Decision Making in Business Analytics

These flashcards cover key concepts, definitions, and processes related to decision-making in business analytics, including types of decisions, analytic methods, big data challenges, and ethical and legal considerations.

Strategic Decisions

Long-term, high-impact decisions that set the direction of the organization, usually made by higher-level executives.

Tactical Decisions

Medium-term decisions that implement the goals and objectives set by strategies, typically made by mid-level managers.

Operational Decisions

Short-term, day-to-day decisions that manage daily operations, often made by operations managers.

Decision-Making Process

A 5-step process that includes identifying the problem, determining evaluation criteria, identifying alternatives, evaluating alternatives, and choosing an alternative.

Business Analytics

The scientific process of transforming data into insight for making better decisions and improving business performance.

Descriptive Analytics

Techniques that examine historical data to understand what has happened in the past.

Predictive Analytics

Techniques that use models constructed from past data to predict future outcomes.

Prescriptive Analytics

Recommends actions based on analysis to achieve desired outcomes.

Big Data

Data sets that are too large or complex to be handled by standard data-processing techniques.

4 Vs of Big Data

Volume, Velocity, Variety, and Veracity - key characteristics to understand and manage big data.

Cloud Computing

The use of data and software on external servers via the internet, making data storage and processing feasible and cost-effective.

Data Security

Protecting stored data from unauthorized access and destructive forces.

Ethical Issues

Concerns such as privacy, security, and transparency in data handling and processing.

Legal Issues

Considerations such as purpose limitation, accountability, audits, ownership, and compliance with laws related to data usage.