Passed Exam Today Data-Driven-Decision-Making

Using both mean and median helps identifyoutliers, such as very high executive salaries that skew the average. A large difference between the two indicates uneven distribution.

Thus, the correct answer isC.

In ablind study, the purpose is to reduce bias that may influence responses or outcomes. In data-driven decision making, a blind study is designed so thatsubjects and response gatherers do not knowwhich treatment is administered, while the researchers do retain this information to correctly manage and analyze the experiment.

In this scenario, dog owners and response gatherers should not know whether the dogs received the medication or a placebo, as this knowledge could influence reporting of outcomes or observations. However, researchers must know which treatment each dog receives to ensure proper administration, monitoring, and statistical analysis.

If neither researchers nor participants knew the assignments, the study would be classified as adouble-blind study, which is not stated here. Allowing owners or response gatherers to know treatment assignments would introduce bias and undermine experimental validity.

Therefore, in a blind study,only the researchersshould know which dogs received the medication or placebo, making optionCthe correct answer.

Good data quality management plays a critical role in improving business decision-making by ensuring that data is accurate, complete, and reliable. One key benefit is that itensures there are no missing data points, which helps maintain data completeness. Missing data can distort results, reduce analytical power, and lead to incorrect conclusions, especially in descriptive and inferential statistics.

Another important benefit is that data quality managementmitigates undetected errors from the data-entry process. Errors such as duplicate entries, incorrect values, or inconsistent formats can significantly bias analysis if left unnoticed. Through validation checks, cleaning procedures, and governance standards, organizations reduce the risk of flawed insights.

While good data quality supports better analysis, it does not guarantee statistical significance, as significance depends on sample size, variability, and study design. Similarly, it does not necessarily make the statistical process faster; in fact, data cleaning can be time-consuming. However, it improves theaccuracy and trustworthinessof outcomes.

In data-driven decision making, high-quality data is essential because decisions are only as good as the data used to support them. Therefore, the correct answers areA and D.

In linear regression, the equation y = mx + b is used to predict the value of the dependent variable based on the independent variable. In data-driven decision making, this equation represents the estimated relationship between advertising expenditure and sales revenue.

Here,xrepresents advertising spending,mis the slope (2), andbis the intercept ($25,000). Substituting the planned advertising expenditure of $20,000 into the equation gives:

y = 2(20,000) + 25,000

y = 40,000 + 25,000

y = 65,000

This result represents the expected sales revenue based on the regression model. The intercept indicates baseline sales when advertising spend is zero, while the slope shows the increase in sales for each additional dollar spent on advertising.

Therefore, the company should expect to generate$65,000in sales, making optionCthe correct answer.