Business Intelligence Exam 1 Questions with correct Answers

Understand what is DSS - Answer- Decision Support Systems; a conceptual framework for a process of supporting managerial decision making, usually by modeling problems and employing quantitative models for solution analysis What is business intelligence - Answer- a personal support tool to a shared tool across the organization Describe the 4 major components of a BI architecture - Answer- 1. Data warehouse is a large repository of well-organized historical data 2. Business analytics are the tools that allow transformation of data into information and knowledge 3. Business performance management (BPM) allows monitoring, measuring, and comparing key performance indicators 4. User interface (ex. dashboards) allows access and easy manipulation of other BI components Describe the four-phase decision making process - Answer- 1. Intelligence: involves searching for conditions that call for a decision 2. Design: involves inventing, developing and analyzing possible alternative 3. Choice: involves selecting a course of action 4. Implementation: involves adapting the course of action Learn how to make elevators go faster - Answer- What is the real problem: time it takes for the elevator to get to the floor What is the difference between actual and perceived? Actual is what happened, perceived is how you think or feel something has happened Simon's 4 phases of decision making - Answer- Intelligence, Design, Choice, Implementation Intelligence (Simons 4 phases of decision making) - Answer- Design (Simons 4 phases of decision making) - Answer- Choice (Simons 4 phases of decision making) - Answer- Implementation (Simons 4 phases of decision making) - Answer- The 4 Types of Models - Answer- iconic (scale), analog, mental, mathematical (quantitative) Iconic Models - Answer- low degree of abstraction Analog Models - Answer- numbers Mental Models - Answer- look at things and put a picture in our mind Mathematical (quantitative) Models - Answer- High degree of abstraction, numbers 3 Types of Analytics - Answer- Business, Web, & Predictive Business Analytics - Answer- implies the use of models and data to improve an organization's performance and/or competitive posture Web Analytics - Answer- Implies using business analytics on real-time web information to assist in decision making, often related to e-commerce Predictive Analytics - Answer- describes the business analytics method of forecasting problems and opportunities rather than simply reporting them as they occur Data - Answer- Information - Answer-