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| Section | Weight | Objectives |
|---|---|---|
| Statistical Concepts & Descriptive Analytics | 25% | - Measures of central tendency, dispersion, distribution - Data visualization: charts, graphs, dashboards - Data types, measurement scales, sampling methods |
| Decision Models & Prescriptive Analytics | 15% | - Decision trees, payoff matrices, expected value - Optimization, sensitivity analysis - Quality & process improvement tools |
| Predictive Analytics & Regression | 20% | - Simple & multiple linear regression - Interpreting coefficients, R-squared, significance - Forecasting & trend analysis |
| Probability & Statistical Inference | 20% | - Probability rules, distributions, expected value - Correlation vs. causation - Hypothesis testing, p-values, confidence intervals |
| Foundations of Data-Driven Decision Making | 20% | - Role of data in business decisions - Ethics, privacy, and data governance - Types of analytics: descriptive, predictive, prescriptive |
1. How should Ishikawa's seven basic tools of quality be used?
Choose 2 answers.
A) The tools can be used in combination with each other.
B) The tools make trends easy to recognize within only one graph.
C) The tools should be used only by high-level managers and not by average workers.
D) The output from one tool can be used as another tool's input.
2. What happens when an organization focuses on customers?
A) It decreases costs for the organization and its suppliers.
B) It ensures consistency and efficiency among organization-wide activities.
C) It reduces bias and fosters trust in decisions and plans.
D) It leads to an increase in revenue and market share.
3. What is the formula for calculating a simple index number?
A) The base year's price divided by the current price
B) The base year's price divided by the current price times 100
C) The current price divided by the base year's price
D) The current price divided by the base year's price times 100
4. What is an omission error?
A) When data contains outliers
B) When not all the data has been reviewed
C) When data is inaccurate
D) When crucial data is missing
5. Why are experiments conducted using random sample populations?
A) Because studying an entire population is difficult and impractical.
B) Because the software to analyze entire populations is expensive.
C) Because random sample populations ensure bias elimination.
D) Because entire population data have too many outliers.
Solutions:
| Question # 1 Answer: A,D | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: A |
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