RES 351 Final Exam Blog

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Question #1. How to Solve It!

Many students have asked me the question listed below, even though, in my humble opinion. It's a pretty easy one to solve. 

Northwest Airlines applied mathematical models to determine which customers in its database were currently responsible for most of its profitability and which customers were not currently profitable but had similar characteristics to the most profitable customers. Northwest Airlines utilized _____ to identify these customers.

A. computer programming

B. data warehousing

C. customer relationships management

D. data mining

So, computer programming is really broad and does not exactly describe whats going on here. Scratch that one. Data warehousing? No, that does not work either... That leaves use with customer relationships management and data mining. In this case, were not really managing the relationships of customers, so that leaves us left with....

DATA MINING

Good work! We you eliminate the wrong answers first, it becomes pretty easy to solve if I do say so myself. 

If you're a visual learner, you can get a fancy free RES 351 final exam presentation here. 

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What is Business Research, exactly?

Business research is really nothing more than an aid to decision making. That's all it's designed to do and that's all companies will ever use it for. Take for example a company that is trying to figure out why their sales are falling, they will take every measure to find out what's in the minds of customers. The free market system does not allow them to sit back and do nothing, that would be fatal. Instead, the company will gather intelligence to make sure their sales get back on an upward swing. Business research, especially that in RES 351 is important because it is used in so many situations. I'll be getting more in depth soon, so stay tuned. 

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Ok, so why a RES 351 blog?

I'm an accounting professional, but.... I feel compelled to start writing about RES 351 business research as well. This topic goes hand in hand with accounting and there are many students who come to me looking for help. So there you have it, this blog is dedicated to helping those students who can use help approaching the advanced statistic topics one might expect in RES 351. As always, you are more than welcomed to come and ask any questions. You can ask anything about this topic you'd like from the final exam to the very first day of class.