Advanced analytics generally refers to
a. descriptive and prescriptive analytics. b. simulation.
c. predictive and prescriptive analytics. d. decision analysis.
Q. 2Which of the following best exemplifies big data?
a. Five hundred Facebook users upload one thousand pictures per day.
b. Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis.
c. A local grocery store collects data from those that scan their loyalty card.
d. A pharmacy keeps track of customer purchases to send their customers coupons.
Q. 3____________________ assigns values to outcomes based on the decision maker's attitude toward risk, loss, and other factors.
a. Simulation optimization b. Utility theory
c. Optimization model d. Data dashboard
Q. 4When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses ______ to develop an optimal strategy.
a. utility theory b. predictive analytics
c. data mining d. decision analysis
Q. 5Simulation optimization helps
a. in identifying the constraints of the situation.
b. to find good decisions in highly complex and highly uncertain settings.
c. in assigning values to outcomes.
d. to model certainty using optimization techniques.
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