JMU COB 204 Exam 2 Questions And Answers Latest Updates
5 views 0 purchase
Course
JMU COB 204
Institution
JMU COB 204
ROI - ️️Return on Investment
Number of alternatives - ️️constantly increasing due to innovation in technology,
improved communications, global markets, internet, and e-business
Business analytics - ️️a subset of BI based on statistics, prediction, and
optimization
Questions BI can ...
Number of alternatives - ✔️✔️constantly increasing due to innovation in technology,
improved communications, global markets, internet, and e-business
Business analytics - ✔️✔️a subset of BI based on statistics, prediction, and
optimization
Questions BI can answer... - ✔️✔️What happened? How many? How often? Where is
the problem? What actions are needed?
Questions business analytics can answer... - ✔️✔️Why is this happening? What will
happen if these trends continue? What will happen next? What is the best/worst that
can happen?
Management - ✔️✔️process by which an organization achieves its goals through the
use of resources (people, money, materials, information)
Resources - ✔️✔️inputs
Business Intelligence (BI) - ✔️✔️a broad category of applications, technologies, and
processes for gathering, storing, accessing, and analyzing data to help business users
make better decisions
Achieving the organization's goals - ✔️✔️output
Productivity - ✔️✔️indicated by manager's ratio between inputs and outputs
Decision - ✔️✔️a choice among two or more alternatives that individuals and groups
make. Diverse and made continuously.
, 3 major phases of decision making - ✔️✔️intelligence, design, choice
Intelligence phase - ✔️✔️managers examine a situation and then identify and define
the problem or opportunity
Design phase - ✔️✔️decision makers construct a model for addressing the situation
Choice phase - ✔️✔️selecting a solution or course of action that seems best suited to
resolve the problem
Trends making decision making difficult - ✔️✔️
Time pressure - ✔️✔️often not possible to manually process information fast enough to
be effective
More complex - ✔️✔️usually necessary to conduct a sophisticated analysis
Data warehousing - ✔️✔️provides the data needed for BI
Problem structure - ✔️✔️decision making processes fall along a continuum ranging
from highly structured to highly unstructured
Problem structure dimensions - ✔️✔️
Structured decisions - ✔️✔️deal with routine and repetitive problems for which
standard solutions exist. Ex. inventory control
Unstructured decisions - ✔️✔️intended to deal with "fuzzy," complex problems for
which there are no cut-and-dried solutions. Ex. hiring an executive
Semistructured decisions - ✔️✔️require a combination of standard solution procedures
and individual judgement. Ex. evaluating employees
Nature of Decisions categories - ✔️✔️
Operational control - ✔️✔️executing specific tasks efficiently and effectively
Management control - ✔️✔️acquiring and using resources efficiently in accomplishing
organization goals
Strategic planning - ✔️✔️long range goals and policies for growth and resource
allocation
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 PatrickKaylian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
