ISM 3541 - Learning Objectives | Florida State University |
UPDATED Questions with 100% Verified Answers
Q1: Relate the term analytics to a river and a lifeline that links
business components together
A: Analytics ties multiple data sources together through data visualization and data
modeling.
For example: Civilizations have used water sources (analytics) to navigate the terrain and
live by using resources like food and water. To hunt for fish, a person has to (data mine) to
secure the fish.
Q2: Be able to explain three models (e.g., descriptive, predictive,
prescriptive/decision) presented at a high-level to someone
that does not know analytics
A: Descriptive analytics: what has happened in a business. Historical data is collected,
organised, and presented in a way thats easily understood, a starting point used to
inform/prepare data for further analysis. Uses data aggregation and data mining to
discover historical data.
Ex: summarizing past events such as sales and operations data or marketing campaigns
Predictive analytics: what could happen in a business. Based on probabilities using: data
mining, statistical modeling, and machine learning algorithms.
Ex: Predicting the likelihood that customers will purchase another product or leave the
store.
Prescriptive/decision analysis: what should happen in a business. Recommends the best
possible course of action for a business based on data available to them. Anticipates
what, when, and why something might happen.
Ex: Manufacturing: improving equipment management, maintenance, price modelling,
production and storage
Q3: Illustrate a simple vision framework used to connect a future
destination point back to a decision
A: Every decision that we make will set us in a direction.
Decisions -> Directions -> Destination
Is the direction intentional? You can be intentional by determining a specific destination
and then making your decisions that drag you towards that.
Q4: Discuss a simplistic project management model called
"schedule, scope, and resources"
A: Schedule: Time and prioritization
Scope: Features, functionality
Resources: Cost, budget, and human capital
All related to quality (triangle graphic, quality is in the middle)
Analytics helps manage expectations, identify and manage risks
, Q5: List several Project Management analytical terms and
concepts based on the Project Management Body of
Knowledge (PMBOK)
A: PMBOK: Project Management Body of Knowledge
Schedule Performance Index: a metric used in project management to measure how well
a project is on schedule.
SPI= Earned Value (EV)/Planned Value (PV)
Cost Performance Index
CPI= Earned Value (EV)/Actual Cost (AC)
Earned Value: Actual progress
Planned Value: Planned progress
Progressive Elaboration: Continuously improving and detailing a plan as more detailed
and specific information and more accurate estimates become available.
Q6: Be able to explain the progression of data and how the
progression categorizes Management Information Systems
and Knowledge Management Systems
A: MIS: report on business operations to support decision-making and ensure the
organization is managed more efficiently.
KMS: any kind of IT system that stores and retrieves knowledge to improve
understanding, collaboration, and process alignment.
D-I-K-W: Data is stored, data extends to information, information extends to knowledge,
knowledge extends to wisdom
Q7: Distinguish between the point of view of contrasting and
comparing the terms "Business Analytics" and "Business
Intelligence"
A: Business Analytics: Process of transforming data into insights to improve business
decisions
Business Intelligence: a technology-driven process for analyzing data and delivering
actionable information that helps executives, managers and workers make informed
business decisions.
Q8: Be able to outline and discuss Knaflic's Storytelling Lessons in
Chapter 7.
A: Outline
the magic of story
a. plays (3 acts)
b. cinema (Robert McKee)
c. written word (style)
constructing the story
a. beginning, middle, end
narrative structure
a. flow: order of your story
b. spoken and written narrative
power of repetition
UPDATED Questions with 100% Verified Answers
Q1: Relate the term analytics to a river and a lifeline that links
business components together
A: Analytics ties multiple data sources together through data visualization and data
modeling.
For example: Civilizations have used water sources (analytics) to navigate the terrain and
live by using resources like food and water. To hunt for fish, a person has to (data mine) to
secure the fish.
Q2: Be able to explain three models (e.g., descriptive, predictive,
prescriptive/decision) presented at a high-level to someone
that does not know analytics
A: Descriptive analytics: what has happened in a business. Historical data is collected,
organised, and presented in a way thats easily understood, a starting point used to
inform/prepare data for further analysis. Uses data aggregation and data mining to
discover historical data.
Ex: summarizing past events such as sales and operations data or marketing campaigns
Predictive analytics: what could happen in a business. Based on probabilities using: data
mining, statistical modeling, and machine learning algorithms.
Ex: Predicting the likelihood that customers will purchase another product or leave the
store.
Prescriptive/decision analysis: what should happen in a business. Recommends the best
possible course of action for a business based on data available to them. Anticipates
what, when, and why something might happen.
Ex: Manufacturing: improving equipment management, maintenance, price modelling,
production and storage
Q3: Illustrate a simple vision framework used to connect a future
destination point back to a decision
A: Every decision that we make will set us in a direction.
Decisions -> Directions -> Destination
Is the direction intentional? You can be intentional by determining a specific destination
and then making your decisions that drag you towards that.
Q4: Discuss a simplistic project management model called
"schedule, scope, and resources"
A: Schedule: Time and prioritization
Scope: Features, functionality
Resources: Cost, budget, and human capital
All related to quality (triangle graphic, quality is in the middle)
Analytics helps manage expectations, identify and manage risks
, Q5: List several Project Management analytical terms and
concepts based on the Project Management Body of
Knowledge (PMBOK)
A: PMBOK: Project Management Body of Knowledge
Schedule Performance Index: a metric used in project management to measure how well
a project is on schedule.
SPI= Earned Value (EV)/Planned Value (PV)
Cost Performance Index
CPI= Earned Value (EV)/Actual Cost (AC)
Earned Value: Actual progress
Planned Value: Planned progress
Progressive Elaboration: Continuously improving and detailing a plan as more detailed
and specific information and more accurate estimates become available.
Q6: Be able to explain the progression of data and how the
progression categorizes Management Information Systems
and Knowledge Management Systems
A: MIS: report on business operations to support decision-making and ensure the
organization is managed more efficiently.
KMS: any kind of IT system that stores and retrieves knowledge to improve
understanding, collaboration, and process alignment.
D-I-K-W: Data is stored, data extends to information, information extends to knowledge,
knowledge extends to wisdom
Q7: Distinguish between the point of view of contrasting and
comparing the terms "Business Analytics" and "Business
Intelligence"
A: Business Analytics: Process of transforming data into insights to improve business
decisions
Business Intelligence: a technology-driven process for analyzing data and delivering
actionable information that helps executives, managers and workers make informed
business decisions.
Q8: Be able to outline and discuss Knaflic's Storytelling Lessons in
Chapter 7.
A: Outline
the magic of story
a. plays (3 acts)
b. cinema (Robert McKee)
c. written word (style)
constructing the story
a. beginning, middle, end
narrative structure
a. flow: order of your story
b. spoken and written narrative
power of repetition
