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Exam Code: Data-Driven-Decision-Making
Exam Name: VPC2Data-Driven Decision MakingC207
Updated: Aug 14, 2026
Q & A: 125 Questions and Answers
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| Section | Objectives |
|---|---|
| Topic 1: Hypothesis Testing | - Null and alternative hypotheses - t-tests, chi-square tests, and significance testing |
| Topic 2: Data Fundamentals and Business Analytics | - Descriptive statistics (mean, median, variance, standard deviation) - Data types and data collection methods |
| Topic 3: Regression and Correlation Analysis | - Interpreting correlation and causation - Linear regression modeling |
| Topic 4: Probability and Statistical Inference | - Probability concepts and distributions - Sampling methods and sampling error |
| Topic 5: Decision Making Models | - Decision trees and expected value analysis - Risk and uncertainty in decision-making |
1. A bakery owner would like to know how many cakes to sell for monthly profit to equal zero. Which analysis method should the owner perform?
A) ANOVA
B) Crossover
C) Break-even
D) T-test
2. What is the purpose of the quality management principle of dedication to fact-based decision-making?
A) Reduce bias driven by increased trust in plans.
B) Increase the effectiveness from quality practices.
C) Increase loyalty from customers and suppliers.
D) Eliminate anything that does not add value.
3. What are two benefits of good data quality management in improving business decision-making?
Choose 2 answers.
A) It guarantees that a sample will be statistically significant.
B) It mitigates undetected errors from the data-entry process.
C) It begins the statistical process faster.
D) It ensures there are no missing data points.
4. A student with a degree is presumed to already have a bachelor's degree. Which type of data does this represent?
A) Interval data
B) Ratio data
C) Nominal data
D) Ordinal data
5. A school board has nine voting members. Five members need to be chosen each year for the finance committee. Why should the combination technique be used when selecting committee members?
A) Because the selection order of committee members is not important
B) Because there is a correlation between committee member meeting attendance and selection
C) Because there is not a correlation between committee member meeting attendance and selection
D) Because the selection order of committee members is important
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: B,D | Question # 4 Answer: C | Question # 5 Answer: A |
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