QUESTION BANK FOR ISTM 637 DATA WAREHOUSING AND DATA MINING. ALL ANSWERS CORRECT. GRADED A.

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Data Warehousing and Data Mining CHAPTER 1: 1. What do we mean by strategic information? For a commercial bank, name five types of strategic objectives. Answer: Strategic information is a broad b... ased information required to make decisions for the formation and execution of business strategies and their target. Strategic information is not used for the functioning of the daily operations of the business but used for analysis, discerning trends, and monitoring performance of the business. They are information systems that are developed in response to corporate business initiative. They are intended to give competitive advantage to the organization. ... Strategic information management (SIM) is a salient feature in the world of information technology (IT).Data warehouse is the new computing environment to provide this strategic information. Five types of strategic objectives for a commercial bank are:- 1. Retain customers by making quick decisions. 2. Introduce two new credit card schemes for students to market in 2 years. 3. Product Bundling : A successful strategy employed by all banks is product bundling, such as offering a free checking account for those who open a savings account. 4. Ease of access to bank account from mobile devices to increase online bank users. 5. Teller Referrals: banks consistently train tellers to look for opportunities to cross-sell bank products and refer customers to the right person. 2. Do you agree that a typical retail store collects huge volumes of data through its operational systems? Name three types of transaction data likely to be collected by a retail store in large volumes during its daily operations. Answer: 1 Yes, I agree that a typical retail store collects huge volumes of data through its operational systems. These basically use the Online Transaction Processing (OLTP) systems to input the date into the various databases. Three types of transaction data likely to be collected by a retail store in large volumes during its daily operation are:- 1. Customer information initiation and update for loy [Show More]

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