Chapter 1 Business Analytics Exam-
Questions with Correct Answers Latest
Update- 2022-2023 (A+ Rated)
business analytics - Answer-use of data, information technology, statistical analysis,
quantitative method, and mathematical or computer based operations and make better,
fact based decisions
business intelligence - Answer-collection, management, analysis, and reporting of data
decision support systems - Answer-combo of business intelligence concepts and or/ms
models to create analytical-based computer systems to support decision making
descriptive analytics - Answer-use of data to understand past and current business
performance and make informed decisions; the most commonly used and most well
understood type of analytics
predictive analytics - Answer-component of business analytics that seeks to predict the
future by examining historical data, detecting patterns or relationships in theses data,
and then extrapolating these relationships forward in time
prescriptive analytics - Answer-component of business analytics that uses optimization
to identify the best alternatives to minimize or maximize some objective
data set - Answer-collection of data
database - Answer-collection of related files containing records on people, places, or
things
metric - Answer-unit of measurement that provides a way to objectively quantify
performance
measurement - Answer-act of obtaining data associated with a metric
measures - Answer-numerical values associated with a metric
discrete metric - Answer-metric derived from counting something
continuous metric - Answer-based on a continuous scale of measurement
categorical (nominal) data - Answer-data that are sorted into categories according to
specified characteristics
, ordinal data - Answer-data that can be ordered or ranked according to some
relationship to one another
interval data - Answer-data that are ordinal but have constant differences b/w
observations and have arbitrary zero points
ratio data - Answer-data that are continuous and have a natural zero
model - Answer-abstraction or representation of a real system, idea, or object
influence diagram - Answer-visual representation that describes how various elements
of a model influence, or relate to, others
decision model - Answer-logical or mathematical representation of a problem or
business situation that can be used o understand, analyze, or facilitate making a
decision
uncertainty - Answer-imperfect knowledge of what might happen
risk - Answer-associated with the consequences and likelihood of what might happen
optimization - Answer-process of finding a set of values for decision variables that
minimize or maximize some quantity of interest and the most important tool for
prescriptive analytics
objective funtion - Answer-quantity that is maximized or minimized; minimizing or
maximizing some quantity of interest - profit, revenue, cost, time, and so on by
optimization
alogorithm - Answer-systematic procedure that finds a solution to a problem
deterministic model - Answer-one in which all model input information is either known or
assumed to be known with certainty (prescriptive decision model)
information systems - Answer-modern discipline evolved from business intelligence
statistics - Answer-science of uncertainty and the technology of extracting information
from data; an important element of business, driven to a large extent by the massive
growth
operations research/management science - Answer-analysis and solution of complex
decision problems using mathematical or computer-based models
modeling and optimization - Answer-techniques for translating real problems into
mathematics, spreadsheets, or other computer languages, and using them to find the
best "optimal" solutions and decisions
Questions with Correct Answers Latest
Update- 2022-2023 (A+ Rated)
business analytics - Answer-use of data, information technology, statistical analysis,
quantitative method, and mathematical or computer based operations and make better,
fact based decisions
business intelligence - Answer-collection, management, analysis, and reporting of data
decision support systems - Answer-combo of business intelligence concepts and or/ms
models to create analytical-based computer systems to support decision making
descriptive analytics - Answer-use of data to understand past and current business
performance and make informed decisions; the most commonly used and most well
understood type of analytics
predictive analytics - Answer-component of business analytics that seeks to predict the
future by examining historical data, detecting patterns or relationships in theses data,
and then extrapolating these relationships forward in time
prescriptive analytics - Answer-component of business analytics that uses optimization
to identify the best alternatives to minimize or maximize some objective
data set - Answer-collection of data
database - Answer-collection of related files containing records on people, places, or
things
metric - Answer-unit of measurement that provides a way to objectively quantify
performance
measurement - Answer-act of obtaining data associated with a metric
measures - Answer-numerical values associated with a metric
discrete metric - Answer-metric derived from counting something
continuous metric - Answer-based on a continuous scale of measurement
categorical (nominal) data - Answer-data that are sorted into categories according to
specified characteristics
, ordinal data - Answer-data that can be ordered or ranked according to some
relationship to one another
interval data - Answer-data that are ordinal but have constant differences b/w
observations and have arbitrary zero points
ratio data - Answer-data that are continuous and have a natural zero
model - Answer-abstraction or representation of a real system, idea, or object
influence diagram - Answer-visual representation that describes how various elements
of a model influence, or relate to, others
decision model - Answer-logical or mathematical representation of a problem or
business situation that can be used o understand, analyze, or facilitate making a
decision
uncertainty - Answer-imperfect knowledge of what might happen
risk - Answer-associated with the consequences and likelihood of what might happen
optimization - Answer-process of finding a set of values for decision variables that
minimize or maximize some quantity of interest and the most important tool for
prescriptive analytics
objective funtion - Answer-quantity that is maximized or minimized; minimizing or
maximizing some quantity of interest - profit, revenue, cost, time, and so on by
optimization
alogorithm - Answer-systematic procedure that finds a solution to a problem
deterministic model - Answer-one in which all model input information is either known or
assumed to be known with certainty (prescriptive decision model)
information systems - Answer-modern discipline evolved from business intelligence
statistics - Answer-science of uncertainty and the technology of extracting information
from data; an important element of business, driven to a large extent by the massive
growth
operations research/management science - Answer-analysis and solution of complex
decision problems using mathematical or computer-based models
modeling and optimization - Answer-techniques for translating real problems into
mathematics, spreadsheets, or other computer languages, and using them to find the
best "optimal" solutions and decisions
