11 Questions
What are the five steps involved in the decision-making process?
Identify, evaluate, choose, implement, review
Which type of decision is concerned with the day-to-day operations of a company?
Operational decision
What are the three categories of analytics?
Descriptive, predictive, and prescriptive
What does descriptive analytics focus on?
Describing what has happened
What is big data?
Data that is too complex to be handled by typical desktop software
What is the purpose of data mining?
To understand patterns and relationships in large datasets
What is the purpose of simulation in decision making?
To model uncertainty and study its impact
Which best describes the difference between strategic and tactical decisions?
Strategic decisions are concerned with the overall direction of the organization, while tactical decisions focus on day-to-day operations.
Which term refers to the network of interconnected devices that collect and share data?
Internet of Things (IoT)
What does big data analysis primarily involve?
Analyzing patterns and relationships
In decision-making, what distinguishes simulation from other techniques?
Simulation models uncertainty and its effects.
Test your knowledge on the decision-making process steps and different types of decisions in a company. Additionally, identify the three main categories of analytics.
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