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BCOR 2020 Midterm Exam Questions and Answers (100% Pass)
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BCOR 2020 Midterm Exam Questions and Answers (100% Pass) Business Problems - Answer️️ -How much to produce, How much to buy, When to open the store, What products to promote? Decision making types - Answer️️ -Strategic decisions, Tactical (managerial) decisions, and operational decisio...

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  • August 27, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bcor 2020 midterm exam questions and answers 100

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©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM


BCOR 2020 Midterm Exam Questions and
Answers (100% Pass)

Business Problems - Answer✔️✔️-How much to produce, How much to
buy, When to open the store, What products to promote?

Decision making types - Answer✔️✔️-Strategic decisions, Tactical
(managerial) decisions, and operational decisions

Strategic decisions - Answer✔️✔️-A decision that involves higher-level
issues and that is concerned with the overall direction of the organization,
defining the overall goals and aspirations for the organization's future.

Tactical (Managerial) decisions - Answer✔️✔️-A decision concerned with
how the organization should achieve the goals and objectives set by its
strategy.

operational decisions - Answer✔️✔️-A decision concerned with how the
organization is run from day to day.

Decision Making Process - Answer✔️✔️-Identify and define the problem,
Determine the criteria, Determine the set of alternative solutions, Evaluate
the alternatives, and Choose an alternative

What are examples of business decisions? - Answer✔️✔️-Loan Processing,
Amazon: what products to recommend?, Airline ticket prices, medical
diagnosis




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,©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM

Decision making - Answer✔️✔️-It is the responsibility of managers to plan,
coordinate, organize and lead their organizations to better performance.

Common Approaches to decision making - Answer✔️✔️-Tradition,
Intuition, Rules of thumb, using relevant data

Challenges of Decision making - Answer✔️✔️-Uncertainties, and enormous
number of alternatives

Business Analytics (BA) - Answer✔️✔️-the scientific process of transforming
data into insights for making better decision

What are the three categories of business analytics? - Answer✔️✔️-
Descriptive, Predictive, and Prescriptive

Descriptive analytics - Answer✔️✔️-Encompasses the set of techniques that
describes what has happened in the past

Examples of descriptive analytics - Answer✔️✔️-Data queries, Reports,
Descriptive statistics, Data visualization (including data dashboards), Data-
mining techniques,Basic what-if spreadsheet models.

Predictive Analytics - Answer✔️✔️-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✔️✔️-Indicates a best course of action to
take: Provide a forecast or prediction, but do not provide a decision.A




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, ©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM

forecast or prediction, when combined with a rule, becomes a prescriptive
model.

Rule-based models - Answer✔️✔️-Prescriptive models that rely on a rule or
set of rules

What is data? - Answer✔️✔️-the facts and figures collected, analyzed, and
summarized for presentation and interpretation.

Variable - Answer✔️✔️-A characteristic or a quantity of interest that can take
on different values; such as Symbol, Industry, Share Price, and Volume.

Observation - Answer✔️✔️-a set of values corresponding to a set of variables

Variation - Answer✔️✔️-the difference in a variable measured over
observations (time, customers, items, etc.)

Random (uncertain) variable - Answer✔️✔️-a quantity whose values are not
known with certainty

descriptive statistics - Answer✔️✔️-statistics that summarize the data
collected in a study

Types of Data - Answer✔️✔️-Population, sample (includes random),
Quantitative, categorical, cross-sectional, and time series

Population Data - Answer✔️✔️-The set of all elements of interest in a
particular study.

Sample Data - Answer✔️✔️-data collected from a subset of the population




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