Decision Making Using Analytics Is Viewed as

question 10

Multiple Choice

Decision making using analytics is viewed as

• A) prescriptive (use of mathematical models to optimize decisions).
• B) predictive (use of data to predict what is likely to happen).
• C) descriptive (use of data to summarize the present situation).
• D) all of the above.

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Definitions:

Intuition

An effortless, immediate, automatic feeling or thought, as contrasted with explicit, conscious reasoning.

Overconfidence

Overconfidence refers to the phenomenon where an individual's subjective confidence in their judgements is reliably greater than their objective accuracy, especially when confidence is relatively high.

Economic Predictions

Forecasts about future economic conditions based on current and historical data analysis.

Overestimating Knowledge

The tendency to believe one knows more about a subject or topic than one actually does.