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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Foundations of Data-Driven Decision Making | 20% | - Ethics, privacy, and data governance - Types of analytics: descriptive, predictive, prescriptive - Role of data in business decisions |
| Topic 2: Probability & Statistical Inference | 20% | - Hypothesis testing, p-values, confidence intervals - Probability rules, distributions, expected value - Correlation vs. causation |
| Topic 3: Decision Models & Prescriptive Analytics | 15% | - Quality & process improvement tools - Decision trees, payoff matrices, expected value - Optimization, sensitivity analysis |
| Topic 4: Statistical Concepts & Descriptive Analytics | 25% | - Measures of central tendency, dispersion, distribution - Data visualization: charts, graphs, dashboards - Data types, measurement scales, sampling methods |
| Topic 5: Predictive Analytics & Regression | 20% | - Interpreting coefficients, R-squared, significance - Simple & multiple linear regression - Forecasting & trend analysis |
1. Why would a human resources department use both mean and median when doing a salary evaluation of a department?
A) A large difference between mean and median shows that some employees need raises.
B) A large difference between mean and median shows an abnormal standard deviation.
C) A large difference between mean and median shows there are outliers to assess.
D) A large difference between mean and median shows a miscalculation in the analysis.
2. A patient satisfaction survey was conducted at Family Practice A. The average rating of online telemedicine visits was 4.5 out of 5, while in-person visits received a 3.0 out of 5.
Which samples should be used to compare the ratings?
A) Online Family Practice A telemedicine visits and in-person Family Practice A visits
B) Total Family Practice A visits and online telemedicine visits
C) Total Family Practice A visits and in-person visits
D) Online ratings of other family practices and online ratings for all Family Practice A visits
3. What is an advantage of a balanced scorecard?
A) It emphasizes strategy and organizational results.
B) It increases the amount of available data to analyze.
C) It requires minimal data.
D) It requires little effort to establish a meaningful dashboard.
4. How is a cause-and-effect diagram used?
A) As a software tool to automatically generate a business process diagram
B) To brainstorm possible root causes for an intermittency problem
C) To assign blame for manufacturing problems
D) As a financial risk calculation tool for a new product release
5. A major hospital system wants to improve its level of patient satisfaction. Management has recently asked patients to complete a survey as part of the discharge process. From this survey, a net promoter score is derived and tracked over time. What does a net promoter score reveal?
A) The effectiveness of a new advertising campaign
B) The strength of an organization's customer relations
C) How management feels about subordinate employees
D) How existing employees make advancements within an organization
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: B |
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