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| Section | Objectives |
|---|---|
| Data Fundamentals and Business Analytics | - Descriptive statistics (mean, median, variance, standard deviation) - Data types and data collection methods |
| Decision Making Models | - Risk and uncertainty in decision-making - Decision trees and expected value analysis |
| Regression and Correlation Analysis | - Linear regression modeling - Interpreting correlation and causation |
| Hypothesis Testing | - Null and alternative hypotheses - t-tests, chi-square tests, and significance testing |
| Probability and Statistical Inference | - Probability concepts and distributions - Sampling methods and sampling error |
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NEW QUESTION # 97
Which performance metric simultaneously accounts for financial, customer, internal process, and learning metrics?
Answer: B
Explanation:
Thebalanced scorecard (BSC)is a performance management framework that simultaneously accounts for financial, customer, internal process, and learning and growth metrics. In data-driven decision making, the balanced scorecard provides a holistic view of organizational performance rather than focusing on a single dimension of success.
Financial metrics assess profitability and sustainability, customer metrics evaluate satisfaction and loyalty, internal process metrics examine operational efficiency, and learning and growth metrics focus on employee development and innovation. By integrating these perspectives, the balanced scorecard ensures alignment between day-to-day operations and long-term strategic goals.
Customer complaint reports, income statements, and balance sheets each address only one aspect of performance. They do not provide the multi-dimensional insight necessary for strategic decision-making.
Therefore, the correct answer isA, balanced scorecard.
NEW QUESTION # 98
What is an omission error?
Answer: A
Explanation:
Anomission erroroccurs whencrucial data is missingfrom a dataset, which can significantly compromise the quality of analysis and decision-making. In data-driven decision making, omission errors are a serious concern because missing information can lead to biased results, incorrect interpretations, and flawed conclusions.
Omission errors may arise during data collection, data entry, or data integration processes. For example, failing to record customer demographics, transaction values, or time periods can distort descriptive statistics and weaken predictive models. Unlike inaccuracies, which involve incorrect values, omission errors involve the absence of necessary data altogether.
Outliers represent extreme values and are not omission errors. Similarly, failing to review all data is a process issue rather than a data-quality error definition. Inaccurate data refers to incorrect or erroneous values, not missing ones.
Effective data quality management emphasizes identifying and correcting omission errors through validation rules, completeness checks, and data audits. In data-driven decision making, ensuring that all relevant data is captured is essential for producing reliable insights and supporting sound business decisions. Therefore, the correct answer isD, as an omission error occurs when crucial data is missing.
NEW QUESTION # 99
A county government is creating a budget for the next fiscal year. They wish to use analytics to guide their decisions about costs. Which analytic method can the county apply to this issue?
Answer: D
Explanation:
When a county government wants to guide budgeting decisions about costs, a useful analytic method is benchmarking against comparable organizations. The best answer is average cost per project spent by other similar counties because it provides an external reference point that can help evaluate whether the county's own spending is reasonable, efficient, or out of line with peers. This type of comparative analytics is especially valuable in public-sector budgeting, where governments often seek cost-effective practices and want to justify expenditures based on comparable performance. The number of projects completed, whether measured by median or average, does not directly address cost decisions. Median cost for all county projects may summarize internal spending, but it does not offer the broader perspective available from comparison with similar counties. Benchmarking external averages supports better resource planning and helps identify opportunities for improvement. Therefore, the correct answer is average cost per project spent by other similar counties.
NEW QUESTION # 100
Which two tools make it easier to detect an out-of-range error?
Choose 2 answers.
Answer: A,B
Explanation:
Out-of-range errors occur when a data value falls outside the allowable or expected limits for a variable.
Examples include a negative age, a score above the maximum possible value, or a date in an impossible format. The tools most useful for identifying such errors are relational databases and spreadsheets. Relational databases often include validation rules, field constraints, data types, and query capabilities that can detect impossible or invalid entries. For example, a database can restrict a field to numeric values within a set range or flag records that violate defined rules. Spreadsheets can also support error detection through conditional formatting, formulas, filters, data validation, and sorting features that make unusual values easier to spot.
Experimental studies and observational studies are research designs, not data-validation tools. They describe how data are collected, not how errors are detected in stored records. Because the question asks specifically for tools that make out-of-range errors easier to detect, the correct choices are the data-handling tools that support validation and review: relational databases and spreadsheets.
NEW QUESTION # 101
Which tool is often referred to as a fishbone chart or diagram?
Answer: B
Explanation:
Thecause-and-effect diagram, also known as thefishbone diagramorIshikawa diagram, is used to identify potential causes of a problem. In data-driven decision making, it helps teams systematically explore root causes rather than focusing on symptoms.
The diagram visually organizes possible causes into categories such as people, processes, materials, machines, and environment. Histograms show distributions, flowcharts depict process steps, and scatter diagrams show relationships between variables.
Therefore, the correct answer isC, cause-and-effect diagram.
NEW QUESTION # 102
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