MISY 5370 - midterm ACTUAL exam: QUESTION AND
ANSWERS UPDATED 2025
First Development - (ANSWER)Technological advances, Internet social networks,
and data generated from personal electronic devices.
Second Development - (ANSWER)Ongoing research has resulted in numerous
methodological developments: Computational advances, Faster algorithms
Third Development - (ANSWER)Better computing hardware, parallel computing,
and cloud computing
Strategic Decisions - (ANSWER)Higher-level issues concerned with overall
direction. Effect the overall goals and aspirations.
Tactical Decisions - (ANSWER)Concern how the organization should achieve the
goals and objectives set by its strategy
Operational decisions - (ANSWER)Affect how the firm is run from day to day.
Business analytics - (ANSWER)Scientific process of transforming data into insight
for making better decisions
Descriptive analytics - (ANSWER)It encompasses the set of techniques that
describes what has happened in the past. Examples - data queries, reports, data
visualization, data mining-techniques, what if models.
, Data dashboards - (ANSWER)Collections of tables, charts, maps, and summary
statistics that are updated as new data become available.
Predictive analytics - (ANSWER): It consists of techniques that use models
constructed from past data to predict the future or ascertain the impact of one
variable on another.
Prescriptive Analytics - (ANSWER)It indicates a best course of action to take
Models used in prescriptive analytics. Ex. Optimization models, Simulation
Optimization, Decision analysis
Big data - (ANSWER)A set of data that cannot be managed, processed, or
analyzed with commonly available software in a reasonable amount of time.
Tables should be used when - (ANSWER)The reader needs to refer to specific
numerical values.
The reader needs to make precise comparisons between different values and not
just relative comparisons.
The values being displayed have different units or very different magnitudes.
Scatter chart - (ANSWER)Graphical presentation of the relationship between two
quantitative variables.
Trendline - A line that provides an approximation of the relationship between the
variables.
ANSWERS UPDATED 2025
First Development - (ANSWER)Technological advances, Internet social networks,
and data generated from personal electronic devices.
Second Development - (ANSWER)Ongoing research has resulted in numerous
methodological developments: Computational advances, Faster algorithms
Third Development - (ANSWER)Better computing hardware, parallel computing,
and cloud computing
Strategic Decisions - (ANSWER)Higher-level issues concerned with overall
direction. Effect the overall goals and aspirations.
Tactical Decisions - (ANSWER)Concern how the organization should achieve the
goals and objectives set by its strategy
Operational decisions - (ANSWER)Affect how the firm is run from day to day.
Business analytics - (ANSWER)Scientific process of transforming data into insight
for making better decisions
Descriptive analytics - (ANSWER)It encompasses the set of techniques that
describes what has happened in the past. Examples - data queries, reports, data
visualization, data mining-techniques, what if models.
, Data dashboards - (ANSWER)Collections of tables, charts, maps, and summary
statistics that are updated as new data become available.
Predictive analytics - (ANSWER): It consists of techniques that use models
constructed from past data to predict the future or ascertain the impact of one
variable on another.
Prescriptive Analytics - (ANSWER)It indicates a best course of action to take
Models used in prescriptive analytics. Ex. Optimization models, Simulation
Optimization, Decision analysis
Big data - (ANSWER)A set of data that cannot be managed, processed, or
analyzed with commonly available software in a reasonable amount of time.
Tables should be used when - (ANSWER)The reader needs to refer to specific
numerical values.
The reader needs to make precise comparisons between different values and not
just relative comparisons.
The values being displayed have different units or very different magnitudes.
Scatter chart - (ANSWER)Graphical presentation of the relationship between two
quantitative variables.
Trendline - A line that provides an approximation of the relationship between the
variables.
