Final Practice Data-Driven Decision Making

Analytics is a broad term that refers to a variety of tools that inform managerial decisions.Which term can be used to describe managerial decisions?

• Prescriptive

• Descriptive

• Pareto chart

• Biased

What are two reasons for the increasing use of analytics in organizational decision-making? Choose 2 answers.

• Relatively lower cost of computer storage

• Lower availability of statistical experts

• Higher cost of obtaining data

• Higher computer processing power

How does probability theory inform decision-making for managers?

• By quantifying risk

• By quantifying data

• By quantifying quality

• By quantifying costs

Which type of data are the Olympic medals of gold, silver, and bronze examples of?

• Nominal data

• Ordinal data

• Interval data

• Ratio data

What are two aspects of data quality management? Choose 2 answers

• It calculates spurious data.

• It reduces the amount of incomplete data.

• It monitors data input rates.

• It cleans data.

Which two attributes indicate potential data quality issues when evaluating a set of nominal data? Choose 2 answers.

• Outlier data

• Missing data

• Out-of-range data

• Misspelled data

When conducting a study that measures an individual’s weight, all scales are calibrated prior to use in measurement. Which type of error should this procedure significantly reduce?

• Systematic error

• Omission error

• Random error

• Information error

An advertising manager creates a research study by presenting low, medium, or high frequency of the same ad in matched markets. The manager then reports on sales in each market location. What is the term for the different sales in this study?

• Experimental unit

• Treatment

• Response variable

• Intervention

A healthcare study follows a particular sample over time to identify how the health habits of teenagers impact their likelihood of acquiring various diseases later in their life. The healthcare organization hopes this data will allow them to create early prevention programs. Which type of research design does this study describe?

• Double-blind study

• Systematic study

• Cohort study

• Experimental study

Several missing values in a particular field in a dataset were observed. The likelihood of a record having a missing value is correlated to another variable in the dataset. Which two types of error might be introduced into the dataset if the removed record included missing values? Choose 2 answers.

• Systematic error

• Omission error

• Random error

• Typographical error