Practice How Data Science Enhances Decision-making (18.1.2) - Data Science for Business and Decision- Making

Practice: How Data Science Enhances Decision-Making

Lesson 18.1.2Data Science for Business and Decision- Making

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9 questions

Flashcard drill
4 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What does evidence-based choice mean?
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Think about making choices grounded in facts.
Question 2.
What is one advantage of prediction in business?
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Consider how forecasting impacts operations.
3Question 3.
What is the primary benefit of evidence-based decision-making?
- Eliminating biases
- Increased costs
- Reduced data usage
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Think about how facts relate to personal biases.
4Question 4.
True or False: Optimization is solely focused on cutting costs.
- True
- False
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Consider benefits beyond just costs.
Question 5.
A company wants to reduce operational costs by implementing a new optimization model. How would you suggest they measure the success of this implementation?
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Consider different KPIs that relate to operations and customer feedback.
Question 6.
Discuss a real-world scenario where prediction and forecasting could lead to significant business changes. How might it affect decision-making?
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Evaluate a company you know that relies heavily on forecasting.

5 more questions in this section. Enroll free to practise them all.