Which of the Following Best Describes the Data Analytics Skill

question 21

Multiple Choice

Which of the following best describes the data analytics skill of developing an analytics mindset?

• A) recognize when and how data analytics can address business questions
• B) perform basic analysis to understand the quality of the underlying data and its ability to address the business question
• C) recognize what is meant by data quality, be it completeness, reliability or validity
• D) comprehend the process needed to clean and prepare the data before analysis

Understand the concepts of prime costs and conversion costs.

Recognize nonmanufacturing costs.

Analyze cost behavior in relation to cost objects.

Calculate direct materials used in production.

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Definitions:

Production Costs

The total expenses incurred in the manufacture of products, including raw materials, labor, and overhead expenses.

Efficient Outcome

An economic situation in which all resources are allocated in the most beneficial way, leaving no room for further improvement without making someone worse off.

Economic Policies

Measures taken by a government to influence its economy, including monetary, fiscal, and supply-side policies.

President Hoover

President Hoover refers to Herbert Hoover, the 31st President of the United States, who served from 1929 to 1933, and is often remembered for his administration's response to the early years of the Great Depression.