JMU COB 204 Exam 2 (A+ Graded Already)

Business Intelligence (BI) correct answers a broad category of applications, technologies, and processes for gathering, storing, accessing, and analyzing data to help business users make better decisions ROI correct answers Return on Investment Business analytics correct answers a subset of BI based on statistics, prediction, and optimization Questions BI can answer... correct answers What happened? How many? How often? Where is the problem? What actions are needed? Questions business analytics can answer... correct answers Why is this happening? What will happen if these trends continue? What will happen next? What is the best/worst that can happen? Management correct answers process by which an organization achieves its goals through the use of resources (people, money, materials, information) Resources correct answers inputs Achieving the organization's goals correct answers output Productivity correct answers indicated by manager's ratio between inputs and outputs Interpersonal roles correct answers figurehead, leader, liaison Informational roles correct answers monitor, disseminator, spokesperson, analyzer Decisional roles correct answers entrepreneur, disturbance handler, resource allocator, negotiator Decision correct answers a choice among two or more alternatives that individuals and groups make. Diverse and made continuously. 3 major phases of decision making correct answers intelligence, design, choice Intelligence phase correct answers managers examine a situation and then identify and define the problem or opportunity Design phase correct answers decision makers construct a model for addressing the situation Choice phase correct answers selecting a solution or course of action that seems best suited to resolve the problem Trends making decision making difficult correct answers