BCOR 2024 – Final Exam Study Guide with Complete Solutions
0 view 0 purchase
Course
BCOR
Institution
BCOR
BCOR 2024 – Final Exam Study Guide
with Complete Solutions
managers - Answer️️ -have the responsibility to plan, coordinate,
organize and lead their organizations to better performance
3 types of decision making - Answer️️ -strategic, tactical (managerial),
operational
strategic dec...
BCOR 2024 – Final Exam Study Guide
with Complete Solutions
managers - Answer✔️✔️-have the responsibility to plan, coordinate,
organize and lead their organizations to better performance
3 types of decision making - Answer✔️✔️-strategic, tactical (managerial),
operational
strategic decision making - Answer✔️✔️-high level issues concerned with
overall direction of the organization
tactical (managerial) decision making - Answer✔️✔️-about how the
organization should achieve the goals and objectives set by its strategy
operational - Answer✔️✔️-affect how the firm runs its day-to-day operations
decision making process - Answer✔️✔️-identify and define the problem ->
determine the criteria -> determine the set of alternative soltions ->
evaluate the alternatives -> choose an alternative
common approaches to decision making - Answer✔️✔️-tradition, intuition,
rules of thumb, using relevant data
challenges of decision making - Answer✔️✔️-uncertainties, lots of
alternatives
business analytics - Answer✔️✔️-the science process of transforming data
into insights for making better decisions
business analytics categories - Answer✔️✔️-descriptive analytics, predictive
analytics, prescriptive analytics
descriptive analytics - Answer✔️✔️-encompasses the set of techniques that
describe what has happened in the past (data queries, reports, descriptive
statistics, etc)
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
(provides a forecast or prediction but not a decision)
what is data? - Answer✔️✔️-raw facts: alphanumeric, audio, image, video
what is information? - Answer✔️✔️-a collection of data organized in such a
way that they have value beyond the facts themselves
what is knowledge? - Answer✔️✔️-awareness and understanding of a set of
information and the ways it can be made useful to support a task
what is a process? - Answer✔️✔️-a set of logically related tasks performed to
achieve a defined outcome (turning data into information is a process)
information system (IS) - Answer✔️✔️-a set of interrelated elements that:
collect input, process, store, disseminate data and info, provides a feedback
mechanism
computer based information system (CBIS) - Answer✔️✔️-A single set of
hardware, software, databases, telecommunications, people, and
procedures that are configured to collect, manipulate, store, and process
data into information.
procedure - Answer✔️✔️-defines the steps to follow to achieve a specific end
result (such as enter a customer order, pay a supplier invoice, or request a
inventory report)
personal IS - Answer✔️✔️-includes information systems that improve the
productivity of individual users
group IS - Answer✔️✔️-includes information systems that improve
communications and support collaboration among members of a
workgroup
enterprise IS - Answer✔️✔️-includes information systems that organizations
sue to define structured interactions among their own employees and or
external customers, suppliers, government agencies
organization - Answer✔️✔️-a group of people that are structured and
managed to meet its mission or set of group goals
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
