M-1 Data-Driven Decision Making

For companies to attract and retain their best customers they need a complete portrait of who they are.  To develop this portrait companies turn to…

• Statistics

• Analytics

• Management Science

• Histograms

A manufacturer wants to maximize their factory output while specifically minimizing labor costs. What type of analytics might they employ to achieve this goal?

• Descriptive Analytics

• Predictive Analytics

• Prescriptive Analytics

• Diagnostic Analytics

What type of data error that occurs in measurement is constant within a data set and is sometimes caused by faulty equipment or bias?

• Random

• Omission

• Outlier

• Systematic

An Educator develops a new standardized test to measure math skills of ninth graders.  She has students in her home state of Ohio take the test.  If the test is to be used on a national level, what type of error might be found in her data?

• Omission Error

• Systematic Error

• Measurement Bias

• Information Bias

A city government is trying to determine the national origins of its recent immigrant population. If a survey of the immigrant population is conducted in English what type of error might be present in the data?

• Random

• Omission

• Outlier

• Accuracy

The use of Big Data is increasingly important to businesses in competitive markets.  Which of the following characteristics is not true of big data?

• Requires the use of analytics

• Contains structured data

• Contains unstructured data

• Can be analyzed with traditional spreadsheets

The Davenport-Kim three-stage model consists of framing the problem, solving the problem, and communicating results.  Which two of the following are part of framing the problem stage?

• Determine the scope of the problem

• Data collection

• Review of previous findings

• Presenting a recommendation

A healthcare provider is researching blood glucose levels before and after exercising.  What two elements should be part of any experimental study such as this?

Treatment procedures

• Treatment procedures

• Patient observation

• Statistical validity

• Experimental response

Runners cover 26.2 miles in the Olympics marathon.  What level of measurement is this?

• Nominal

• Ordinal

• Interval

• Ratio

What level of measurement is the type of cars produced in Ford factory?

• Nominal

• Ordinal

• Interval

• Ratio