Business Analytics Exam 1 Questions & Answers 2024/2025

Business Analytics Exam 1 Questions & Answers 2024/2025 Which of the following is the definition of decision making you learned from this class? A) It is to maximize profit. B) It is to choose among alternative courses of action to improve organization performance. C) It is to provide leadership for an organization. D) It is to minimize costs. E) It is to make successful business plans. - ANS-B) It is to choose among alternative courses of action to improve organization performance. What is the sequence of the decision-making process? - ANS-1. Define a decision-making situation 2. Determine the criteria used to evaluate alternative solutions 3. Identify alternative solutions 4. Evaluate each alternative using the chosen criteria 5. Choose one alternative What are 4 characteristics of a business analytics approach to decision making? - ANS-1. fact-based 2. data-driven 3. scientific 4. computer-assisted What type of analytics asks "What should happen?" - ANS-Prescriptive Analytics What type of analytics asks "What could happen?" - ANS-Predictive Analytics What type of analytics asks "What has happened?" - ANS-Descriptive Analytics Descriptive analytics techniques include the following EXCEPT: A) What-If analysis B) Data-mining C) Simulations D) Data queries E) Reports - ANS-C) Simulations What does SQL stand for? - ANS-Structured Query Language Which 3 of the following are characteristics of big data? A) Validity B) Valence C) Volume D) Variety E) Vitality F) Veracity - ANS-C) Volume D) Variety F) Veracity Which 1 of the following is a predictive analytics software tool? A) IBM SPSS Modeler B) Oracle C) Regression tree D) Simulation E) Time-Series forecasting - ANS-A) IBM SPSS Modeler Which 1 of the following is a prescriptive analytics technique? A) Cluster analysis B) Decision rules C) Linear regression D) What-If analysis E) Simulation - ANS-B) Decision rules We discussed many business analytics applications in various business domain in this class. Which 2 of the following is explicitly cited as an illustrative example? A) Artificial intelligence B) Accounting C) Health care D) Statistics E) Sports - ANS-C) Health care E) Sports Business Analytics tools are essentially _____. - ANS-software Which 3 of the following Business Analytics functionalities will be covered in this class? A) Data analysis B) Data warehousing C) Data reporting D) Data pre-processing E) Data management F) Data outsourcing - ANS-A) Data analysis C) Data reporting D) Data pre-processing Which 3 of the following is TRUE about JMP? A) It is developed at SAS. B) Its goal is to transform a world of data into intelligence. C) It is developed in 2003. D) Its goal is to make data understandable to ordinary people. E) It is developed in Stanford University. F) It is developed in 1989. - ANS-A) It is developed at SAS. B) Its goal is to transform a world of data into intelligence. C) It is developed in 1989. Which of the following is TRUE about Tableau? A) It is developed at SAS. B) It is developed in 1989. C) Its goal is to transform a world of data into intelligence. D) It is developed at Stanford University. E) It is developed in 2003. F) Its goal is to make data understandable to ordinary people. - ANS-D) It is developed at Stanford University. E) It is developed in 2003. Continues...