Introduction to Business Analytics

What is the primary goal of business analytics?

• To increase company profits
• To transform data into insight for better decisions
• To collect as much data as possible
• To replace human decision-makers

Which of the following is NOT one of the steps in the decision-making process described in the text?

• Identify and define the problem
• Determine the criteria for evaluating solutions
• Implement the chosen solution
• Choose an alternative

What type of analytics focuses on describing what has happened in the past?

• Predictive analytics
• Prescriptive analytics
• Descriptive analytics
• Cognitive analytics

Which of the following is an example of prescriptive analytics?

• A report summarizing last quarter's sales
• A forecast of next month's inventory needs
• An optimization model for supply network design
• A dashboard showing current website traffic

What does the 'volume' aspect of big data refer to?

• The speed at which data is collected
• The variety of data types available
• The amount of data collected and stored
• The truthfulness of the data

Which technology enables cost-effective processing of big data by dividing storage and processing over multiple computers?

• Cloud computing
• Hadoop
• Data mining
• Artificial intelligence

What is the primary purpose of cloud computing in the context of big data and analytics?

• To increase data security
• To make storing and processing massive amounts of data feasible and cost-effective
• To replace traditional databases
• To eliminate the need for data scientists

Which of the following is NOT one of the four V's of big data described by IBM?

• Volume
• Velocity
• Variety
• Visibility

What type of analytics is used when a bank develops a model to predict the probability that a person will default on a loan?

• Descriptive analytics
• Predictive analytics
• Prescriptive analytics
• Cognitive analytics

Which of the following is an example of a strategic decision?

• Deciding how many cashiers to schedule for a shift
• Choosing a new CEO
• Ordering inventory for next week
• Setting the price for a product