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Exam 1 MISY 5370 CHAPTER 1 questions and answers.
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Exam 1 MISY 5370 CHAPTER 1 questions and answers.
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Exam 1 MISY 5370 CHAPTER 1questions and answers
First Development - answer Technological advances, Internet social
networks, and data generated from personal electronic devices.
Second Development - answer Ongoing research has resulted in
numerous methodological developments: Computational advances, Faster
algorithms
Third Development - answer Better computing hardware, parallel
computing, and cloud computing
Strategic Decisions - answer Higher level issues concerned with overall
direction. define the overall goals and aspirations.
One of the Common approaches to making decisions - answer Tradition
Common approaches to making decisions - answer Intuition
Common approaches to making decisions - answer Rules of thumb
Common approaches to making decisions - answer Using the relevant
data available
Business analytics - - answer Scientific process of transforming data into
insight for making better decisions
Descriptive analytics - - answer It encompasses the set of techniques
that describes what has happened in the past.
, Descriptive analytics - answer Examples - data queries, reports, data
visualization, data mining-techniques, what if models.
Data dashboards - - answer Collections of tables, charts, maps, and
summary statistics that are updated as new data become available.
Decision Making - answer is managers responsibility
Managers' responsibility - answer To make strategic, tactical, or
operational decisions.
Strategic decisions involve - answer higher-level issues concerned with
the overall direction of the organization
Strategic decisions - answer define the organization's overall goals and
aspirations for the future.
Tactical decisions - answer Concern how the organization should achieve
the goals and objectives set by its strategy
Tactical decisions are - answer usually the responsibility of midlevel
management
Operational decisions - answer Affect how the firm is run from day to day.
Operational decisions - answer are the domain of operations managers,
who are the closest to the customer
Decision making can be defined as the following process - answer
Identify and define the problem
Determine the criteria that will be used to evaluate alternative solutions
Determine the set of alternative solutions
Evaluate the alternatives
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