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Using Data in Business Decisions

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

One of the most important questions to answer when making business decisions is:

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1. XYZ Roofing has seen a sharp decline in revenue over the last six months. An accurate _____ is absolutely necessary when considering the organization's options for fixing the problem.

2. The term _____ describes the data that is collected and analyzed to produce high-quality information that executives can use to make sound business decisions.

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About This Quiz & Worksheet

Check to see how much you know about making decisions using data with this multiple-choice quiz and worksheet. For example, you should be familiar with a concept that involves collecting so much data that it becomes useless.

Quiz & Worksheet Goals

You'll be tested on the following:

  • A key question to answer when making business decisions
  • A necessary action when considering options for fixing a problem
  • The word for statistics and other data collected and reviewed to make sound business decisions
  • When too much data is collected and analysis is self-contradictory
  • Steps in the data utilization process

Skills Practiced

  • Information recall - access the knowledge you've gained about the most important question to answer when making a business decision
  • Knowledge application - use your knowledge to answer a question about what to call data that's collected and reviewed to make sound business decisions
  • Interpreting information - verify that you can read information about the data utilization process and interpret it correctly

Additional Learning

To keep learning about this topic, be sure to watch or read the lesson titled Using Data in Business Decisions. Below are examples of what's reviewed in this lesson:

  • The danger of making assumptions
  • An overview of the process for producing actionable data
  • Data reviewed by a retailer desiring to increase revenue
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