Chapter 1 Introduction to Analytics Exam Questions With 100% Verified Answers

Chapter 1 Introduction to Analytics Exam Questions With 100% Verified Answers What are the three developments that increased the use of data analytics? - answer1. Technological advances 2. Ongoing research has resulted in numerous methodological developments 3. Better computing hardware, parallel computing, and cloud computing have enabled businesses to solve big problems faster and more accurately than ever before Strategic decisions - answer- Involve higher-level issues concerned with the overall direction of the organization - Define the organization's overall goals and aspirations for the future Tactical decisions - answer- Concern how the organization should achieve the goals and objectives set by its strategy - Are usually the responsibility of midlevel management Operational decisions - answer- Affect how the firm is run from day to day - Are the domain of operations managers, who are the closest to the customer Decision Making Process - answer1. 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 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 Descriptive analytics - answerEncompasses the set of techniques that describes what has happened in the past - examples