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BCOR 2020 Exam 1 Study Guide with Complete Solutions

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BCOR 2020 Exam 1 Study Guide with Complete Solutions Strategic decision - Answer️️ -involve higher-level issues concerned with the overall direction of the organization what do strategic decisions do? - Answer️️ -define the organization's overall goals and aspirations for the future. ...

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  • August 27, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BCOR
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SophiaBennett
©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM


BCOR 2020 Exam 1 Study Guide with
Complete Solutions

Strategic decision - Answer✔️✔️-involve higher-level issues concerned with
the overall direction of the organization

what do strategic decisions do? - Answer✔️✔️-define the organization's
overall goals and aspirations for the future.

tactical decision - 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 - Answer✔️✔️-how the firm is run from day to day

1st step of decision making process - Answer✔️✔️-identify and define the
problem

2nd step in decision making process - Answer✔️✔️-determine the criteria
that will be used to evaluate alternative solutions

3rd step in decision making process - Answer✔️✔️-determine the set of
alternative solutions

4th step in decision making process - Answer✔️✔️-Evaluate alternatives

5th step in decision making process - Answer✔️✔️-choose an alternative

what is business analytics? - Answer✔️✔️-scientific process of transforming
data into insight for making better decisions


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, ©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM

descriptive analytics - Answer✔️✔️-the set of techniques that describes what
has happened in the past

predictive analytics - Answer✔️✔️-techniques that use models constructed
from past data to predict the future or ascertain the impact of one variable
on another

prescriptive analytics - 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 - Answer✔️✔️-facts and figures collected, analyzed, and summarized
for presentation and interpretation

variable - Answer✔️✔️-A characteristic or quantity of interest that can take
on different values.

observation - Answer✔️✔️-A set of values corresponding to a set of
variables.

variation - Answer✔️✔️-Differences in values of a variable over
observations.

random/uncertain variable - Answer✔️✔️-A quantity whose values are not
known with certainty

population data - Answer✔️✔️-data from the set of all elements of interest in
a particular study

sample data - Answer✔️✔️-data from a subset of the population



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