BCOR 2020 Exam 1 Study Guide with Complete Solutions
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Module
BCOR
Institution
BCOR
BCOR 2020 Exam 1 Study Guide with
Complete Solutions
Strategic decision - Answer️️ -involve higher-level issues concerned with
the overall direction of the organization
what do strategic decisions do? - Answer️️ -define the organization's
overall goals and aspirations for the future.
...
BCOR 2020 Exam 1 Study Guide with
Complete Solutions
Strategic decision - Answer✔️✔️-involve higher-level issues concerned with
the overall direction of the organization
what do strategic decisions do? - Answer✔️✔️-define the organization's
overall goals and aspirations for the future.
tactical decision - Answer✔️✔️-how the organization should achieve the
goals and objectives set by its strategy, and they are usually the
responsibility of midlevel management.
operational decisions - Answer✔️✔️-how the firm is run from day to day
1st step of decision making process - Answer✔️✔️-identify and define the
problem
2nd step in decision making process - Answer✔️✔️-determine the criteria
that will be used to evaluate alternative solutions
3rd step in decision making process - Answer✔️✔️-determine the set of
alternative solutions
4th step in decision making process - Answer✔️✔️-Evaluate alternatives
5th step in decision making process - Answer✔️✔️-choose an alternative
what is business analytics? - Answer✔️✔️-scientific process of transforming
data into insight for making better decisions
descriptive analytics - Answer✔️✔️-the set of techniques that describes what
has happened in the past
predictive analytics - Answer✔️✔️-techniques that use models constructed
from past data to predict the future or ascertain the impact of one variable
on another
prescriptive analytics - Answer✔️✔️-a course of action to take; that is, the
output of a prescriptive model is a decision. Predictive models provide a
forecast or prediction, but do not provide a decision
data - Answer✔️✔️-facts and figures collected, analyzed, and summarized
for presentation and interpretation
variable - Answer✔️✔️-A characteristic or quantity of interest that can take
on different values.
observation - Answer✔️✔️-A set of values corresponding to a set of
variables.
variation - Answer✔️✔️-Differences in values of a variable over
observations.
random/uncertain variable - Answer✔️✔️-A quantity whose values are not
known with certainty
population data - Answer✔️✔️-data from the set of all elements of interest in
a particular study
sample data - Answer✔️✔️-data from a subset of the population
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