C207 Pre-Assessment Questions With Complete Solutions

1. 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? O Descriptive O Pareto chart O Biased O Prescriptive correct answer: O Prescriptive 2. What are two reasons for the increasing use of analytics in organizational decision making? Choose 2 answers. O Higher computer processing power O Higher cost of obtaining data O Relatively lower cost of computer storage O Lower availability of statistical experts correct answer: O Higher computer processing power O Relatively lower cost of computer storage 3. How does probability theory inform decision-making for managers? O By quantifying costs O By quantifying quality O By quantifying risk O By quantifying data correct answer: O By quantifying risk 4. Which type of data are the Olympic medals of gold, silver, and bronze examples of? O Ratio data