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Business Analytics Exam One questions with correct answers respectively.
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Business Analytics Exam One questions with correct answers respectively.
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Business Analytics Exam One questionswith correct answers respectively.
A River Runs Through It ANS - 1992 movie with Brad Pitt in which he is using dynamic problem solving
to catch a fish (he needs data, drive, emotional intelligence)
a river runs through I.T. analogy ANS - 1. business world is an ecosystem of business data, marketplace,
businesses, etc.
2. analytics = river; lifeline of the organization holding together people and being used to leverage
resources
importance of vision ANS - in order to make decisions and establish direction
business analytics ANS - the systematic computational analysis of data or statistics; info resulting from
the systematic analysis of data/stats
academic definition of business analytics ANS - Management information systems (data to information)
to knowledge management systems
1. increasing knowledge through progressive elaboration
2. markets for products and services have consumers and suppliers
3. data is stored and extended through the MIS and KIS constructs
4. analytics is a component of knowledge
business intelligence ANS - the ability to acquire and apply knowledge and skills; person or being with
the ability to acquire and apply knowledge; the collection of information of military or political value
management information systems (MIS) ANS - data is stored in a database; data is extended to
information via applications, queries, and reports (software)
, knowledge management systems (KMS) ANS - information is extended into knowledge through
decision making; and knowledge is extended into wisdom through smart decisions based on high quality
data and experience
1. progressive elaboration
2. wisdom
progressive elaboration ANS - as you move forward into the uncertain future, you learn stuff that
changes POV or helps you solve a problem; new info changes plan
wisdom ANS - asking questions instead of giving answers
data flow ANS - data to information to knowledge to wisdom
PMBOK ANS - Project Management Body of Knowledge: a standard of managing most projects most of
the times across many industries; Describes the project management processes, tools, and techniques
used to manage a project (types of modeling and performance indexes)
descriptive analytics ANS - answer the question "How did I get here?" by looking at past and gathering
data to explain current situation
schedule performance index ANS - measuring how you are sticking to the schedule; calculate by
dividing earned value by planned value
1. earned value = already completed/paid for
planned value = projected expenditures
cost performance index ANS - CPI = earned value/actual cost; measuring financial resources of project
project management analytics ANS - 1. schedule performance index
2. cost performance index
predictive analytics ANS - based on assumptions about the world, predict what happens next with data;
trying to reduce level of uncertainty ex. hurricane tracking
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