BUSINESS STATISTICS FOR CONTEMPORARY DECISION MAKING EXAM SCRIPT SOLVED QUESTIONS ACCURATE ANSWER COLLECTION

BUSINESS STATISTICS FOR
CONTEMPORARY DECISION MAKING
EXAM SCRIPT SOLVED QUESTIONS
ACCURATE ANSWER COLLECTION

●● Tactical decisions
Answer: Decisions concerned with how the organization should achieve
the goals and objectives set by its strategy.


●● Operational decision
Answer: Decisions related to the day-to-day activities of the
organization.


●● Business analytics
Answer: The scientific process of transforming data into insight for
making better decisions.


●● Four V's of big data
Answer: Velocity, veracity, volume, and variety


●● Veracity
Answer: Refers to how much uncertainty is in the data.

, ●● Data scientist
Answer: A professional trained in both computer science and statistics,
skilled in processing and analyzing large amounts of data.


●● Prescriptive analytics
Answer: The most complex type of analytics that helps arrive at the best
decision.


●● Descriptive analytics
Answer: Analytics that summarizes what has happened.


●● Predictive analytics
Answer: Analytics that estimates future outcomes based on historical
data.


●● Data-driven decision-making
Answer: A process that tends to decrease a firm's risk.


●● Medical records
Answer: An example of a source of big data that is not publicly
available.