Quiz 1 - Decision Making & Business Analytics

The decisions concerning an organization's goals and future plans are called

strategic decisions

A quantity of interest that can take on different values is known as a ____________.

variable

The difference in a variable measured over observations (time, customers, items, etc.) is known as _____________.

variation

In the spectrum of business analytics, which is the most complex?

Prescriptive

The letter grades (A, B, C, D F) of a business analysis students are recorded by a professor. This variable's classification __________.

is categorical data

Which of the following is not an approach to making decisions?

Guess and check

A population is a subset of a sample.

False

Data collected from several entities over a period of time (minutes, hours, days, etc.) are called cross-sectional data.

False

Data dashboard are a type of predictive analytics.

False

Data-driven decision making trends to decrease a firm's risk.

True