CH1_Introduction

What is the primary goal of data-driven decision-making?

• To rely on intuition rather than data

• To use structured data exclusively for decision-making

• To integrate data analysis into decision processes for better outcomes

• To eliminate all forms of uncertainty in decision-making

The DECAS model introduced in the book stands for:

• Data, Evaluate, Clean, Apply, Share

• Define, Explore, Collect, Analyze, Share

• Decide, Execute, Check, Adjust, Standardize

• Discover, Extract, Categorize, Align, Structure

What is the first step in a data-driven decision-making process?

• Collecting all available data

• Implementing a data strategy

• Defining the business problem

• Running statistical analyses

Which of the following is a key benefit of data-driven decision-making?

• It eliminates all forms of uncertainty

• It removes the need for human expertise

• It enables more objective and evidence-based decisions

• It ensures immediate business success

How does framing bias influence decision-making?

• By increasing confidence in initial decisions

• By affecting choices based on presentation

• By relying on easily available information

• By assuming trends will continue

What is confirmation bias?

• Ignoring new data

• Favoring existing beliefs

• Relying on recent information

• Judging based on presentation

What does anchoring bias cause?

• Ignoring alternative options

• Relying too much on first info

• Favoring familiar data

• Overestimating probabilities

According to the DECAS model, what is collaborative rationality?

• Multiple people working together to make decisions

• Using only computer algorithms for decisions

• The collaboration between humans and computers/analytics to overcome limitations

• Making decisions based on group consensus

Why is data important in decision-making?

• Eliminates all uncertainty

• Supports rational choices

• Removes human judgment

• Always guarantees success

What is a characteristic of structured decisions?

• Carried out by experts

• Follow a set framework

• Made randomly

• Ignore data