Data-Driven Decision Making - C207 exam 2023 with 100% correct answers

Define analytics correct answersTurning information into knowledge and developing fact based strategies to gain a competitive edge. Descriptive/Diagnostic analytics correct answersEncompasses the set of techniques that describes what has happened in the past. Predictive analytics correct answersConsists of techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another. Prescriptive analytics correct answersDecision models that indicate the best course of action to take. Three characteristic of big data correct answers1. Structured and unstructured large volumes 2. Analytics is used to discover and communicate meaningful patterns 3. Analysis of big data requires a system of organization Davenport-Kim Three-Stage Model* correct answersA decision-making model developed by Thomas Davenport and Jinho Kim that consists of three stages: 1. Framing the problem, (why are you trying to do this and what do we already know) 2. Solving the problem (Choosing the model, collecting the data, analyzing the model) 3. Communicating results (Communicating and acting on the results) Categorical or discrete data variables correct answersRepresents types of data that can be divided into groups or categories.