©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM
BCOR 2020 Midterm Exam Questions and
Answers (100% Pass)
Business Problems - Answer✔️✔️-How much to produce, How much to
buy, When to open the store, What products to promote?
Decision making types - Answer✔️✔️-Strategic decisions, Tactical
(managerial) decisions, and operational decisions
Strategic decisions - Answer✔️✔️-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 - Answer✔️✔️-A decision concerned with
how the organization should achieve the goals and objectives set by its
strategy.
operational decisions - Answer✔️✔️-A decision concerned with how the
organization is run from day to day.
Decision Making Process - Answer✔️✔️-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? - Answer✔️✔️-Loan Processing,
Amazon: what products to recommend?, Airline ticket prices, medical
diagnosis
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Decision making - Answer✔️✔️-It is the responsibility of managers to plan,
coordinate, organize and lead their organizations to better performance.
Common Approaches to decision making - Answer✔️✔️-Tradition,
Intuition, Rules of thumb, using relevant data
Challenges of Decision making - Answer✔️✔️-Uncertainties, and enormous
number of alternatives
Business Analytics (BA) - Answer✔️✔️-the scientific process of transforming
data into insights for making better decision
What are the three categories of business analytics? - Answer✔️✔️-
Descriptive, Predictive, and Prescriptive
Descriptive analytics - Answer✔️✔️-Encompasses the set of techniques that
describes what has happened in the past
Examples of descriptive analytics - Answer✔️✔️-Data queries, Reports,
Descriptive statistics, Data visualization (including data dashboards), Data-
mining techniques,Basic what-if spreadsheet models.
Predictive Analytics - Answer✔️✔️-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 - Answer✔️✔️-Indicates a best course of action to
take: Provide a forecast or prediction, but do not provide a decision.A
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forecast or prediction, when combined with a rule, becomes a prescriptive
model.
Rule-based models - Answer✔️✔️-Prescriptive models that rely on a rule or
set of rules
What is data? - Answer✔️✔️-the facts and figures collected, analyzed, and
summarized for presentation and interpretation.
Variable - Answer✔️✔️-A characteristic or a quantity of interest that can take
on different values; such as Symbol, Industry, Share Price, and Volume.
Observation - Answer✔️✔️-a set of values corresponding to a set of variables
Variation - Answer✔️✔️-the difference in a variable measured over
observations (time, customers, items, etc.)
Random (uncertain) variable - Answer✔️✔️-a quantity whose values are not
known with certainty
descriptive statistics - Answer✔️✔️-statistics that summarize the data
collected in a study
Types of Data - Answer✔️✔️-Population, sample (includes random),
Quantitative, categorical, cross-sectional, and time series
Population Data - Answer✔️✔️-The set of all elements of interest in a
particular study.
Sample Data - Answer✔️✔️-data collected from a subset of the population
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