Business School 101: Data Analytics Quiz

What is the primary role of data analytics in management?

• To provide a systematic approach to decision-making

• To focus solely on customer satisfaction

• To replace human decision-making entirely

• To eliminate the need for any data collection

Which type of data analytics is used to understand past performance?

• Descriptive Analytics

• Prescriptive Analytics

• Diagnostic Analytics

• Predictive Analytics

What does diagnostic analytics help to identify?

• Root causes of past performance

• Future trends

• Optimal pricing strategies

• Customer satisfaction levels

How does predictive analytics assist businesses?

• By identifying inefficiencies

• By recommending actions

• By summarizing historical data

• By predicting future outcomes

Which application of data analytics helps in optimizing inventory levels?

• Customer relationship management

• Sales forecasting

• Strategic planning

• Risk management

How does data analytics contribute to customer relationship management?

• By reducing operational costs

• By segmenting customers and personalizing marketing

• By predicting future sales

• By ensuring compliance with regulations

What is a key step in effectively implementing data analytics?

• Ignoring data from social media

• Using only one type of data source

• Defining clear objectives

• Focusing solely on internal operations

Why is it important to use the right tools and techniques in data analytics?

• To avoid any form of data visualization

• To enhance the accuracy of analysis

• To ensure data is collected from a single source

• To limit the scope of data analysis

What should businesses do after analyzing data to improve outcomes?

• Apply the findings to decision-making

• Ignore the insights

• Collect more data without analysis

• Focus only on data collection

What is the overall benefit of leveraging data analytics in business?

• To gain a competitive edge

• To reduce the need for technology

• To focus only on short-term goals

• To eliminate the need for human resources