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BCOR 2020 Midterm Questions and Answers 100% Verified
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Strategic decisions - 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 - A decision concerned with how the organization shou...

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  • August 11, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
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  • bcor 2020

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  • BCOR 2020

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BCOR 2020 Midterm

Strategic decisions - 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 - A decision concerned with how the organization should achieve
the goals and objectives set by its strategy.



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



Decision Making Process - 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? - Loan Processing, Amazon: what products to
recommend?, Airline ticket prices, medical diagnosis



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



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



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



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



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

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



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

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



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



Predictive Analytics - 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 - Indicates a best course of action to take: Provide a forecast or prediction,
but do not provide a decision.A forecast or prediction, when combined with a rule, becomes a
prescriptive model.



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



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



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



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



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



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

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