Data-Driven Decision-Making Exam 1 Latest Version Questions And Accurate Answers

Data-Driven Decision-Making EXAM 1 LATEST VERSION QUESTIONS AND ACCURATE ANSWERS Problem Statement (What does it contain?) 1. Outlines Goals 2. Charts Boundaries 3. Defines Success Criteria 4. Determine Constraints 5. Articulates Assumptions 6. Identify Stakeholders 7. Establishes Timeline 80/20 Rule - Also known as the "Pareto Principle" - Choosing what analysis/problem to solve - 20% of efforts => 80% of the results - Focus on the major drivers of impact High Road Critical Thinking How analysis ties to problems, estimate benefits, asks about implications Low Road Critical Thinking Deep analysis, only run the numbers you need, don't get lost in the data, focus on the answers that matter Common Pitfalls of Data Analysis 1. Jumping to answers too quickly 2. Focusing on the unimportant 3. Not thinking through consequencesLayout of Balance Scorecard X Axis: Objectives, Measures (KPIs), Targets Y Axis: Financial, Customers, Internal, People Nominal Data Labeling variables without variables (Gender, Hair Color) Ordinal Data The order of values is significant, t difference between them is not exact (Non-numeric scales such as satisfaction level) Interval Numerical scale, we know the exact order and differences between values. No absolute zero (Temperature) Ratio Numerical scale, we know the exact order but have