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?
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)?
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?
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?
What is the purpose of using decision trees?
Signup and view all the answers
What is the meaning of data?
What is the meaning of data?
Signup and view all the answers
Flashcards are hidden until you start studying
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.
