Business Analytics

What are the three phases of the decision-making process?

;Intelligence phase (Scoping), Design phase (Algorithm), and Choice phase (Execution).

Which of the following is NOT a focus area for a team responsible for the data governance of a company's information assets?

Data Accuracy

Verification/testing of the proposed solution and picking an option are related to which of the following three phases of the Decision Making Process (Intelligence, Design, and Choice, also known as the "IDC Phases")?

choice

_________ is a capability of dashboards that are specific measures of CSFs (Critical Success Factors).

KPI

What occurs during the Intelligence phase of decision-making?

;Data is collected and transformed into information.

What occurs during the Design phase of decision-making?;

A specific method or algorithm is selected for considering the data.

Structured decisions

deal with routine and repetitive problems for which standard solutions exist, s

semistructured decisions, in which only some of the decision-process phases are structured. Semistructured decisions require a combination of standard solution procedures and individual judgment.

Examples

• evaluating employees,

• setting marketing budgets for consumer products,

• performing capital acquisition analysis, and trading bonds.

Which of the following use cases would typically NOT be an application monitored with a real-time executive dashboard?

New product feature design

unstructured decisions.

These decisions are intended to deal with “fuzzy” complex problems for which there are no cut-and-dried solutions.

What occurs during the Choice phase of decision-making?

select an alternative

The key focus areas of data

governance include

• availability, usability,

• consistency, data integrity, data security.

• establishing processes to ensure effective data management

throughout the enterprise

• such as accountability for the adverse effects of poor data quality and ensuring that

the data which an enterprise has can

be used by the entire organization.

Which of the following use cases would typically NOT be an application monitored with a real-time executive dashboard?

_______ is a capability of dashboards that reflect the latest data available on KPIs (Key Performance Indicators) or some other metric often in real time.

Status Access

What is a Structured Problem?;

A problem where an optimal solution can be reached through a single set of steps using an algorithm.

What is an Unstructured Problem?

exists when

an algorithm doesn’t exist, the options are

very complex, or the calculation requires

an impractical amount of time to solve

Give an example of an unstructured problem.;

Predicting the stock market or forecasting the weather.

– Algorithm:

sequence of steps

Parameters:

categories of data

considered in algorithm

– Most mathematical and physical

problems are structured

What type of planning is handled by Senior Management?;

Strategic planning.

What type of control is handled by Middle Management?;

Management control.

What type of control is handled by Operational Management?;

operational control

According to Gartner, what is an Executive Dashboard?

displays of information, including dials,

gauges, sliders, check boxes and

traffic lights.

• displays indicate the status of an item or the state of

a performance metric compared with a goal or target value.”

Dashboard information

visualization between the tool and

decision maker, and???

Uses icons found on automobile

dashboards

– Information is represented using visual

images (familiar icons) that is readily

recognizable and easily understood

What does KPI stand for, and what is it?;

Key Performance Indicator; a core business or performance metric.

• informative

• excluded from a model, consider value how performing to understand system , to get sucessful outcome

• understanding underlying data

What does CSF stand for, and what is it?;

Critical Success Factor; a specific metric central to the success of a task.

What does the term Drill Down mean on a dashboard?

;Accessing the detailed supporting data behind a metric.

• values why how they are made

• reverse projection,

• by product how revenue is coming in, drill down further to find the products locations and times

What is Exception Reporting?;

A reporting feature that automatically identifies metrics falling outside acceptable tolerance limits.

• define upper and lower bonds of particular item.

What are the three waves in the Evolution of BI?;

1st Wave: Corporate BI, 2nd Wave: Self-service BI, 3rd Wave: End user BI.

Decisions of an Airline

• Strategic – Capability

– Selecting operating routes and aircraft

• Management – Execution

– Use of Boarding passes vs. queues

– Services offered in ticket classes

• Operational – Process

– Commonly-occurring methods and practices

– Assigning Staffing to gates vs. check-in

counter

airline