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Business Intelligence Exam 1 2022 questions and answers

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What is a Decision Support System? - ANSWER Conceptual framework for a process of supporting managerial decision-making, usually by modeling problems and employing quantitative models for solution ana... lysis; also a computerized system that supports decision-making in an organization What is Business Intelligence? - ANSWER Umbrella term that combines architectures, tools, databases, analytical tools, applications, and methodologies; major objective is to enable easy access to data to provide business managers with the ability to conduct analysis; helps transform data into information, then to decisions, then to action 4 Major Components of BI Architecture - ANSWER Data warehouse (repository of organized historical data), business analytics (tools that allow for transformation of data into info and knowledge), business performance management (allows monitoring, measuring, and comparing KPIs), and a user interface (allows access and easy manipulation of other BI components) 4 Phase Decision Making Process - ANSWER Defining the problem, construction of model that describes problem, identifying possible solutions, and comparing, choosing, and recommending a potential solution Learn how to make elevators go faster - ANSWER People had nothing to do or look at with regards to riding the elevator; perceived time vs. actual time Simon's 4 Phases of Decision Making - ANSWER Intelligence (scanning environment, identifying problem solutions, monitoring results, what people desire and what is actually occurring), Design (finding/developing and analyzing courses of action with model), Choice (actual decision and commitment to follow certain course for model solution), and Implementation (solution to the problem and putting recommended solution to work) Decision Support System Characteristics and Capabilities - ANSWER Built to solve specific problem (BI is more about general problem), include analytical tools, both DSS and BI use Web, and includes Business, Web, and Predictive Analytics 3 Types of Analytics - ANSWER Business analytics implies use of models and data to improve organization's performance and/or competitive posture; Web analytics implies using BA on real-time web info. to assist in decision making; Predictive analytics describes business analytics method of forecasting problems and opportunities rather than simply reporting them as they occur QlikView - ANSWER Tool that enables access to information in order to analyze this info, which in turn improves and optimizes business decisions and performance Analytics and Genetic Testing - ANSWER Professor Grann wanted to analyze genetic tests for detection of cancer; using analytics to see how treatment affects cancer, he was able to create decision trees and ultimately see that a woman could extend her life by accepting treatment Certainty, Uncertainty, and Risk - ANSWER Certainty models assume complete knowledge with all potential outcomes known and may yield optimal solution; uncertainty models have several outcomes for each decision with probability of each outcome unknown and knowledge leading to less uncertainty; Risk analysis is probability of several outcomes occurring with level of uncertainty relating to risk which leads to certainty or uncertainty Intelligence creation/use and the 5 W's - ANSWER To be successful, enterprises must assess readiness for meeting new challenges, take a holistic approach to BI functionality, and leverage best practices and anticipate hidden costs; who, what, when, where, why What does successful BI implementation look like? - ANSWER Must be aligned with business strategy of company and cannot be just an exercise for IT; BI must serve as a way to change manner in which company conducts business by improving business processes and transforming decision-making processes to be more data driven Why Data Mining? - ANSWER More intense competition at global scale, recognition of value in data sources, availability of quality data on customers, vendors, transactions, etc, consolidation and integration of data repositories into data warehouses, increase in data processing and decrease in cost, and movement towards conversation of information resources into nonphysical form What does Data Mining Do? - ANSWER Extracts patterns from data (association, prediction, cluster, sequential) 4 Types of Models - ANSWER Iconic models, analog models, mental models, and mathematical models; iconic is least abstract and mathematical is most abstract; they have ease of manipulation, compression of time, lower cost of analysis on models, inclusion of risk/uncertainty, and evaluation [Show More]

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