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MBA5008 APPLIED BUSINESS ANALYTICS EXAM Q & A WITH RATIONALES 2024
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MBA5008 APPLIED BUSINESS ANALYTICS EXAM Q & A WITH RATIONALES 2024
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MBA5008Applied Business
Analytics
Q & A w/ Rationales
2024
,1. What is business analytics?
a) The process of collecting, analyzing, and interpreting
data to support business decisions.
b) The application of statistical methods and models to
solve business problems.
c) The use of data visualization tools and techniques to
communicate insights and findings.
d) *The combination of data, methods, tools, and
techniques to generate insights that inform and improve
business decisions.*
Rationale: Business analytics is a broad term that
encompasses all the aspects of data, methods, tools, and
techniques to generate insights that inform and improve
business decisions. The other options are either too narrow
or too specific to capture the full scope of business
analytics.
2. What is evidence-based decision making?
a) The practice of making decisions based on intuition and
experience.
b) *The practice of making decisions based on the best
available evidence from multiple sources.*
c) The practice of making decisions based on the opinions
and preferences of stakeholders.
d) The practice of making decisions based on the results of
experiments and trials.
Rationale: Evidence-based decision making is the practice
of making decisions based on the best available evidence
from multiple sources, such as data, research, experts, and
feedback. The other options are either too subjective or too
, limited to represent evidence-based decision making.
3. What are the benefits of using business analytics for
evidence-based decision making?
a) It reduces uncertainty and risk in decision making.
b) It increases efficiency and effectiveness in decision
making.
c) It enhances creativity and innovation in decision making.
d) *All of the above.*
Rationale: Business analytics can provide various benefits
for evidence-based decision making, such as reducing
uncertainty and risk, increasing efficiency and
effectiveness, and enhancing creativity and innovation.
Therefore, all of the above is the correct answer.
4. What are the challenges of using business analytics for
evidence-based decision making?
a) It requires a lot of time and resources to collect and
analyze data.
b) It may encounter ethical and legal issues related to data
privacy and security.
c) It may face resistance and skepticism from stakeholders
who are used to traditional ways of decision making.
d) *All of the above.*
Rationale: Business analytics can also pose various
challenges for evidence-based decision making, such as
requiring a lot of time and resources, encountering ethical
and legal issues, and facing resistance and skepticism.
Therefore, all of the above is the correct answer.
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