MISY 5370 – midterm questions with answers

MISY 5370 – midterm questions with
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answers


First development - CORRECT ANSWERS ✔✔technological
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advances, social networks and data generated from personal
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electronic devices produce incredible data |\ |\ |\ |\




Second development - CORRECT ANSWERS ✔✔• Advances in
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computational approaches to effectively handle and explore |\ |\ |\ |\ |\ |\ |\


massive amounts of data |\ |\ |\




• Faster algorithms for optimization and simulation, and
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• More effective approaches for visualizing data
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Third development - CORRECT ANSWERS ✔✔• The
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methodological developments were paired with an explosion in |\ |\ |\ |\ |\ |\ |\ |\


computing power and storage capability. |\ |\ |\ |\




• Better computing hardware, parallel computing, and cloud
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computing have enabled businesses to solve big problems faster
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and more accurately than ever before.
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Strategic Decision - CORRECT ANSWERS ✔✔•Involve higher-level
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issues concerned with the overall direction of the organization.
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•These decisions define the organization's overall goals and
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aspirations for the future. |\ |\ |\

,Tactical decision - CORRECT ANSWERS ✔✔•Concern how the
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organization should achieve the goals and objectives set by its
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strategy.
•They are usually the responsibility of midlevel management.
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Operational Decision - CORRECT ANSWERS ✔✔•Affect how the
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firm is run from day-to-day.
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•They are the domain of operations managers, who are the
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closest to the customer.
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Decision making can be defined as the following process -
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CORRECT ANSWERS ✔✔1. Identify and define the problem
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2. Determine the criteria that will be used to evaluate alternative
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solutions
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3. Determine the set of alternative solutions
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4. Evaluate the alternatives
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5. Choose an alternative
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Common approaches to making decisions - CORRECT ANSWERS
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✔✔•Tradition
•Intuition
•Rules of thumb |\ |\




•Using the relevant data available
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Business Analytics - CORRECT ANSWERS ✔✔•Scientific process of
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transforming data into insight for making better decisions.
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,•Used for data-driven or fact-based decision making, which is
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often seen as more objective than other alternatives for decision
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making.


Tools of business analytics can aid decision making by: -
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CORRECT ANSWERS ✔✔•Creating insights from data
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•Improving our ability to more accurately forecast for planning
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•Helping us quantify risk |\ |\ |\




•Yielding better alternatives through analysis and optimization
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descriptive analytics - CORRECT ANSWERS ✔✔analytical tools
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that describe what has happened
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Examples - data queries, reports, descriptive statistics, data
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visualization (data dashboards), data-mining techniques, and
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basic what-if spreadsheet models.
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data query - CORRECT ANSWERS ✔✔a request for information
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with certain characteristics from a database
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data dashboards - CORRECT ANSWERS ✔✔• collections of tables,
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charts, maps and summary statistics that are updated as new
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data become available
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Uses of dashboards - CORRECT ANSWERS ✔✔•To help
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management monitor specific aspects of the company's |\ |\ |\ |\ |\ |\ |\


performance related to their decision-making responsibilities.
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, •For corporate-level managers, daily data dashboards might
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summarize sales by region, current inventory levels, and other
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company-wide metrics. |\




•Front-line managers may view dashboards that contain metrics
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related to staffing levels, local inventory levels, and short-term
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sales forecasts.
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predictive analytics - CORRECT ANSWERS ✔✔techniques that use
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models constructed from past data to predict the future or to
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ascertain the impact of one variable on another
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data mining - CORRECT ANSWERS ✔✔techniques used to find
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patterns or relationships among elements of the data in a large
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database


simulation - CORRECT ANSWERS ✔✔the use of probability and
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statistics to construct a computer model to study the impact of
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uncertainty on the decision at hand |\ |\ |\ |\ |\




Prescriptive analytics - CORRECT ANSWERS ✔✔techniques that |\ |\ |\ |\ |\ |\ |\


take input data and yield a best course of action
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optimization model - CORRECT ANSWERS ✔✔a mathematical |\ |\ |\ |\ |\ |\ |\


model that gives the best decision, subject to the simulation's
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constraints


simulation optimization - CORRECT ANSWERS ✔✔Combines the
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use of probability and statistics to model uncertainty with
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