FAR EASTERN UNIVERSITY

Institute of Accounts Business and Finance

MGT1102 – Fundamentals of Business Analytics with Spreadsheets

Identification: Answer the following questions.

Strategic Decisions
__________________1. A decision that involves higher-level issues that are concerned with the
overall direction of the organization, defining the overall goals and
aspirations for the organization’s future.
Tactical Decisions
__________________2. A decision concerned with how the organization should achieve the goals
Operational and objectives set by its strategy.
Decisions
__________________3. A decision concerned with how the organization is run from day to day.
Business Analytics
__________________4. The scientific process of transforming data into insight for making better
Descriptive decisions.
Analytics
__________________5. Analytical tools that describes what has happened.
Data query
__________________6. A request for information with characteristics from a database.
Data dashboard
__________________7. A collection of tables, charts and maps to help management monitor
selected aspects of the company’s performance.
Data mining
__________________8. The use of analytical techniques for better understanding patterns and
relationships that exist in a large data sets.
Predictive Analytics Techniques that used models constructed from past data to predict future
__________________9.
or to ascertain the impact of one variable on another.
Simulation
__________________10. The use of Probability and Statistics to construct a computer model to
Prescriptive study the impact of uncertainty on the decision at hand.
Analytics
__________________11. Techniques that analyze input data and yield at best course of action.
Rule-based Model
__________________12. A prescriptive model that is based on rule or set of rules.
Optimization Models
__________________13. A mathematical model that gives the best decision, subject to the
Simulation situations constraints.
Optimization
__________________14. The use of probability and statistics to model unscertainty, combined with
optimization techniques, to find good decisions in highly complex and
uncertain settings.
Decision Analysis
__________________15. A technique used to develop an optimal strategy when a decision maker
is faced with several decision alternatives and an uncertain future
events.