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OMIS Midterm Prep Questions with complete solution

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OMIS Midterm Prep Questions with complete solution OMIS Midterm Prep Decision making process - correct answer 1. Identify the problem 2. determine criteria used to evaluate alternatives 3. determine alternatives 4. evaluate alternatives 5. Choose alternative Types of decisions - corre...

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  • November 6, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • OMIS
  • OMIS

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OMIS Midterm Prep
Decision making process - correct answer ✔1. Identify the problem
2. determine criteria used to evaluate alternatives
3. determine alternatives
4. evaluate alternatives
5. Choose alternative


Types of decisions - correct answer ✔1. Strategic - high level
2. Tactical - med level
3. Operational - day to day


two factors that make decision making difficult - correct answer ✔1.
Uncertainty
2. Overwhelming number of alternatives


Categories of Analytics - correct answer ✔1. Descriptive - what is happening
2. Predictive - use past data to predict future
3. Prescriptive - determine best course of action


What is business analytics - correct answer ✔the scientific process of
transforming data into insight for making better decisions


Common reasons for failure of business analytics - correct answer ✔1.
model too complex for employees to understand - try to solve too many
problems
2. company restrictive to change

, 3. uncertainty in data


Mean - correct answer ✔the sum of the observations divided by the number
of observations
- affected by extreme outliers


Median - correct answer ✔the middle score in a distribution; half the scores
are above it and half are below it
- shield against outliers as only looking at the middle


mode - correct answer ✔the most frequently occurring score(s) in a
distribution- if all only once mode = 0


Geometric Mean - correct answer ✔nth root of (1+Return1)*(1+return2)..
minus 1


Measures of Central Location - correct answer ✔1. Mean
2. Median
3. Mode
4. Geometric Mean


Measures of Variability - correct answer ✔1.range
2. variance
3. standard deviation
4. Coefficient of variation


Range - correct answer ✔Max-Min

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