UGBA 104- Excel Midterm 1 questions with 100% correct answers graded A+ 2023/2024

UGBA 104- Excel Midterm 1decision analysis - correct answer Definition: A technique used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain set of future events. Internet of Things (IoT) - correct answer Definition: The technology that allows data collected from sensors in all types of machines to be sent over the Internet to repositories where it can be stored and analyzed. optimization models - correct answer Definition: A mathematical model that gives the best decision, subject to the situation's constraints. Tactical decisions - correct answer Definition: A decision concerned with how the organization should achieve the goals and objectives set by its strategy. Data dashboards - correct answer Definition: A collection of tables, charts, and maps to help management monitor selected aspects of the company's performance. Business analytics - correct answer Definition: The scientific process of transforming data into insight for making better decisions. big data - correct answer Definition: Any set of data that is too large or too complex to be handled by standard data-processing technics and typical desktop software. Data security - correct answer Definition: Protecting stored data from destructive forces or unauthorized users. Descriptive analytics - correct answer Definition: Analytical tools that describe what has happened. Data mining - correct answer Definition: The use of analytical techniques for better understanding patterns and relationships that exist in large data sets. MapReduce - correct answer Definition: Programming model used within Hadoop that performs the two major steps for which it is named: the map step and the reduce step. The map step divides the data into manageable subsets and distributes it to the computers in the cluster for storing and processing. The reduce step collects answers from the nodes and combines them into an answer to the original problem. Hadoop - correct answer Definition: An open-source programming environment that supports big data processing through distributed storage and distributed processing on clusters of computers. data query - correct answer Definition: A request for information with certain characteristics from a database. advanced analytics - correct answer Definition: Predictive and prescriptive analytics. data scientists - correct answer Definition: Analysts trained in both computer science and statistics who know how to effectively process and analyze massive amounts of data. simulation optimization - correct answer Definition: The use of probability and statistics to model uncertainty, combined with optimization techniques, to find good decisions in highly complex and highly uncertain settings. Strategic decisions - correct answer Definition: A decision that involves higher-level issues and that is concerned with the overall direction of the organization, defining the overall goals and aspirations for the organization's future. Simulation - correct answer Definition: The use of probability and statistics to construct a computer model to study the impact of uncertainty on the decision at hand. Predictive analytics - correct answer Definition: Techniques that use models constructed from past data to predict the future or to ascertain the impact of one variable on another. prescriptive analytics - correct answer Definition: Techniques that analyze input data and yield a best course of action. utility theory - correct answer Definition: The study of the total worth or relative desirability of a particular outcome that reflects the decision maker's attitude toward a collection of factors such as profit, loss, and risk. standard deviation - correct answer Definition: A measure of variability computed by taking the positive square root of the variance. percentile - correct answer Definition: A value such that approximately p percent of the observations have values less than the pth percentile; hence, approximately (100 - p) percent of the observations have values greater than the pth percentile. The 50th percentile is the median. variation - correct answer Definition: