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Questions and Answers
Which approach to decision-making involves taking a logical approach and evaluating expected outcomes against objective criteria?
In the context of decision-making, which approach involves using heuristics and does not follow a straightforward sequential process?
Which theory distinguishes between System 1 for intuition/non-rationality and System 2 for reasoning/rationality in decision-making processes?
What type of intelligence is encompassed by System 2 in the Dual-Process Theory of decision-making?
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What characteristic is associated with System 1 in the Dual-Process Theory of decision-making?
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Which concept emphasizes the importance of data in driving decisions and understanding human behavior?
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According to managers and decision-makers, what is one common perception about data-driven decision-making?
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What is one belief held by some managers regarding human-based decisions versus data-driven decisions?
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In the context of big data, what is emphasized as important for organizations according to the text?
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How do some managers view the role of data and analytics in decision-making?
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Which perspective about data-driven decision-making is NOT mentioned in the text?
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What is one aspect emphasized about big data in the text regarding organizations?
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What characterizes the Third Generation of analytics?
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Which type of system represents the Fourth Generation of analytics?
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What is a key feature of the First Generation of analytics?
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In the evolution of analytics, what marked the shift towards autonomy in systems?
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What is the main focus of the Second Generation of analytics?
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Which era in the development of data-related systems saw the advent of Personal Computing?
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Study Notes
Decision-Making Approaches
- Logical approach evaluates expected outcomes against objective criteria.
- Heuristic approach uses simplified strategies and does not follow a strict sequential process.
Dual-Process Theory
- Distinction between System 1 (intuition/non-rationality) and System 2 (reasoning/rationality).
- System 2 encapsulates rational intelligence and analytical thinking.
- System 1 is characterized by quick, automatic responses and emotional reasoning.
Data-Driven Decision-Making
- Concept emphasizes the significance of data in informing decisions and comprehending human behavior.
- Common perception among managers: data-driven decision-making is seen as more reliable than intuition.
- Some managers believe human judgment is crucial and can sometimes surpass data-driven approaches.
Big Data in Organizations
- Importance of leveraging big data is highlighted for effective organizational decision-making.
- Managers have varying views on the role of data and analytics, often seeing them as critical tools.
- Certain perspectives on data-driven decision-making are not addressed, such as potential ethical concerns.
Analytics Generations
- Third Generation of analytics characterized by greater autonomy and predictive capabilities.
- Fourth Generation of analytics is often represented by smart systems that integrate AI.
- First Generation of analytics features historical data analysis and basic reporting mechanisms.
- Shift towards system autonomy marked by advancements in algorithms and machine learning.
- Second Generation of analytics focuses on predictive analytics and data modeling.
Historical Context
- Personal Computing era marked a significant advancement in data-related systems, influencing access and usage of technology in analytics.
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Description
Test your knowledge on topics related to Big Data, Advanced Analytics, Safety and Emergency Information, and Decision-Making in the context of management studies. This quiz covers material from the Foundations and Backdrop module, as well as the Future of Managerial Work module.
