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Decision-Making Process and Analytics Categories Quiz

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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?

Describing what has happened Signup and view all the answers

What is big data?

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

What is the purpose of data mining?

To understand patterns and relationships in large datasets Signup and view all the answers

What is the purpose of simulation in decision making?

To model uncertainty and study its impact Signup and view all the answers

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. Signup and view all the answers

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

Internet of Things (IoT) Signup and view all the answers

What does big data analysis primarily involve?

Analyzing patterns and relationships Signup and view all the answers

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

Simulation models uncertainty and its effects. Signup and view all the answers