Which of the following is the definition of decision making you learned from this class -
ANS-it is to choose among alternative courses of action to improve organization
performance
Stages in the Decision Making Process: - ANS-1. Define a decision making solution
2. determine the criteria used to evaluate alternative solution
3. identify alternative solutions
4. evaluate each alternative using the chosen criteria
5. choose one alternative
the characteristics of a business analytics approach to decision making include... -
ANS-- data driven
- computer assisted
- scientific/ objective
- fact based
- actionable insights
"We will not offer online shopping because we are always a conventional
brick-and-mortar store" is an example of making decisions based on __________ . -
ANS-tradition
the characteristics of a subjective approach to decision making... - ANS-- traditional/
convention
- experienced
- intuition/ gut feel
- thumb rules
Descriptive Analytics - ANS-What has happened?
Predictive Analytics - ANS-What could happen?
Prescriptive Analytics - ANS-What should happen?
Descriptive Analytics techniques include: - ANS-- data query
- reports
, - data dashboards
- data mining
Data Query - ANS-a way to request information from a database
reports - ANS-presents information using descriptive statistics and visuals
dashboards - ANS-a collection of tables, charts, maps, summary statistics, scorecards,
and alerts arranged in a visually appealing way
Dashboard Information Characteristics - ANS-- information is updated in real-time
- information is displayed electronically at various levels of details
Data Mining - ANS-finds potentially useful relationships, patterns, associations,
structures, anomalies, and other such insight in large data sets using semi-automatic or
automatic means
Descriptive Data Mining: - ANS-exploration
Predictive Data Mining: - ANS-prediction
data mining techniques - ANS-- regression analysis, time series analysis, trend analysis
- classification and regression trees
- cluster analysis
- top modeling, text classification, sentiment analysis
- social network analysis, activity analysis
- market basket/ affinity analysis
- anomaly detection and sequential pattern detection
which of the following are characteristics of big data - ANS-volume, veracity, variety
predictive analytics technique: - ANS-Time series, regression analysis, and what if
analysis
time series analysis - ANS-uses patterns in the data to generate a forecast
regression analysis - ANS-uncovers the cause-and-effect relationship between a set of
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