Which Of These Are Examples Of Business Analytics

Question: An online retailer uses complex data-mining software to evaluate the preferences and buying habits of its customers and makes decisions based on these findings. This is an example of the use of ______ in the decision-making process.

Answer: analytics

Question: A _____ is a choice made from available alternatives.

Answer: decision

Question: According to psychologist Daniel Kahneman, System 1 thinking is _____.

Answer: intuitive and largely unconscious

Question: The _____ bias occurs when people’s positive feelings about their own decision-making ability is greater than their objective accuracy.

Answer: overconfidence

Question: Which model of decision making explains how managers should use logic to determine the optimal means of furthering the organization’s best interests?

Answer: The rational model

Question: Which of the following are examples of what can function as the first stage in rational decision making by managers?

Answer: Sales shortfalls

Poor product quality

Customer complaints

Question: An AI application that learns from human inputs in order to assist humans in making better decisions is known as

Answer: augmented intelegence

Question: When Kendra’s manager asked the team to come up with new ideas for attracting people to their trade show booth, Kendra suggested installing a video game in the booth. Which part of the rational decision making process does Kendra’s idea exemplify?

Answer: Think up alternative solutions.

Question: Which of the following questions would you use to evaluate alternatives in the third stage of the rational model of decision making.

Answer: Is it ethical/ultimately effective/feasible

Question: Successful implementation of major decisions requires which of the following?

Answer: Sensitivity to those affected by the decision

Careful planning