100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Intro to Business Final Exam UNH Study Guide Solutions $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Prep Tests
  4.  
  5. Prep Tests

Exam (elaborations)

Intro to Business Final Exam UNH Study Guide Solutions
 0 view  0 purchase
  • Course
  • Prep Tests
  • Institution
  • Prep Tests

Intro to Business Final Exam UNH Study Guide Solutions Stage 6 - ANSWER-Business Intelligence and Data-driven Decision Making Data-driven decision making - ANSWER-An organizational process to gather and analyze relevant and verifiable data and then evaluate the results to guide business strateg...

[Show more]

Preview 3 out of 17  pages

Document information

  • November 11, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • intro to business final exam unh study guide solut

Written for

  • Prep Tests
  • Prep Tests

Seller

avatar-seller
OliviaWest

Reviews received

Content preview

Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED




Intro to Business Final Exam UNH Study

Guide Solutions


Stage 6 - ANSWER✔✔-Business Intelligence and Data-driven Decision Making


Data-driven decision making - ANSWER✔✔-An organizational process to gather and analyze relevant and

verifiable data and then evaluate the results to guide business strategies.


Value of Data - ANSWER✔✔-Shows the profitability of the company


Improve planning by viewing expenses individually as a percentage of total sales


Compare to prior months to reveal trends


Make changes to increase profitability


data and statistics - ANSWER✔✔-types of evidence: facts and statistics collected together for reference

or analysis; numerical data or information


Key performance indicators (KPIs) - ANSWER✔✔-Quantifiable measures of performance used to gauge

progress toward strategic objectives or agreed standards of performance.


"16 cognitive biases that can kill your decision making" - ANSWER✔✔-Confirmation bias: we believe

what we want to believe by favoring information that confirms preexisting beliefs or preconceptions.

This results in looking for creative solutions that confirm our beliefs rather than challenge them, making

us closed to new possibilities.




Copyright ©Stuvia International BV 2010-2024 Page 1/17

, Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


Conformity bias: choices of mass populations influence how we think, even if against independent

personal judgments. This can result in poor decision making and lead to groupthink which is particularly

detrimental to creativity as outside opinions can become suppressed leading to self-censorship and loss

of independent thought.


Authority bias: favoring authority figure opinions ideas within innovation teams. This means that

innovative ideas coming from senior team members trump or better all others, even if other concepts,

ideas, and inputs could be more creative and relevant to problem-solving.


Loss-aversion bias: once a decision has been made, sticking to it rather than taking risks due to the fear

of losing what you gained in starting something and wishing to see it finished. We also attach more value

to something once we have made an emotional investment in it. A consequence of effort, time and

energy put into creative thinking, team members can become biased and become emotionally attached

to their outcomes. To remedy this, the 11th commandment: "thou shalt not fall in love with thy

solutions".


False causality bias: citing sequential events as evidence the first caused the second. This can occur

within the Design Thinking empathize phase where you are intentionally seeking confirmation of

causality between what people say vs. what they do, leading to taking the wrong problems or needs

forward to solve.


Action bias: when faced with ambiguity (creative fuzzy-front-end) favoring doing something or anything

without any prior analysis even if it is count


Stage 7 - ANSWER✔✔-Operations- Bringing a Product to Market


Operations Management - ANSWER✔✔-focuses on managing the production and delivery of an

organization's products or services more effectively


Copyright ©Stuvia International BV 2010-2024 Page 2/17

, Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


3 Primary Decision of Ops - ANSWER✔✔-Production planning (Design)


Production control (Management)


Improving production and operations (Improvement)


Production types - ANSWER✔✔-Mass production, customization, and mass customization


Critical Path Method (CPM) - ANSWER✔✔-a project-management tool that illustrates the relationships

among all the activities involved in completing a project and identifies the sequence of activities likely to

take the longest to complete


"The Next Manufacturing Revolution is Here" , Olivier Scalabre - ANSWER✔✔-the answer to this

economic slowdown lies in the merging of two major forces: the existing manufacturing system and the

birth of large scale technological innovations.


"Global Supply Chains in a Post-Pandemic World" (HBR) - ANSWER✔✔-(no access cause out of free

articles) A massive risk in reactivitating these chains and how the chains suffered dearly during the

pandemic


Stage 8 - ANSWER✔✔-Selling to Customers


Promotional Goals - ANSWER✔✔-informing, persuading, reminding, connecting


Promotional Mix - ANSWER✔✔-the combination of promotional tools—including advertising, public

relations, personal selling, sales promotion, and social media—used to reach the target market and fulfill

the organization's overall goals


Integrated Marketing - ANSWER✔✔-coordination of all promotional activities to produce a unified,

customer-focused promotional message


Copyright ©Stuvia International BV 2010-2024 Page 3/17

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79373 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart