What is the science of fact-based decision making?Group of answer choicesAnalyticsBusiness intelligencePredictive modelingKnowledge work
Question
What is the science of fact-based decision making?
- Group of answer choices:
- Analytics
- Business intelligence
- Predictive modeling
- Knowledge work
Solution
The science of fact-based decision making primarily involves the use of data analysis and interpretation to guide decisions in various fields, particularly in business. Here's a brief overview of the terms provided in the choices:
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Analytics: This refers to the systematic computational analysis of data or statistics, helping organizations understand trends and patterns to make informed decisions.
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Business Intelligence: This encompasses techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes. It supports better business decision-making.
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Predictive Modeling: This is a statistical technique that uses historical data to predict future outcomes. It's a critical component of making decisions based on informed forecasts.
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Knowledge Work: While this term typically refers to work that involves handling or using knowledge (such as research and information processing), it is less about data-driven decision making and more about intellectual contribution.
Among these options, Analytics and Business Intelligence most closely align with the concept of fact-based decision making. However, Business Intelligence is the term that best encompasses the overall integration of data collection, analysis, and presentation for the purpose of informing decisions. Thus, if you must choose one answer, Business Intelligence is the most suitable choice.
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