Question 1

What types of BI decisions include predicting sales, determining correct inventory levels and distribution schedules among outlets, and loss prevention?
A)Retail and sales BI decisions
B)Banking BI decisions
C)Operations management BI decisions
D)Insurance BI decisions

Accepted Answer

The examples provided all relate to the retail industry, specifically in terms of sales, inventory, and loss prevention. Therefore, the best choice is A, which is Retail and sales BI decisions.

Question 2

What types of BI decisions include forecasting claim amounts and medical coverage costs, classifying the most important elements that affect medical coverage; predicting which customers will buy new insurance policies?
A)Retail and sales BI decisions
B)Banking BI decisions
C)Operations management BI decisions
D)Insurance BI decisions

Accepted Answer

The types of BI decisions mentioned in the question, such as forecasting claim amounts and predicting which customers will buy new insurance policies, are specific to the insurance industry. Therefore, the correct choice is D, insurance BI decisions.

Question 3

Data is a strategic asset for a business, and if the asset is not used, the business is wasting resources.

Accepted Answer

Data is a valuable asset for a business that can provide insights, improve decision-making and help achieve business objectives. If data is not used properly, the business may miss out on opportunities and waste resources invested in obtaining the data. Therefore, it is important to utilize data effectively for business growth and success.

Question 4

What do organizations using BI ask to find the root causes to problems and provide solutions?
A)What
B)When
C)Where
D)Why

Accepted Answer

Organizations using BI ask "why" to find the root causes of problems and provide solutions. Understanding "why" something happened is crucial in implementing effective solutions to prevent similar issues from occurring in the future.

Question 5

Which of the following is the result of BI that implies that the data have been documented as the certified or approved data for the enterprise?
A)Reliability
B)Consistency
C)Understandability
D)Easy manipulation

Accepted Answer

Reliability is the result of BI that implies that the data have been documented as the certified or approved data for the enterprise. This means that the data is trustworthy and accurate, and can be used for informed decision making. Consistency refers to the degree to which the data is uniform and conforms to predefined standards, Understandability refers to the ease with which the data can be understood by the user, and Easy manipulation refers to the ability to manipulate and extract insights from the data efficiently. While all of these factors are important in BI, the result of documented and trusted data is specifically reflected in reliability.

Question 6

Which of the following can use BI to make informed decisions?
A)Law enforcement industry
B)Airline industry
C)Broadcasting industry
D)All of these

Accepted Answer

All of these industries can use BI to make informed decisions. BI can be applied to any industry that has data to analyze and a need to make data-driven decisions. In law enforcement, BI can be used to predict and prevent crime, identify patterns, and allocate resources effectively. In the airline industry, BI can be used to optimize routes, monitor fuel efficiency, and track maintenance schedules. In the broadcasting industry, BI can be used to analyze audience data, measure advertising effectiveness, and inform content decisions.

Question 7

Which of the following is the result of BI that the processes that deliver the data to the business community are well documented and there are no surprises such as missing or inaccurate data?
A)Reliability
B)Consistency
C)Understandability
D)Easy manipulation

Accepted Answer

The answer of Which of the following is the result...

Question 8

What types of BI decisions include forecasting levels of bad loans and fraudulent credit card use, credit card spending by new customers, and the kinds of customers who will best respond to new loan offers?
A)Retail and sales BI decisions
B)Banking BI decisions
C)Operations management BI decisions
D)Insurance BI decisions

Accepted Answer

These types of decisions are specific to the banking industry, as they involve analyzing financial data and predicting potential risks and opportunities. Retail and sales BI decisions would focus more on sales trends and customer behavior in a retail setting, operations management decisions would center around improving efficiency and productivity within the business, and insurance decisions would involve analyzing claims data and managing risk for insurance companies.

Question 9

Which type of BI achieves long-term organizational goals?
A)Operational BI
B)Tactical BI
C)Strategic BI
D)All of these

Accepted Answer

Strategic BI focuses on achieving long-term organizational goals by analyzing significant data and providing proactive insights to managers for decision-making. Operational BI deals with day-to-day business activities, while Tactical BI focuses on short-term goals and improving efficiency. Therefore, only Strategic BI can achieve long-term organizational goals.

Question 10

Improving the quality of business decisions has a direct impact on costs and revenue.

Accepted Answer

This is true because making better, more informed decisions can lead to cost savings and improved revenue generation. For example, if a company uses data analytics to identify trends and make more accurate sales forecasts, they can avoid overstocking inventory and reduce storage costs. Additionally, if they are able to identify and target their most profitable customers, they can increase revenue and profitability.

Question 11

Which of the following is a result of implementing business intelligence systems and tools allowing business users to receive data for analysis?
A)Reliability
B)Understandability
C)Easy manipulation
D)All of these

Accepted Answer

Implementing business intelligence systems and tools allows business users to receive reliable data, understand the data presented to them, and easily manipulate the data for analysis purposes. Therefore, all of the choices are correct.

Question 12

What types of BI decisions include predicting machinery failures and finding key factors that control optimization of manufacturing capacity?
A)Retail and sales BI decisions
B)Banking BI decisions
C)Operations management BI decisions
D)Insurance BI decisions

Accepted Answer

Predicting machinery failures and optimizing manufacturing capacity are both related to operations management. Thus, the correct choice is C.

Question 13

Quantifiable benefits, indirectly quantifiable benefits, unpredictable benefits, and intangible benefits are the four primary categories of BI benefits.

Accepted Answer

These are the four primary categories of BI benefits, as commonly accepted in the field.

Question 14

Which type of BI manages daily operations and integrates BI with operational systems?
A)Operational BI
B)Tactical BI
C)Strategic BI
D)All of these

Accepted Answer

Operational BI is the type of BI that manages daily operations and integrates BI with operational systems. Tactical BI refers to BI that is more focused on addressing specific business problems or opportunities, while strategic BI focuses on long-term planning and decision-making. Therefore, only option A is the best choice for this question.

Question 15

The three forms of BI include operational, tactical, and value added.

Accepted Answer

The three forms of BI are actually operational, tactical, and strategic.

Question 16

Which form of BI has managers and analysts as its primary users?
A)Operational BI
B)Tactical BI
C)Strategic BI
D)All of these

Accepted Answer

The answer of Which form of BI has managers and...

Question 17

Which of the following is the result of BI that the data have been defined in business terms and calculations and algorithms are easily accessed for comprehension?
A)Reliability
B)Consistency
C)Understandability
D)Easy manipulation

Accepted Answer

Understandability is the result of BI where data is defined in business terms and easily accessible for comprehension. Reliability refers to the consistency and accuracy of the data, while consistency refers to the uniformity of data across different sources. Easy manipulation refers to the ability to process and analyze data efficiently.

Question 18

Data latency is the time from which data are made available to the time when analysis is complete.

Accepted Answer

Data latency refers to the time it takes for data to travel from its source to its destination, not the time from availability to analysis completion.

Question 19

Which of the following is the result of BI that it is no longer required to have a PhD in statistics to get sophisticated analytics delivered to users' fingertips?
A)Reliability
B)Consistency
C)Understandability
D)Easy manipulation

Accepted Answer

BI (Business Intelligence) has made it easier for non-experts to access and manipulate complex data sets, eliminating the need for specialized statistical expertise. This allows for easy manipulation of data without needing a PhD in statistics.

Question 20

Which type of BI conducts short-term analysis to achieve strategic goals?
A)Operational BI
B)Tactical BI
C)Strategic BI
D)All of these

Accepted Answer

Tactical BI conducts short-term analysis to achieve strategic goals. Operational BI focuses on day-to-day operations, while Strategic BI focuses on long-term planning and decision making.

Quiz 30: B: Extension: A Business Intelligence

What types of BI decisions include predicting sales, determining correct inventory levels and distribution schedules among outlets, and loss prevention?

What types of BI decisions include forecasting claim amounts and medical coverage costs, classifying the most important elements that affect medical coverage; predicting which customers will buy new insurance policies?

Data is a strategic asset for a business, and if the asset is not used, the business is wasting resources.

What do organizations using BI ask to find the root causes to problems and provide solutions?

Which of the following is the result of BI that implies that the data have been documented as the certified or approved data for the enterprise?

Which of the following can use BI to make informed decisions?

Which of the following is the result of BI that the processes that deliver the data to the business community are well documented and there are no surprises such as missing or inaccurate data?

What types of BI decisions include forecasting levels of bad loans and fraudulent credit card use, credit card spending by new customers, and the kinds of customers who will best respond to new loan offers?

Which type of BI achieves long-term organizational goals?

Improving the quality of business decisions has a direct impact on costs and revenue.

Which of the following is a result of implementing business intelligence systems and tools allowing business users to receive data for analysis?

What types of BI decisions include predicting machinery failures and finding key factors that control optimization of manufacturing capacity?

Quantifiable benefits, indirectly quantifiable benefits, unpredictable benefits, and intangible benefits are the four primary categories of BI benefits.

Which type of BI manages daily operations and integrates BI with operational systems?

The three forms of BI include operational, tactical, and value added.

Which form of BI has managers and analysts as its primary users?

Which of the following is the result of BI that the data have been defined in business terms and calculations and algorithms are easily accessed for comprehension?

Data latency is the time from which data are made available to the time when analysis is complete.

Which of the following is the result of BI that it is no longer required to have a PhD in statistics to get sophisticated analytics delivered to users' fingertips?

Which type of BI conducts short-term analysis to achieve strategic goals?