Data Analysis & Decision Making Flashcards
7 cards from real CRM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Data Analysis & Decision Making flashcards as text
A records manager is evaluating whether to outsource offsite storage. Which analysis quantifies the financial trade-off between in-house and vendor costs over time?
Answer: Total cost of ownership (TCO) analysis
TCO analysis captures all direct and indirect costs over a defined period, enabling a true financial comparison between in-house and outsourced storage options.
Which term describes the process of examining historical records data to predict future storage needs?
Answer: Predictive analytics
Predictive analytics uses historical data patterns and statistical models to forecast future outcomes such as storage capacity requirements.
A CRM reviews a scatter plot of records volume versus retrieval cost per request. A positive correlation in this chart means:
Answer: As volume increases, retrieval cost per request tends to increase
A positive correlation means the two variables tend to move in the same direction; as volume increases, cost per request tends to rise, though correlation does not imply causation.
When presenting records management ROI to an executive audience, which element is most critical to include?
Answer: Comparison of costs avoided and efficiency gains against program investment
Executives need to see the relationship between program investment and measurable financial returns, including cost avoidance and productivity gains, to justify continued funding.
A records manager uses a Pareto chart to analyze records retrieval errors. The primary purpose of this tool is to:
Answer: Identify the vital few error categories that account for most problems
A Pareto chart combines a bar chart and cumulative line to reveal the 20% of causes responsible for 80% of problems, enabling focused corrective action.
Which data collection method is most appropriate for gathering structured quantitative data from a large number of records management program stakeholders?
Answer: Standardized survey questionnaire
Standardized surveys efficiently collect uniform, quantifiable responses from large populations and enable statistical analysis of results.
A CRM is analyzing disposition data and notices that 30% of records eligible for destruction have not been destroyed within the grace period. This indicator most likely signals:
Answer: Process breakdown or lack of accountability in the disposition workflow
Chronic failure to execute eligible dispositions on schedule signals workflow breakdowns, unclear responsibilities, or insufficient training in the disposition process.