OPRE 3333 - Exam 2

Which of the following analytical techniques helps us arrive at the best decision?

a. Predictive

b. Data Mining

c. Prescriptive

d. Descriptive

C

_______ helps in constructing a mathematical model to predict the future sales, based on past data.

a. Predictive

b. Decision Analysis

c. Prescriptive

d. Descriptive

A

_________ encompasses reports, data dashboards, and descriptive statistics to describe the past data.

a. Predictive

b. Descriptive

c. Prescriptive

d. Decision

B

_______ helps in designing effective tables and charts for data visualization.

a. Data-ink ratio

b. Cross tabulation

c. Pivot Table

d. Scatter charts

A

In designing an effective table,

a. avoid the use of unnecessary ink in tables

b. increase the number of horizontal and vertical lines in the table

c. avoid the use of necessary ink in tables

d. do not focus on the alignment of the text and numbers in the table

A

The decisions concerning an organization's goals and future plans are called

a. financial decisions

b. tactical decisions

c. strategic decisions

d. operational decisions

C

Tactical decisions define:

a. the day-to-day activities of the organization

b. the goals and plans of the organization

c. the domain of operations managers, who are close to the customer

d. the steps taken to achieve the goals and objectives

D

Data-ink is the ink used in a table or chart that

a. does not help in conveying the data to the audience

b. helps in presenting data when the audience need not know exact values

c. is necessary to convey the meaning of data to the audience

d. increases the Non-data-ink ratio

C

In designing an effective table

a. avoid the use of unnecessary ink in tables

b. increase the number of horizontal and vertical lines in the table

c. avoid the use of necessary ink in tables

d. do not focus on the alignment of the text and numbers in the table

A

In many cases, white space in a chart can improve_________.

a. complexity

b. readability

c. functionality

d. stability

B

A chart similar to a scatter chart, but uses a line to connect the points in the chart is called the

a. line chart

b. scatter plot

c. treadline

d. bar chart

A

Higher-Levi issues concerned with overall direction of organization. 3-5 years.

Strategic Decisions

How the organization should achieve the goals and objectives set by its strategy; they are the responsibility of mid-level management and one-year timeline

Tactical Decisions

Day to Day decisions

Operational Decisions

Set of techniques that describes what happened in the past. EX. data queries, reports descriptive stats, data visualization, data-mining

Descriptive Analytics

Techniques that use models contracted from past data to predict the future or evaluate the impact of one. EX. linear regression, time series analysis, some data-mining, simulation in category

Predictive Analytics

Best course of action. EX. Revenue management, portfolio models, supply network design models, price markdown models

Prescriptive Analytics

Exists when the data fluctuates randomly around a constant mean over time.

Horizontal Pattern

Gradual shifts or movements to relatively higher or lower values over a longer period of time

Trend Pattern

Recurring patterns over successive periods of time

Seasonal Pattern

This pattern exists if the time series plot shows an alternative sequence of points below and above the trend line that lasts for more than one year

Cyclical Pattern