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BUAN Quiz 1 with correct answers.
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BUAN Quiz 1 with correct answers.
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BUAN Quiz 1 with correct answersbusiness analytics/analytics Correct Answer-the use of data, information
technology, statistical analysis, quantitative methods, and mathematical
or computer-based models to help managers gain improved insight about
their business operations and make better, fact-based decisions
business decisions Correct Answer-pricing, customer segmentation,
merchandising, location, supply chain design, staffing, health care
business intelligence Correct Answer-the collection, management,
analysis, and reporting of data
information systems Correct Answer-modern discipline evolved from
business intelligence
statistics Correct Answer-the science of uncertainty and the technology
of extracting information from data; an important element of business,
driven to a large extent by the massive growth of data
statistical methods Correct Answer-basic tools of description,
exploration, estimation and inference, as well as more advanced
techniques like regression, forecasting and data mining
operations research Correct Answer-analysis and solution of complex
decision problems using mathematical or computer based models
, modeling and optimization Correct Answer-Techniques for translating
real problems into mathematics, spreadsheets, or other computer
languages, and using them to find the best ("optimal") solutions and
decisions.
data mining Correct Answer-a rapidly growing field of business
analytics that is focused on better understanding characteristics and
patterns among variables in large databases using a variety of statistical
and analytical tools
simulation and risk analysis Correct Answer-A methodology that relies
on spreadsheet models and statistical analysis to examine the impact of
uncertainty in the estimates and their potential interaction with one
another on the output variable of interest
decision support system Correct Answer-a combination of database,
analytical models, and dialog system that allows managers to develop
and access customized information
DSS components Correct Answer-data management, model management
and communication system
what if analysis Correct Answer-the analysis shows how specific
combinations of inputs that reflect key assumptions will affect model
outputs
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