Data and Decision Making Quiz
5 Questions
5 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following is NOT one of the four basic types that data is made up from?

  • Text
  • Videos (correct)
  • Numbers
  • Images

    • What is the definition of data-driven decision making (DDDM)?

  • Using facts, metrics, and data to guide strategic business decisions (correct)
  • Making decisions based on intuition and gut feeling
  • Relying on past experiences to make decisions
  • Choosing the appropriate analytics technology to identify the next strategic opportunity

    • Who can benefit from realizing the full value of data?

  • Sales managers only
  • Everyone in the organization (correct)
  • Business analysts only
  • Human resource specialists only

    • What is the purpose of using decision trees?

    <p>To represent data in a graphical format</p> Signup and view all the answers

    What is the meaning of data?

    <p>A stream of raw facts representing things or events that have happened</p> Signup and view all the answers

    Study Notes

    Types of Data

    • Data is made up of four basic types: nominal, ordinal, interval, and ratio.
    • One type that is NOT included among the four is often misidentified, highlighting the importance of recognizing the correct classifications.

    Data-Driven Decision Making (DDDM)

    • DDDM refers to the process of using data analysis to guide business decisions.
    • It emphasizes the importance of basing decisions on actual data rather than intuition or observation alone.

    Beneficiaries of Data Utilization

    • Organizations across various sectors can benefit from maximizing the value of data.
    • This includes business leaders, data analysts, and decision-makers who seek insights to increase efficiency and effectiveness in operations.

    Purpose of Decision Trees

    • Decision trees are used as a visual aid in decision-making, allowing for clear visualization of choices and potential outcomes.
    • They help assess various scenarios, making them useful in predictive analytics and strategy formulation.

    Meaning of Data

    • Data refers to raw facts and figures that can be processed and analyzed to derive meaningful information.
    • It encompasses quantitative and qualitative values that can be collected from various sources to inform decisions.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge on data and decision making with this quiz! Learn about the meaning and advantages of data, identify the use of decision trees, and understand the importance of data-driven decisions.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser