Decision-Making Process and Analytics Categories Quiz
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Questions and Answers

What are the five steps involved in the decision-making process?

  • Identify, evaluate, choose, implement, review (correct)
  • Define, analyze, predict, decide, act
  • Define, determine, evaluate, select, implement
  • Identify, determine, evaluate, choose, implement
  • Which type of decision is concerned with the day-to-day operations of a company?

  • Strategic decision
  • Descriptive decision
  • Operational decision (correct)
  • Tactical decision
  • What are the three categories of analytics?

  • Financial, human resource, and marketing
  • Strategic, tactical, and operational
  • Advanced, basic, and complex
  • Descriptive, predictive, and prescriptive (correct)
  • What does descriptive analytics focus on?

    <p>Describing what has happened</p> Signup and view all the answers

    What is big data?

    <p>Data that is too complex to be handled by typical desktop software</p> Signup and view all the answers

    What is the purpose of data mining?

    <p>To understand patterns and relationships in large datasets</p> Signup and view all the answers

    What is the purpose of simulation in decision making?

    <p>To model uncertainty and study its impact</p> Signup and view all the answers

    Which best describes the difference between strategic and tactical decisions?

    <p>Strategic decisions are concerned with the overall direction of the organization, while tactical decisions focus on day-to-day operations.</p> Signup and view all the answers

    Which term refers to the network of interconnected devices that collect and share data?

    <p>Internet of Things (IoT)</p> Signup and view all the answers

    What does big data analysis primarily involve?

    <p>Analyzing patterns and relationships</p> Signup and view all the answers

    In decision-making, what distinguishes simulation from other techniques?

    <p>Simulation models uncertainty and its effects.</p> Signup and view all the answers

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