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| Section | Weight | Objectives |
|---|---|---|
| Probability & Statistical Inference | 20% | - Hypothesis testing, p-values, confidence intervals - Correlation vs. causation - Probability rules, distributions, expected value |
| Statistical Concepts & Descriptive Analytics | 25% | - Data types, measurement scales, sampling methods - Measures of central tendency, dispersion, distribution - Data visualization: charts, graphs, dashboards |
| Decision Models & Prescriptive Analytics | 15% | - Decision trees, payoff matrices, expected value - Optimization, sensitivity analysis - Quality & process improvement tools |
| Predictive Analytics & Regression | 20% | - Interpreting coefficients, R-squared, significance - Simple & multiple linear regression - Forecasting & trend analysis |
| Foundations of Data-Driven Decision Making | 20% | - Types of analytics: descriptive, predictive, prescriptive - Ethics, privacy, and data governance - Role of data in business decisions |
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NEW QUESTION # 83
Which performance metric simultaneously accounts for financial, customer, internal process, and learning metrics?
Answer: D
Explanation:
The balanced scorecard is the performance framework that simultaneously accounts for financial, customer, internal process, and learning and growth metrics. It was developed to provide a more complete view of organizational performance than financial measures alone. By incorporating these four perspectives, organizations can connect day-to-day activities with long-term strategy and ensure that performance is evaluated in a balanced way. Financial measures show economic results, customer measures reflect market and service outcomes, internal process measures track operational efficiency and quality, and learning metrics focus on improvement, capability development, and organizational growth. A customer complaint report addresses only one narrow area. A balance sheet and an income statement are financial documents and do not capture the full multidimensional view described in the question. Because the question asks for the metric that integrates all four of these important performance areas, the correct answer is balanced scorecard.
NEW QUESTION # 84
Which type of study is also known as a quasi-experimental study?
Answer: D
Explanation:
A **quasi-experimental study** is commonly referred to as an **observational study** in data-driven decision making. Unlike true experiments, quasi-experimental studies do not involve random assignment of subjects to treatment and control groups. Instead, researchers observe outcomes in naturally occurring groups and attempt to draw conclusions about relationships between variables.
In observational studies, the researcher does not control the assignment of treatments. As a result, these studies are more susceptible to bias and confounding variables than randomized experiments. However, they are often necessary when controlled experimentation is impractical, unethical, or too costly. For example, studying the impact of policy changes or economic conditions typically relies on observational data.
Blind studies are a form of experimental design used to reduce bias, hypothesis testing is a statistical process rather than a study type, and content validity refers to measurement quality. None of these represent quasi- experimental designs.
In data-driven decision making, observational (quasi-experimental) studies are valuable for identifying associations and generating insights, but analysts must be cautious not to infer causality without proper controls. Therefore, the correct answer is **A**.
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NEW QUESTION # 85
Which two types of graphs illustrate and analyze measurements or trends over time?
Choose 2 answers.
Answer: C,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 # 86
A bakery owner would like to know how many cakes to sell for monthly profit to equal zero. Which analysis method should the owner perform?
Answer: C
Explanation:
The bakery owner wants to determine the sales level at which profit equals zero. This is the definition of break-even analysis. Break-even analysis identifies the number of units that must be sold so that total revenue exactly equals total cost, meaning there is neither profit nor loss. It is a widely used prescriptive and managerial decision tool for pricing, budgeting, production planning, and cost control. ANOVA is used to compare means across groups, not to find a zero-profit sales level. A t-test compares means between two groups, which is also unrelated to the goal of determining the required sales quantity for no profit or loss.
"Crossover" is not the standard term for this type of profitability calculation in business analytics. Break-even analysis helps managers understand fixed costs, variable costs, contribution margin, and the minimum output required to sustain operations. Therefore, the correct method for determining how many cakes must be sold so that monthly profit equals zero is break-even analysis.
NEW QUESTION # 87
Which step in the plan-do-check-act cycle is described as analyzing the results of an experiment and deciding whether those results can be improved?
Answer: A
Explanation:
TheCheckphase of the Plan-Do-Check-Act (PDCA) cycle involves evaluating outcomes and analyzing results. In data-driven decision making, this step compares actual performance against expected results to determine whether objectives were met.
During the Check phase, organizations review data, assess variation, and identify opportunities for improvement. Planning defines objectives, Doing implements changes, and Acting standardizes or adjusts processes based on evaluation.
Therefore, the correct answer isA, Check.
NEW QUESTION # 88
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