Exam 13: Putting It All Together

Most insurance policies are priced based on probability.

Analysts should never rely on their hunches in analytics.

People with more stable jobs tend to be the best drivers and have the lowest insurance risk.

People often misinterpret a significant amount of data rather than a single data point.

Everything can be measured for analysis.

A manager should use analytics to search for the truth.

It is important to fail when doing analytics.

Quantitative reasoning should never replace sound reasoning.

Precision can mask inaccuracies.

Analytical managers should start small and only use analytics for very simple decisions.

Define availability bias.

Statistical analysis rarely provides the truth.

A manager should keep data secret and should shy away from sharing data with others.

Analytics is designed to produce perfect decisions.

Statistical analysis normally proves the truth.

Estimation samples an existing population.