Business Intelligence and Analytics Final Exam

Enterprise Systems - Answer- Support enterprise-level tasks Federated Databases - Answer- Independent, self-contained, distributed Data Warehousing - Answer- A collection of data designed to support decision-making Data Warehousing Goals - Answer- Uniform enterprise-wide operations view that permits analysis and forecasting Data Warehousing Characteristics - Answer- - Long-term data storage - Time-series data - Hierarchical data organization Hadoop - Answer- Programming framework, Big Data Hadoop Commodity Hardware - Answer- Reduced costs, redundancy, distribution Three Characteristics of Big Data - Answer- Volume (more data being created), Velocity (real-time data), Variety (messages, updates, images) Opportunities of Data - Answer- Improved airline ETA's Speedier, more personalized data Accurate predictions, better decisions, precise interventions HiPPo - Answer- Highest paid person's opinion Five Management Challenges - Answer- - Leadership (set goals, ask the right questions) - Talent Management (data scientists) - Technology (tools available to handle big data) - Decision Making - Company Culture (what do we know) Bounded Awareness - Answer- -Leads people to ignore accessible, perceivable and important information, while paying attention to other equally accessible but irrelevant information 6 Realms of Bounded Awareness - Answer- Inattentional blindness Failure to notice obvious change Tendency to focus on only a part of a problem Groups Strategic decisions Auctions Data Analytics Revolution - Answer- Transforms how companies organize, operate, manage talent, and create value. Purpose-Driven Data - Answer- Ask the right questions Think really small, and really big Embrace taboos Connect the dots Ask the Right Questions - Answer- How can we increase revenues? How can we improve productivity of each member of our team? Think really small, and really big - Answer- The smallest edge can make the biggest difference. Being articulate and making small changes for big improvements Embrace Taboo - Answer- Don't ignore free-text maintenance reports, power-point presentations, soft data Connect the Dots - Answer- Don't drill down on a single data set in isolation and fail to consider what different data sets convey in conjunction From Outputs to Action - Answer- Run loops, not lines Make your output usable Build a multi-skilled team Make adoption your deliverable Run Loops, Not Lines - Answer- Data Analytics need a plan and a purpose. OODA loop (observe, orient, decide, and act) Make Your Output Usable - Answer- Be able to communicate your analytical findings in a boardroom or presentation Build a Multi-Skilled Team - Answer- Decisions about which analyses to employ, what data sources to mine, and how to present the findings are matters of human judgement Make Adoption Your Deliverable - Answer- Companies must embed analytics in the operating models of real-world processes and day-to-day work flows Inattentional Blindness - Answer- People have a broad tendency not to see what they are looking directly at when focused on another issue Change Blindness - Answer- The tendency to miss changes in their immediate visual environment Focalism - Answer- Tendency to focus too much on an event and too little on other events that are likely to occur concurrently Focusing Illusion - Answer- Tendency of people to make judgments based on their attention to only a subset of available information, to overweight that information, and to underweight unattended information Bounded Awareness in Groups - Answer- Bounded by info that becomes part of the discussion. Focus more on shared info than unique info Winner's Curse - Answer- Regret related to tendency to overpay in auction or negotiation Bounded Awareness in Decision Making - Answer- Misperception of impact of deadlines, system neglect, impact of decisions on third parties Which of the following statements is generally NOT ACCURATE about business intelligence, as discussed in class? - Answer- It is more useful in strategic than in tactical settings Which of the following is NOT a characteristic of System 1 thinking? - Answer- Explicit Ackoff (Management Misinformation Systems, 1967) describes information overload as.. - Answer- An overabundance of irrelevant information Knowledge which is codified, verbalized, accessible, and easily communicated is... - Answer- Explicit Dr. Mendoza obsessed over whether questions on this test were fair and clear (he was much less concerned with 'easy'). He is likely a(n)... - Answer- Maximizer Davenport (2006) describes it, among other things, as developing standard formats, storage policies and access policies, archival procedures, and proper owners and users - Answer- A data strategy Which of the following is NOT one of the three key attributes among analytics competitors discussed in Davenport (2006)? - Answer- Enterprise-wide use of descriptive statistics "I knew it!" is a response typical of the ___ heuristic - Answer- Confirmation Per class discussion, the use of data visualization techniques is largely a hallmark of.. - Answer- Business Intelligence Per class discussion, business intelligence tools and techniques are focused more on... - Answer- Describing what has happened Davenport (2006) claims successful analytics competitors look well beyond the use of... - Answer- Descriptive statistics _____ knowledge is not typically codified, verbalized, accessible, or easily communicated - Answer- Implicit Which of the following heuristics is NOT one of the four major ones discussed in class? - Answer- Simplification Which of the following is NOT a characteristic of System 2 thinking? - Answer- Effortless Business analytics is sometimes described as "focused on self-service." Which of the statements below captures the essence of that statement? - Answer- There are no 'canned' reports provided to users Which of the following statements is generally ACCURATE? - Answer- Analytics are more useful in strategic than in tactical settings It uses the sum of the products of relative weights and ratings for individual criteria to evaluate options and make an optimal choice - Answer- Alternative evaluation matrix Business _____ is/are focused on self-service - Answer- Analytics ______ analytics focuses on describing events which have already taken place - Answer- Descriptive Some students may have crammed for this exam and not spent the necessary weekly amount of time to succeed. With respect to their grade, they may be most accurately classified - Answer- Satisficers Which of the following is NOT one of the five unjustifiable assumptions in IS design according to Ackoff (1867)? - Answer- Computing power and storage improve every year According to Davenport (2006) "the right focus" refers to... - Answer- Spending the right resources on the right effort In Ackoff's 1967 article, data filtering and reduction are necessary activities to help eliminate... - Answer- The overabundance of irrelevant information According to Davenport (2006), a "company-wide respect for measuring, testing, and evaluating quantitative evidence" is the right... - Answer- Culture It is commonly-accepted knowledge that maximizers are better people than satisficers - Answer- False The Availability Heuristic helps us make decisions based on... - Answer- Vivid memories of events or facts Which of the following is NOT an appropriate descriptor of descriptive analytics? - Answer- Interactive The Gartner Analytic Ascendancy Model (figure 1) shows... - Answer- The increasing value of progressively more difficult data analysis activities Which of the following is NOT an appropriate descriptor of predictive analytics? - Answer- Static Which of the following is inconsistent with Davenport's (2006) "enterprise approach" to competing on analytics? - Answer- Independent business units choosing best-in-class applications The Representativeness Heuristic helps us make decisions based on... - Answer- Previously-formed opinions or stereotypes Business ____ is/are mostly descriptive in nature - Answer- Intelligence The Confirmation Heuristic helps us make decisions based on... - Answer- Verification of selected data or facts in our possession Which of the following is NOT an appropriate descriptor of prescriptive analytics? - Answer- Reports-based _________ analytics focuses on future events and is probabilistic in nature - Answer- Predictive _______ analytics focuses on making recommendations and on their likely results - Answer- Prescriptive The Effect Heuristic helps us make decisions based on... - Answer- An emotional response Davenport's (2006) description of the right technology as a source of strength explicitly includes... - Answer- A proper data strategy According to Davenport (2006), the use of descriptive statistics is sufficient for any firm - Answer- False Which of the following is NOT an accurate description of heuristic? - Answer- They do not solve a problem Per Davenport (2015), ____ is based on, uses, and also creates data - Answer- A data-enriched product The Alternative Evaluation Matrix is... - Answer- A tool Defining the problem, identifying and weighing the criteria for solutions, generating and rating alternatives, and computing the optimal decision are the six steps of... - Answer- Rational decision-making Explicit knowledge is communicated directly, but implicit is not - Answer- True Per Ackoff (1967), the issue with the assumption he describes is that... - Answer- The system is not designed properly Heuristics... - Answer- Involve trial-and-error Davenport (2006) calls this the process of identifying, recruiting, developing, and retaining talent - Answer- The right people This is not one of the 3 categories of business/data analytics discussed in class - Answer- Integrative Which of the following does not accurately describe one of the five essential principles for understanding data analytics in Davenport (2015)? - Answer- Keeping quantitative people away from business managers As discussed and confirmed in class - Answer- Tables A & B are the same length Ross (2003) describes the architecture stage as characterized data formats and optimized business processes - Answer- Rationalized data In Ch. 2 of our book, a finding by Griffin & Varey (1996) found that overconfidence... - Answer- Is not only marked but nearly universal Policies, practices, and technologies to encourage sound practices in the overall management of availability, usability, integrity, and security of corporate digital assets - Answer- Data governance The tendency to believe our judgments and decisions are very accurate - Answer- Overprecision The early days of commercial computing development, according to Gannon (2013) - Answer- Pioneering Age The belief we are smarter, more capable, attractive, popular, etc. than we really are - Answer- Overestimation Which of the following DOES NOT accurately capture the implications of Moore's Law? - Answer- Extracting meaning from unstructured data is now a simple task Which of the following is typical of overprecision? - Answer- The failure to test your assumptions before making decisions Which of the following is not a primary purpose of a systems audit? - Answer- Identify guilty parties in case of failure Which of the following is typical of overestimation? - Answer- Thinking you can ace a test by only studying 4 days before it, never any other time Gannon (2013) calls the age of mobile computing the ____ Age - Answer- Consumerization A(n) ____ is a framework, in stages of increasing formalization, which describes greater organizational abilities related to a service or technology - Answer- Capability Maturity Model The regression to the mean effect is evident when an athlete underperforms after doing well - Answer- True A set of policies, guidelines, practices, and sometimes laws intended to promote the ethical management of a business - Answer- Corporate governance The tendency to rank ourselves HIGHER THAN OTHERS in competitive contexts - Answer- Overplacement According to Ross (2003), a silo architecture consists of... - Answer- Individual applications rather than a corporate plan An organized plan for IT service delivery which supports organizational objectives - Answer- Architecture Which of the following is NOT an example of a data product according to Davenport (2013)? - Answer- A quarterly sales report Our ability to easily recover patterns or ideas which match the problem at hand - Answer- Retrievability Bias Generalizing to a large data set what may only be true for a small one - Answer- Insensitivity to Sample Size Bias According to Davenport (2013), the "era of big data" is - Answer- Analytics 2.0 Which of the following is a better definition of corporate IT infrastructure? - Answer- A set of currently-deployed assets