JMU COB 204 Exam 2 Questions And Answers Latest Updates
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Module
JMU COB 204
Institution
JMU COB 204
ROI - ️️Return on Investment
Number of alternatives - ️️constantly increasing due to innovation in technology,
improved communications, global markets, internet, and e-business
Business analytics - ️️a subset of BI based on statistics, prediction, and
optimization
Questions BI can ...
Number of alternatives - ✔️✔️constantly increasing due to innovation in technology,
improved communications, global markets, internet, and e-business
Business analytics - ✔️✔️a subset of BI based on statistics, prediction, and
optimization
Questions BI can answer... - ✔️✔️What happened? How many? How often? Where is
the problem? What actions are needed?
Questions business analytics can answer... - ✔️✔️Why is this happening? What will
happen if these trends continue? What will happen next? What is the best/worst that
can happen?
Management - ✔️✔️process by which an organization achieves its goals through the
use of resources (people, money, materials, information)
Resources - ✔️✔️inputs
Business Intelligence (BI) - ✔️✔️a broad category of applications, technologies, and
processes for gathering, storing, accessing, and analyzing data to help business users
make better decisions
Achieving the organization's goals - ✔️✔️output
Productivity - ✔️✔️indicated by manager's ratio between inputs and outputs
Decision - ✔️✔️a choice among two or more alternatives that individuals and groups
make. Diverse and made continuously.
, 3 major phases of decision making - ✔️✔️intelligence, design, choice
Intelligence phase - ✔️✔️managers examine a situation and then identify and define
the problem or opportunity
Design phase - ✔️✔️decision makers construct a model for addressing the situation
Choice phase - ✔️✔️selecting a solution or course of action that seems best suited to
resolve the problem
Trends making decision making difficult - ✔️✔️
Time pressure - ✔️✔️often not possible to manually process information fast enough to
be effective
More complex - ✔️✔️usually necessary to conduct a sophisticated analysis
Data warehousing - ✔️✔️provides the data needed for BI
Problem structure - ✔️✔️decision making processes fall along a continuum ranging
from highly structured to highly unstructured
Problem structure dimensions - ✔️✔️
Structured decisions - ✔️✔️deal with routine and repetitive problems for which
standard solutions exist. Ex. inventory control
Unstructured decisions - ✔️✔️intended to deal with "fuzzy," complex problems for
which there are no cut-and-dried solutions. Ex. hiring an executive
Semistructured decisions - ✔️✔️require a combination of standard solution procedures
and individual judgement. Ex. evaluating employees
Nature of Decisions categories - ✔️✔️
Operational control - ✔️✔️executing specific tasks efficiently and effectively
Management control - ✔️✔️acquiring and using resources efficiently in accomplishing
organization goals
Strategic planning - ✔️✔️long range goals and policies for growth and resource
allocation
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