aspirations for the future.
◉ Tactical decision.
,Answer: •Concern how the organization should achieve the goals
and objectives set by its strategy.
•They are usually the responsibility of midlevel management.
◉ Operational Decision.
Answer: •Affect how the firm is run from day-to-day.
•They are the domain of operations managers, who are the closest to
the customer.
◉ Decision making can be defined as the following process.
Answer: 1. Identify and define the problem
2. Determine the criteria that will be used to evaluate alternative
solutions
3. Determine the set of alternative solutions
4. Evaluate the alternatives
5. Choose an alternative
◉ Common approaches to making decisions.
Answer: •Tradition
•Intuition
•Rules of thumb
•Using the relevant data available
,◉ Business Analytics.
Answer: •Scientific process of transforming data into insight for
making better decisions.
•Used for data-driven or fact-based decision making, which is often
seen as more objective than other alternatives for decision making.
◉ Tools of business analytics can aid decision making by:.
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
◉ descriptive analytics.
Answer: analytical tools that describe what has happened
Examples - data queries, reports, descriptive statistics, data
visualization (data dashboards), data-mining techniques, and basic
what-if spreadsheet models.
◉ data query.
Answer: a request for information with certain characteristics from
a database
, ◉ data dashboards.
Answer: • collections of tables, charts, maps and summary statistics
that are updated as new data become available
◉ Uses of dashboards.
Answer: •To help management monitor specific aspects of the
company's performance related to their decision-making
responsibilities.
•For corporate-level managers, daily data dashboards might
summarize sales by region, current inventory levels, and other
company-wide metrics.
•Front-line managers may view dashboards that contain metrics
related to staffing levels, local inventory levels, and short-term sales
forecasts.
◉ predictive analytics.
Answer: techniques that use models constructed from past data to
predict the future or to ascertain the impact of one variable on
another
◉ data mining.
Answer: techniques used to find patterns or relationships among
elements of the data in a large database
COURSE REVIEW
◉ Second development.
Answer: • Advances in computational approaches to effectively
handle and explore massive amounts of data
• Faster algorithms for optimization and simulation, and
• More effective approaches for visualizing data
◉ Third development.
Answer: • The methodological developments were paired with an
explosion in computing power and storage capability.
• Better computing hardware, parallel computing, and cloud
computing have enabled businesses to solve big problems faster and
more accurately than ever before.
◉ Strategic Decision.
Answer: •Involve higher-level issues concerned with the overall
direction of the organization.
•These decisions define the organization's overall goals and
aspirations for the future.
◉ Tactical decision.
,Answer: •Concern how the organization should achieve the goals
and objectives set by its strategy.
•They are usually the responsibility of midlevel management.
◉ Operational Decision.
Answer: •Affect how the firm is run from day-to-day.
•They are the domain of operations managers, who are the closest to
the customer.
◉ Decision making can be defined as the following process.
Answer: 1. Identify and define the problem
2. Determine the criteria that will be used to evaluate alternative
solutions
3. Determine the set of alternative solutions
4. Evaluate the alternatives
5. Choose an alternative
◉ Common approaches to making decisions.
Answer: •Tradition
•Intuition
•Rules of thumb
•Using the relevant data available
,◉ Business Analytics.
Answer: •Scientific process of transforming data into insight for
making better decisions.
•Used for data-driven or fact-based decision making, which is often
seen as more objective than other alternatives for decision making.
◉ Tools of business analytics can aid decision making by:.
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
◉ descriptive analytics.
Answer: analytical tools that describe what has happened
Examples - data queries, reports, descriptive statistics, data
visualization (data dashboards), data-mining techniques, and basic
what-if spreadsheet models.
◉ data query.
Answer: a request for information with certain characteristics from
a database
, ◉ data dashboards.
Answer: • collections of tables, charts, maps and summary statistics
that are updated as new data become available
◉ Uses of dashboards.
Answer: •To help management monitor specific aspects of the
company's performance related to their decision-making
responsibilities.
•For corporate-level managers, daily data dashboards might
summarize sales by region, current inventory levels, and other
company-wide metrics.
•Front-line managers may view dashboards that contain metrics
related to staffing levels, local inventory levels, and short-term sales
forecasts.
◉ predictive analytics.
Answer: techniques that use models constructed from past data to
predict the future or to ascertain the impact of one variable on
another
◉ data mining.
Answer: techniques used to find patterns or relationships among
elements of the data in a large database
