Deck 13: Putting It All Together

Question 1

Estimation samples an existing population.

Answer 1

True

Question 2

Everything can be measured for analysis.

Answer 2

False

Question 3

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

Answer 3

False

Question 4

Most insurance policies are priced based on probability.

Question 5

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

Question 6

Statistical analysis rarely provides the truth.

Question 7

Statistical analysis normally proves the truth.

Question 8

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

Question 9

Define availability bias.

Question 10

Precision can mask inaccuracies.

Question 11

It is important to fail when doing analytics.

Question 12

Quantitative reasoning should never replace sound reasoning.

Question 13

Analysts should never rely on their hunches in analytics.

Question 14

A manager should use analytics to search for the truth.

Question 15

Analytics is designed to produce perfect decisions.

Question 16

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