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Business Analytics questions & answers.
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Business Analytics questions & answers.

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  • August 26, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • business analytics questions answers

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  • Business Analytics
  • Business Analytics

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Business Analytics questions &
answers.

Strategic decision ANS - 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 decision ANS - concern how the organization should achieve the goals and objectives set by its
strategy, and they are usually the responsibility of midlevel management. Tactical decisions usually span
a year and thus are revisited annually or even every six months.



Operational decisions ANS - affect how the firm is run from day to day; they are the domain of
operations managers, who are the closest to the customer.



Decision making process ANS - Identify and define the problem.



Determine the criteria that will be used to evaluate alternative solutions.



Determine the set of alternative solutions.



Evaluate the alternatives.



Choose an alternative.



Business analytics ANS - the scientific process of transforming data into insight for making better
decisions.Footnote Business analytics is used for data-driven or fact-based decision making, which is
often seen as more objective than other alternatives for decision making.



3 categories of analytics ANS - descriptive analytics, predictive analytics, and prescriptive analytics.

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