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Chapter 14 Business Analytics questions with right answers.
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Chapter 14 Business Analytics questions with right answers.

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  • August 26, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • chapter 14 business analytics questions with right

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  • Business Analytics
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Chapter 14 Business Analytics
questions with right answers.

Provide an illustration of the Data-Driven Decision Cycle ANS - Data- data needs to be sourced,
acquired, and staged that will allow decision makers and analysts to analyze them to make informed
decisions

Analysis- data can be analyzed to provide the insights needed

Insights-discovering inefficiencies in your operation or identifying the next transformative trend in your
line of business

Decision- data analysts report insights to strategists and decision makers who then convert these
insights into decisions

Action- may be a series of actions that require the participation of multiple divisions and managers

Outcome- the results of actions are collected; they become data that are used in the phase of the
decision cycle

Assessment- the quantified outcomes are compared to the goal or previous outcomes to determine
whether the decision cycle has led to the desired improvements

Improvements- if the assessment indicate that the outcome of our actions has fallen short of our goal
the we need to implement improvements



Data Analytics ANS - produces actionable decisions and evaluation of results which is called the decision
cycle



Goal of the Decision Cycle ANS - is to use data to make decisions that lead to desired outcomes



Feedback Loop ANS - is a control mechanism that is employed in economics, science, and engineering to
bring actual outcomes into alignment with desired outcomes



Optimization ANS - the overall goal of a cycle



Negative Feedback Mechanism ANS - it's labeled negative because it occurs in the direction opposite to
the change

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