C207 Pre Assessment Study Guide 2024 Updates

2 reasons for the increase in use of analytics in organizational decision making? {Ans: 1. Relatively low cost of computer storage 2. Higher computer processing power}How does probability theory inform decision-making for managers? {Ans: By quantifying risk}Disadvantage of a balanced scorecard? {Ans: It requires significant time and effort to establish a meaningful scorecard}Which phrase is a description of quality assurance? {Ans: Focuses on training}Why would you use a control chart over a Pareto chart? {Ans: A control chart shows special cause variations. A Pareto chart shows frequency or cost (time/money)}Which two techniques apply in finding the probability that a patient needs treatment for a broken bone AND a concussion? {Ans: 1. intersection 2. multiplication principle}