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Exam (elaborations)
C207 Pre-Assessment / Revised Questions and Answers / 2024
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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? - Predictive What are two reasons for the increasing use of analytics in organizational decision making? - Relatively lower cost of computer storage Higher computer processing power In what way does probability theory inform decision-making for managers? - quantifying risk Which type of data are the Olympic medals of gold, silver and bronze examples of? - Ordinal data
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