MSIS 3223 Exam #1 Questions and
Answers (Graded A)
Business Analytics - ANSWER-The use of data, information technology, statistical
analysis, quantitative methods, and mathematical or computer-based models to help
managers gain improved insight about the business operations and make better, fact-
based decisions.
Pricing (example of business analytics application) - ANSWER-setting prices for
consumer and industrial goods, government contracts, and maintenance contracts
Customer segmentation (example of business analytics application) - ANSWER-
identifying and targeting key customer groups in retail, insurance, and credit card
industries
Merchandising (example of business analytics application) - ANSWER-determining
brands to buy, quantities, and allocations
Location (example of business analytics application) - ANSWER-finding the best
location for bank branches and ATMs, or where to service industrial equipment
Supply chain design (example of business analytics application) - ANSWER-
determining the best sourcing and transportation options and finding the best delivery
routes
Staffing (example of business analytics application) - ANSWER-ensuring appropriate
staffing levels and capabilities, and hiring the right people
Health care (example of business analytics application) - ANSWER-scheduling
operating rooms to improve utilization, improving patient flow and waiting times,
purchasing supplies, and predicting health risk factors
Benefits of analytics - ANSWER-reduced costs, better risk management, faster
decisions, better productivity and enhanced bottom-line performance such as
profitability and customer satisfaction.
Challenges of analytics - ANSWER-lack of understanding of how to use analytics,
competing business priorities, insufficient analytical skills, difficulty in getting good data
and sharing information, and not understanding the benefits versus perceived costs of
analytics studies.
Model - ANSWER--An abstraction or representation of a real system, idea, or object.
-Captures the most important features.
-Can be written or verbal description, a visual representation, a mathematical formula,
or a spreadsheet.
Decision model - ANSWER-- a logical or mathematical representation of a problem or
business situation that can be used to understand, analyze, or facilitate making a
decision
Inputs of decision models - ANSWER--Data - assumed to be constant
-Uncontrollable inputs - quantities that can change but cannot be controlled
-Decision options - controllable and selected at the discretion of the decision maker
Spreadsheets - ANSWER--Widely used
-Effective for manipulating data and developing and solving models
-Support powerful commercial add-ons
-Facilitate communication of results
Descriptive analytics - ANSWER-the use of data to understand past and current
business performance and make informed decisions
-Example: Examine historical data fro similar products (price, units sold, advertising)
Predictive analytics - ANSWER-predict the future by examining historical data, detecting
patterns or relationships in these data, and then extrapolating these relationships
forward in time
-Example: Predict sales based on price
Prescriptive analytics - ANSWER-identify the best alternatives to minimize or maximize
some objective
-Example: Find the best sets of pricing and advertising to maximize sales revenue.
Data - ANSWER-Numbers or textual data that are collected through some type of
measurement process.
Information - ANSWER-Result of analyzing data; that is, extracting meaning from data
to support evaluation and decision making.
Big data - ANSWER-refers to massive amounts of business data (volume) from a wide
variety of sources (variety), much of which is available in real time (velocity), and much
of which is uncertain or unpredictable (veracity).
Reliability - ANSWER-Data are accurate and consistent
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