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 (A)</p> Signup and view all the answers

What is big data?

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

What is the purpose of data mining?

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

What is the purpose of simulation in decision making?

<p>To model uncertainty and study its impact (D)</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. (B)</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) (D)</p> Signup and view all the answers

What does big data analysis primarily involve?

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

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

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

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