Intro to Business Final Exam UNH
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Stage 6 - CORRECT ANSWER✔✔- Business Intelligence and Data-driven Decision
Making
Data-driven decision making - CORRECT ANSWER✔✔- An organizational process to
gather and analyze relevant and verifiable data and then evaluate the results to guide business
strategies.
Value of Data - CORRECT ANSWER✔✔- Shows the profitability of the company
Improve planning by viewing expenses individually as a percentage of total sales
Compare to prior months to reveal trends
Make changes to increase profitability
data and statistics - CORRECT ANSWER✔✔- types of evidence: facts and statistics
collected together for reference or analysis; numerical data or information
Key performance indicators (KPIs) - CORRECT ANSWER✔✔- Quantifiable measures of
performance used to gauge progress toward strategic objectives or agreed standards of
performance.
"16 cognitive biases that can kill your decision making" - CORRECT ANSWER✔✔-
Confirmation bias: we believe what we want to believe by favoring information that confirms
preexisting beliefs or preconceptions. This results in looking for creative solutions that
confirm our beliefs rather than challenge them, making us closed to new possibilities.
Conformity bias: choices of mass populations influence how we think, even if against
independent personal judgments. This can result in poor decision making and lead to
groupthink which is particularly detrimental to creativity as outside opinions can become
suppressed leading to self-censorship and loss of independent thought.
Authority bias: favoring authority figure opinions ideas within innovation teams. This means
that innovative ideas coming from senior team members trump or better all others, even if
other concepts, ideas, and inputs could be more creative and relevant to problem-solving.
, Loss-aversion bias: once a decision has been made, sticking to it rather than taking risks due
to the fear of losing what you gained in starting something and wishing to see it finished. We
also attach more value to something once we have made an emotional investment in it. A
consequence of effort, time and energy put into creative thinking, team members can become
biased and become emotionally attached to their outcomes. To remedy this, the 11th
commandment: "thou shalt not fall in love with thy solutions".
False causality bias: citing sequential events as evidence the first caused the second. This can
occur within the Design Thinking empathize phase where you are intentionally seeking
confirmation of causality between what people say vs. what they do, leading to taking the
wrong problems or needs forward to solve.
Action bias: when faced with ambiguity (creative fuzzy-front-end) favoring doing something
or anything without any prior analysis even if it is count
Stage 7 - CORRECT ANSWER✔✔- Operations- Bringing a Product to Market
Operations Management - CORRECT ANSWER✔✔- focuses on managing the production
and delivery of an organization's products or services more effectively
3 Primary Decision of Ops - CORRECT ANSWER✔✔- Production planning (Design)
Production control (Management)
Improving production and operations (Improvement)
Production types - CORRECT ANSWER✔✔- Mass production, customization, and mass
customization
Critical Path Method (CPM) - CORRECT ANSWER✔✔- a project-management tool that
illustrates the relationships among all the activities involved in completing a project and
identifies the sequence of activities likely to take the longest to complete
"The Next Manufacturing Revolution is Here" , Olivier Scalabre - CORRECT
ANSWER✔✔- the answer to this economic slowdown lies in the merging of two major
forces: the existing manufacturing system and the birth of large scale technological
innovations.
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Stage 6 - CORRECT ANSWER✔✔- Business Intelligence and Data-driven Decision
Making
Data-driven decision making - CORRECT ANSWER✔✔- An organizational process to
gather and analyze relevant and verifiable data and then evaluate the results to guide business
strategies.
Value of Data - CORRECT ANSWER✔✔- Shows the profitability of the company
Improve planning by viewing expenses individually as a percentage of total sales
Compare to prior months to reveal trends
Make changes to increase profitability
data and statistics - CORRECT ANSWER✔✔- types of evidence: facts and statistics
collected together for reference or analysis; numerical data or information
Key performance indicators (KPIs) - CORRECT ANSWER✔✔- Quantifiable measures of
performance used to gauge progress toward strategic objectives or agreed standards of
performance.
"16 cognitive biases that can kill your decision making" - CORRECT ANSWER✔✔-
Confirmation bias: we believe what we want to believe by favoring information that confirms
preexisting beliefs or preconceptions. This results in looking for creative solutions that
confirm our beliefs rather than challenge them, making us closed to new possibilities.
Conformity bias: choices of mass populations influence how we think, even if against
independent personal judgments. This can result in poor decision making and lead to
groupthink which is particularly detrimental to creativity as outside opinions can become
suppressed leading to self-censorship and loss of independent thought.
Authority bias: favoring authority figure opinions ideas within innovation teams. This means
that innovative ideas coming from senior team members trump or better all others, even if
other concepts, ideas, and inputs could be more creative and relevant to problem-solving.
, Loss-aversion bias: once a decision has been made, sticking to it rather than taking risks due
to the fear of losing what you gained in starting something and wishing to see it finished. We
also attach more value to something once we have made an emotional investment in it. A
consequence of effort, time and energy put into creative thinking, team members can become
biased and become emotionally attached to their outcomes. To remedy this, the 11th
commandment: "thou shalt not fall in love with thy solutions".
False causality bias: citing sequential events as evidence the first caused the second. This can
occur within the Design Thinking empathize phase where you are intentionally seeking
confirmation of causality between what people say vs. what they do, leading to taking the
wrong problems or needs forward to solve.
Action bias: when faced with ambiguity (creative fuzzy-front-end) favoring doing something
or anything without any prior analysis even if it is count
Stage 7 - CORRECT ANSWER✔✔- Operations- Bringing a Product to Market
Operations Management - CORRECT ANSWER✔✔- focuses on managing the production
and delivery of an organization's products or services more effectively
3 Primary Decision of Ops - CORRECT ANSWER✔✔- Production planning (Design)
Production control (Management)
Improving production and operations (Improvement)
Production types - CORRECT ANSWER✔✔- Mass production, customization, and mass
customization
Critical Path Method (CPM) - CORRECT ANSWER✔✔- a project-management tool that
illustrates the relationships among all the activities involved in completing a project and
identifies the sequence of activities likely to take the longest to complete
"The Next Manufacturing Revolution is Here" , Olivier Scalabre - CORRECT
ANSWER✔✔- the answer to this economic slowdown lies in the merging of two major
forces: the existing manufacturing system and the birth of large scale technological
innovations.
