BCOR 2020 Midterm Questions and Answers 100% Verified
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Course
BCOR 2020
Institution
BCOR 2020
Strategic decisions - A decision that involves higher-level issues and that is concerned with the
overall direction of the organization, defining the overall goals and aspirations for the organization's
future.
Tactical (Managerial) decisions - A decision concerned with how the organization shou...
Strategic decisions - A decision that involves higher-level issues and that is concerned with the
overall direction of the organization, defining the overall goals and aspirations for the organization's
future.
Tactical (Managerial) decisions - A decision concerned with how the organization should achieve
the goals and objectives set by its strategy.
operational decisions - A decision concerned with how the organization is run from day to day.
Decision Making Process - Identify and define the problem, Determine the criteria, Determine the
set of alternative solutions, Evaluate the alternatives, and Choose an alternative
What are examples of business decisions? - Loan Processing, Amazon: what products to
recommend?, Airline ticket prices, medical diagnosis
Decision making - It is the responsibility of managers to plan, coordinate, organize and lead their
organizations to better performance.
Common Approaches to decision making - Tradition, Intuition, Rules of thumb, using relevant data
Challenges of Decision making - Uncertainties, and enormous number of alternatives
Business Analytics (BA) - the scientific process of transforming data into insights for making better
decision
What are the three categories of business analytics? - Descriptive, Predictive, and Prescriptive
, Descriptive analytics - Encompasses the set of techniques that describes what has happened in
the past
Examples of descriptive analytics - Data queries, Reports, Descriptive statistics, Data visualization
(including data dashboards), Data-mining techniques,Basic what-if spreadsheet models.
Business Problems - How much to produce, How much to buy, When to open the store, What
products to promote?
Decision making types - Strategic decisions, Tactical (managerial) decisions, and operational
decisions
Predictive Analytics - Consists of techniques that use models constructed from past data to
predict the future or ascertain the impact of one variable on another.
Prescriptive Analytics - Indicates a best course of action to take: Provide a forecast or prediction,
but do not provide a decision.A forecast or prediction, when combined with a rule, becomes a
prescriptive model.
Rule-based models - Prescriptive models that rely on a rule or set of rules
What is data? - the facts and figures collected, analyzed, and summarized for presentation and
interpretation.
Variable - A characteristic or a quantity of interest that can take on different values; such as
Symbol, Industry, Share Price, and Volume.
Observation - a set of values corresponding to a set of variables
Variation - the difference in a variable measured over observations (time, customers, items, etc.)
Random (uncertain) variable - a quantity whose values are not known with certainty
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