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| Section | Weight | Objectives |
|---|---|---|
| Foundations of Data-Driven Decision Making | 20% | - Types of analytics: descriptive, predictive, prescriptive - Ethics, privacy, and data governance - Role of data in business decisions |
| Statistical Concepts & Descriptive Analytics | 25% | - Data types, measurement scales, sampling methods - Measures of central tendency, dispersion, distribution - Data visualization: charts, graphs, dashboards |
| Probability & Statistical Inference | 20% | - Probability rules, distributions, expected value - Correlation vs. causation - Hypothesis testing, p-values, confidence intervals |
| Decision Models & Prescriptive Analytics | 15% | - Quality & process improvement tools - Decision trees, payoff matrices, expected value - Optimization, sensitivity analysis |
| Predictive Analytics & Regression | 20% | - Interpreting coefficients, R-squared, significance - Simple & multiple linear regression - Forecasting & trend analysis |
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NEW QUESTION # 88
What is the purpose of the quality management principle of dedication to fact-based decision-making?
Answer: B
Explanation:
The principle offact-based decision-makingemphasizes using reliable data and objective analysis rather than intuition or opinion. In data-driven decision making, this principle exists primarily toreduce bias and increase trust in organizational plans and decisions.
When decisions are grounded in verified data, assumptions are challenged, personal biases are minimized, and outcomes are more predictable. This builds confidence among stakeholders and supports transparency and accountability.
Customer loyalty, waste elimination, and quality effectiveness may be indirect benefits, but the core purpose is ensuring that decisions are objective, defensible, and evidence-based. Therefore, the correct answer isD.
NEW QUESTION # 89
An analyst used multiple linear regression to show how a big box store's sales (y) are predicted by the big box store's advertising expenditure in dollars (variable x1) and the advertising expenditure in dollars of a specialty store (variable x2) in the same market. The estimated regression is y = 651.57 + 92.30x1 # 26.89x2. How are advertising expenditures and sales related in this scenario?
Answer: A
NEW QUESTION # 90
What describes fact-based decision-making according to quality management principles?
Choose 2 answers.
Answer: A,B
Explanation:
Fact-based decision-making is a central quality management principle because it encourages organizations to rely on evidence, measurement, and analysis rather than assumptions or intuition alone. Decisions foster trust in plans when stakeholders can see that choices are grounded in objective information and sound reasoning.
This strengthens accountability and confidence in management actions. Fact-based decisions also help reduce external bias because they rely on verified information rather than opinions, pressure, or unsupported judgment. In contrast, decisions based only on the instincts of experienced leaders do not reflect the core meaning of fact-based management, even though experience may still be valuable. The statement about supplier relationships is not a defining description of fact-based decision-making and does not capture the principle itself. Quality management emphasizes using reliable data to guide planning, improve processes, and support consistent outcomes. Therefore, the two correct answers are that such decisions foster trust in plans and reduce external bias.
NEW QUESTION # 91
A student is surveying chief executive officers to understand their levels of satisfaction with work-life balance over a period of three years. The student receives responses to a survey with a question regarding how many hours a week each CEO works. Which statistical approach should be used to summarize the data for analysis?
Answer: D
Explanation:
The question asks how to summarize responses about how many hours each CEO works per week. Since hours worked is a numerical variable, a measure of central tendency is appropriate for summarizing the data.
The mean is the standard choice for describing the average number of hours worked across respondents. It provides a single representative value that can be used to understand the general workload pattern in the group. A bell curve is a distribution shape rather than a summary statistic. A scatterplot is a graphical tool used to display relationships between two quantitative variables, not to summarize one variable's central value. The median can also summarize numerical data, especially if there are strong outliers, but the most direct and standard summary for average hours worked is the mean unless the question specifically emphasizes skewness or resistance to outliers. Since the prompt asks for a statistical approach to summarize the data for analysis, the best answer is mean.
NEW QUESTION # 92
Which two types of graphs illustrate and analyze measurements or trends over time?
Choose 2 answers.
Answer: B,D
Explanation:
The two graph types specifically designed to illustrate and analyze measurements or trends over time are the control chart and the run chart. A run chart displays data points in chronological order, making it useful for identifying trends, shifts, cycles, or patterns in a process over time. A control chart builds on this concept by adding upper and lower control limits, which help determine whether observed variation is normal or signals a possible process issue. These charts are widely used in quality improvement, operations monitoring, and time- based performance analysis. A check sheet is a structured data collection form, not a graph used to analyze trends over time. A Pareto chart shows categories ranked by frequency or impact, often to highlight the most important problems, but it does not primarily track change over time. Because the question asks for graph types that illustrate and analyze measurements or trends across time, the correct answers are control chart and run chart.
NEW QUESTION # 93
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