BUS 212_quiz 1

Which of the following is NOT a component of a Decision Support System (DSS)?

• Data management

• Model management

• Communication system

• Information management

__________ analytics uses optimisation to identify the best alternatives to minimise or maximise some objective.

__________ means that data are accurate and consistent.

Operations research/management science (OR/MS) is a discipline that uses scientific methods to solve __________ problems and improve data-driven decision making for organisations.

A __________ model is a logical or mathematical representation of a problem or business situation that can be used to understand, analyse, or facilitate making a decision.

__________ analytics seeks to predict the future by examining historical data, detecting patterns or relationships in these data.

What does "variety" refer to in the context of Big Data?

• The increase in massive amounts of business data.

• How fast data is being produced/processed in real time.

• The level of reliability associated with data.

• A wide variety of sources of business data.

Which type of analytics explains behaviour and allows users to evaluate potential decisions by asking ‘what-if?’ questions?

• Predictive analytics

• Prescriptive analytics

• Descriptive analytics

• Decision analysis

Which of the following is a challenge of applying business analytics?  

• Lack of data storage

• Competing business priorities

• Abundance of analytical skills

• Ease of sharing information

Which of the following is a benefit of business analytics?

• Increased costs

• Slower decisions

• Reduced costs

• Decreased productivity