AN 300 EXAM 1 QUESTIONS AND ANSWERS
Decision making - answers :choosing among alternative courses of action to improve
organization performance: plan, coordinate, organize, lead
1. Define/identify a decision-making situation.
2. Determine the criteria used to evaluate alternative solutions to the problem.
3. Identify alternative solutions.
4. Evaluate each alternative using chosen criteria.
5. Choose one alternative - answers :the steps of the decision making process
Descriptive analytics - answers :what has happened?
Predictive analytics - answers :what could happen?
Prescriptive analytics - answers :what should happen?
Tradition - answers :"we will not offer online shopping because our customers always
prefer shopping at our brick-and-mortar stores" is an example of making decisions
based on _____.
Descriptive analytics - answers :______ _____ techniques:
What happened? Data queries, reports, data dashboards, what-if analyses, data-mining
Data query - answers :is a way to request information from a database
Report - answers :presents information using descriptive statistics and visuals
Dashboards - answers :a collection of tables, charts, maps, summary statistics,
scorecards, and alerts arranged in a visually appealing way
What-if analysis - answers :examines the impact of changes to one or more data values
on other data values
Data mining - answers :finds potentially useful relationships, patterns, associations,
structures, anomalies and other such insights in large data sets using semi-automatic or
automatic means
Predictive analytics - answers :______ ______ techniques:
What could happen? Time series analysis, regression analysis, k-nearest neighbors,
classification and regression trees, artificial neural networks, simulations
Time series analysis - answers :uses patterns in the data to generate a forecast
, Regression analysis - answers :uncovers the cause-and-effect relationship between a
set of causal factors (or independent variables) and the variable of interest (or
dependent variable)
Prescriptive analytics - answers :______ ______ techniques:
What should happen? Decision rules, optimization, simulation-optimization, decision
analysis-utility theory
Decision rules - answers :if then
Optimization models - answers :draw upon different kinds of mathematical programming
techniques
Simulation-optimization - answers :combines simulation with optimization models
Decision analysis-utility theory - answers :evaluates decision alternatives while
accounting for future uncertain events by using utility theory to assign values to decision
outcomes based on an individual's attitude toward risk
E - answers :descriptive analytics techniques include the following except:
A. Data queries
B. Data-mining
C. What-if analysis
D. Reports
E. Simulations
Structured query language - answers :what does sql stand for?
A - answers :which of the following is a predictive analytics software tool?
A. Ibm spss modeler
B. Simulation
C. Oracle
D. Time-series forecasting
E. Regression tree
E - answers :which of the following is a prescriptive analytics technique?
A. Linear regression
B. Cluster analysis
C. What-if analysis
D. Simulation
E. Decision rules
Jmp - answers :developed by john hall at sas in 1989 to "transform a world of data into
intelligence"
Decision making - answers :choosing among alternative courses of action to improve
organization performance: plan, coordinate, organize, lead
1. Define/identify a decision-making situation.
2. Determine the criteria used to evaluate alternative solutions to the problem.
3. Identify alternative solutions.
4. Evaluate each alternative using chosen criteria.
5. Choose one alternative - answers :the steps of the decision making process
Descriptive analytics - answers :what has happened?
Predictive analytics - answers :what could happen?
Prescriptive analytics - answers :what should happen?
Tradition - answers :"we will not offer online shopping because our customers always
prefer shopping at our brick-and-mortar stores" is an example of making decisions
based on _____.
Descriptive analytics - answers :______ _____ techniques:
What happened? Data queries, reports, data dashboards, what-if analyses, data-mining
Data query - answers :is a way to request information from a database
Report - answers :presents information using descriptive statistics and visuals
Dashboards - answers :a collection of tables, charts, maps, summary statistics,
scorecards, and alerts arranged in a visually appealing way
What-if analysis - answers :examines the impact of changes to one or more data values
on other data values
Data mining - answers :finds potentially useful relationships, patterns, associations,
structures, anomalies and other such insights in large data sets using semi-automatic or
automatic means
Predictive analytics - answers :______ ______ techniques:
What could happen? Time series analysis, regression analysis, k-nearest neighbors,
classification and regression trees, artificial neural networks, simulations
Time series analysis - answers :uses patterns in the data to generate a forecast
, Regression analysis - answers :uncovers the cause-and-effect relationship between a
set of causal factors (or independent variables) and the variable of interest (or
dependent variable)
Prescriptive analytics - answers :______ ______ techniques:
What should happen? Decision rules, optimization, simulation-optimization, decision
analysis-utility theory
Decision rules - answers :if then
Optimization models - answers :draw upon different kinds of mathematical programming
techniques
Simulation-optimization - answers :combines simulation with optimization models
Decision analysis-utility theory - answers :evaluates decision alternatives while
accounting for future uncertain events by using utility theory to assign values to decision
outcomes based on an individual's attitude toward risk
E - answers :descriptive analytics techniques include the following except:
A. Data queries
B. Data-mining
C. What-if analysis
D. Reports
E. Simulations
Structured query language - answers :what does sql stand for?
A - answers :which of the following is a predictive analytics software tool?
A. Ibm spss modeler
B. Simulation
C. Oracle
D. Time-series forecasting
E. Regression tree
E - answers :which of the following is a prescriptive analytics technique?
A. Linear regression
B. Cluster analysis
C. What-if analysis
D. Simulation
E. Decision rules
Jmp - answers :developed by john hall at sas in 1989 to "transform a world of data into
intelligence"
