BCOR 2020 Exam 1 Study Guide questions and answers
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Course
BCOR
Institution
BCOR
Strategic decision - correct answer involve higher-level issues concerned with the overall direction of the organization
what do strategic decisions do? - correct answer define the organization's overall goals and aspirations for the future.
tactical decision - correct answer how the organ...
BCOR 2020 Exam 1 Study Guide
Strategic decision - correct answer involve higher-level issues concerned with the overall direction of the
organization
what do strategic decisions do? - correct answer define the organization's overall goals and aspirations for the future.
tactical decision - correct answer how the organization should achieve the goals and objectives set by its
strategy, and they are usually the responsibility of midlevel management.
operational decisions - correct answer how the firm is run from day to day
1st step of decision making process - correct answer identify and define the problem
2nd step in decision making process - correct answer determine the criteria that will be used to evaluate
alternative solutions
3rd step in decision making process - correct answer determine the set of alternative solutions
4th step in decision making process - correct answer Evaluate alternatives
5th step in decision making process - correct answer choose an alternative
what is business analytics? - correct answer scientific process of transforming data into insight for making better decisions
descriptive analytics - correct answer the set of techniques that describes what has happened in the past predictive analytics - correct answer techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another
prescriptive analytics - correct answer a course of action to take; that is, the output of a prescriptive model is a decision. Predictive models provide a forecast or prediction, but do not provide a decision
data - correct answer facts and figures collected, analyzed, and summarized for presentation and interpretation
variable - correct answer A characteristic or quantity of interest that can take on different values.
observation - correct answer A set of values corresponding to a set of variables.
variation - correct answer Differences in values of a variable over observations.
random/uncertain variable - correct answer A quantity whose values are not known with certainty
population data - correct answer data from the set of all elements of interest in a particular study
sample data - correct answer data from a subset of the population
random sampling - correct answer Collecting a sample that ensures that (1) each element selected comes from the same population and (2) each element is selected independently
quantitative data - correct answer Data for which numerical values are used to indicate magnitude, such
as how many or how much. Arithmetic operations such as addition, subtraction, and multiplication can be performed on quantitative data
categorical data - correct answer Data for which categories of like items are identified by labels or names. Arithmetic operations cannot be performed on categorical data.
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