MISY5370-Data Mining & Predictive Analytics Midterm 2023/2024 passed

MISY5370-Data Mining & Predictive Analytics MidtermFirst development - correct answer technological advances, social networks and data generated from personal electronic devices produce incredible data Second development - correct answer • Advances in computational approaches to effectively handle and explore massive amounts of data • Faster algorithms for optimization and simulation, and • More effective approaches for visualizing data Third development - correct answer • The methodological developments were paired with an explosion in computing power and storage capability. • Better computing hardware, parallel computing, and cloud computing have enabled businesses to solve big problems faster and more accurately than ever before. Strategic Decision - correct answer •Involve higher-level issues concerned with the overall direction of the organization. •These decisions define the organization's overall goals and aspirations for the future. Tactical decision - correct answer •Concern how the organization should achieve the goals and objectives set by its strategy. •They are usually the responsibility of midlevel management. Operational Decision - correct answer •Affect how the firm is run from day-to-day. •They are the domain of operations managers, who are the closest to the customer. Decision making can be defined as the following process - correct answer 1. Identify and define the problem 2. Determine the criteria that will be used to evaluate alternative solutions 3. Determine the set of alternative solutions 4. Evaluate the alternatives 5. Choose an alternative Common approaches to making decisions - correct answer •Tradition •Intuition •Rules of thumb •Using the relevant data available Business Analytics - correct answer •Scientific process of transforming data into insight for making better decisions. •Used for data-driven or fact-based decision making, which is often seen as more objective than other alternatives for decision making. Tools of business analytics can aid decision making by: - correct answer •Creating insights from data •Improving our ability to more accurately forecast for planning •Helping us quantify risk •Yielding better alternatives through analysis and optimization descriptive analytics - correct answer analytical tools that describe what has happened data query - correct answer a request for information with certain characteristics from a database data dashboard - correct answer a collection of tables, charts, and maps to help management monitor selected aspects of the company's performance Uses of dashboards - correct answer •To help management monitor specific aspects of the company's performance related to their decision-making responsibilities. •For corporate-level managers, daily data dashboards might summarize sales by region, current inventory levels, and other company-wide metrics.