CORRECT ANSWERS DATA-DRIVEN
DECISION MAKING A+ STUDY GUIDE AND
EXAM REVIEW
There is a strong positive relationship for a cosmetic surgery program as a
function of income, and this program should be developed in high income
areas. - CORRECT ANSWER-The management for Hospital A conducted a
survey of its patients' opinions including gathering demographic data to
determine which programs should be pursued during the upcoming fiscal
year. Upon analyzing the response on the need for a cosmetic surgery
program for the hospital, it was found that there was an r score of 0.75, and
a p of 0.03 between a patient's income level and support for the creation of
a cosmetic surgery department.
Which statement provides an effective strategic decision based on an
analysis of the given information?
The observed score is the true score plus random error. - CORRECT
ANSWER-What does True Score Theory state about a test without
systematic error?
Z-score - CORRECT ANSWER-The average test score of students taking an
exam was 70% with a standard deviation of 8.5%.
,Which tool should be used to compare a student's score to the group
average?
It analyzes the cost of achieving a quantifiable goal. - CORRECT
ANSWER-What is true of cost-effective analysis?
By benchmarking like strategies of successful counties - CORRECT
ANSWER-A county government must reduce spending. It wishes to
eliminate incremental budgeting and align budget allocations with each of
its units' strategic business objectives.
How can the county apply data analytic approaches to attain this goal?
By estimating the payback period - CORRECT ANSWER-A county
government wishes to convert government vehicles from gasoline to natural
gas.
How can the county evaluate the effectiveness of the conversion?
By establishing a balanced scorecard - CORRECT ANSWER-How can
organizations implement an effective performance management evaluation
system?
Surveying customer satisfaction upon checkout - CORRECT ANSWER-
Which key performance indicator can a hotel chain use to measure its
ability to meet client tastes and preferences?
, They require significant ongoing maintenance. - CORRECT ANSWER-
What is a significant disadvantage of KPIs?
It requires significant time and effort to establish a meaningful scorecard. -
CORRECT ANSWER-What is a disadvantage of a balanced scorecard?
They are visual representations of key areas of focus.
They show trends that represent organizational results over time. -
CORRECT ANSWER-In what two ways are KPI dashboards useful in
performance assessment? Choose 2 answers
Net promoter score - CORRECT ANSWER-A professional services firm is
undergoing a business process improvement exercise to improve
productivity, staff morale, and client satisfaction.
Which technique might the firm use to evaluate the strength of customer
service relations?
Results-based management - CORRECT ANSWER-A professional services
firm wants to track and monitor important financial performance measures
of the company (e.g., year-over-year change in revenues and pr Prescriptive
- CORRECT ANSWER-Analytics is a broad term that refers to a variety of
tools that inform managerial decisions.
Which term can be used to describe managerial decisions