C207 - Data-Driven Decision Making - Pre-Assessment 100% Correct!

C207 - Data-Driven Decision Making - Pre-AsseAnalytics is a broad term that refers to a variety of tools that inform managerial decisions. - ANSWER Prescriptive What are two reasons for the increasing use of analytics in organizational decision making? - ANSWER Relatively lower cost of computer storage Higher computer processing power In what way does probability theory inform decision-making for managers? - ANSWER By quantifying risk Which type of data are the Olympic medals of gold, silver, and bronze examples of? - ANSWER Ordinal data What are some of the aspects of data quality management? - ANSWER It cleans data It reduces the amount of incomplete data. Which two attributes indicate potential data quality issues when evaluating a set of nominal data? - ANSWER Missing data Misspelled data When conducting a study that measures an individual's weight, all scales are calibrated prior to use in measurement. Which type of error should this procedure significantly reduce? - ANSWER Systematic error An advertising manager creates a research study by presenting low, medium, or high frequency of the same ad in matched markets. The manager reports on sales in each market location. What is the term for the different sales in this study? - ANSWER The response variable A healthcare study follows a particular sample over time to identify how the health habits of teenagers impart their likelihood of acquiring various diseases later in their life in the hope that the healthcare organization will be able to create early prevention programs. Which type of research design does this study describe? - ANSWER Cohort Study Several missing values in a particular field in a dataset were observed. The likelihood of a records having a missing value is correlated to another variable in the dataset. Which two types of error might be introduced into the dataset if the removed record included missing values? - ANSWER Omission Error Systematic Error ssment 100% Correct!