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MSIS 3223 Exam 1 Review Questions & Answers(RATED A+)
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discount rate - ANSWERthe opportunity costs of spending funds now vs achieving a return through another investment, & the risks associated with not receiving returns until a later time. Descriptive analytics - ANSWER-summarizes data into meaningful charts and reports, for example, about budgets,...

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  • November 2, 2024
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MSIS 3223 Exam 1 Review Questions &
Answers(RATED A+)

discount rate - ANSWERthe opportunity costs of spending funds now vs achieving a return through
another investment, & the risks associated with not receiving returns until a later time.



Descriptive analytics - ANSWER-summarizes data into meaningful charts and reports, for example,
about budgets, sales, revenues, or cost.

-most commonly used and most-well understood type of analytics.



Predictive Analytics - ANSWERpredict the future by examining historical data, detecting patterns or
relationships in these data, and then extrapolating these relationships forward in time.



positive NPV - ANSWERthe investment will provide added value because the projected return
exceeds the discount rate.



Prescriptive Analytics - ANSWERuses optimization to identify the best alternatives to minimize or
maximize some objective.



Data Reliability - ANSWERmeans that data are accurate and consistent

-Data used in business decisions need to be reliable and valid.



Validity - ANSWERdata correctly measures what it is supposed to measure.



Many decision models can be formalized using - ANSWERa model



Model - ANSWER-an abstraction or representation of a real system, idea, or object.

-capture the most important feature of a problem and present them in a form that is easy to
interpret.

-can be a written or verbal description of some phenomenon, a visual representation (visual model)
such as a graph or flowchart, or a mathematical or spreadsheet representation.

, Decision models typically have three types of input: - ANSWER-data

-uncontrollable inputs

-decision options



Decision model: Data - ANSWERassumed to be constant for purposes of the model.



Decision model: Uncontrollable Inputs - ANSWERquantities that can change but cannot be directly
controlled by the decision maker.



Decision model: Decision Options - ANSWER-are controllable and can be selected at the discretion of
the decision maker.

-Decision options are often called decision variables.



Descriptive models - ANSWER-explain behavior and allow users to evaluate potential decisions by
asking "what-if?" questions.

-describe relationships allowing a manager to make a decision, without telling a manager what to do.



Predictive models - ANSWERfocus on what will happen in the future.



Prescriptive models - ANSWER-uses optimization: the process of finding a set of values for decision
options that minimize or maximize some quantity of interest.

-helps decision makers identify the best solution to decision problems.



The fundamental purpose of analytics - ANSWERto help managers solve problems and make
decisions.



Phases in Problem Solving - ANSWER1. Recognizing the problem-a problem exists when there is a gap
between what is happening & what we think should be happening.

2. Defining the problem-In defining problems, it is important to involve all people who make the
decisions or who may be affected by them.

3. Structuring the problem-a formal model is often developed in this phase.

4. Analyzing the problem-experimentation or solution process, evaluating different scenarios, or
analyzing risks associated with various decision alternatives.

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