Data Analysis & Decision Making Flashcards

What is the purpose of data analysis in OM practice?

Answer: Transforming raw data into insights for informed decision-making

Data analysis examines, cleans, and models data to discover useful information and support decision-making.

What differentiates quantitative from qualitative data in OM?

Answer: Quantitative is numerical; qualitative is descriptive and categorical

Quantitative data is numerical and measurable; qualitative data provides descriptive context and depth.

What is a dashboard in OM reporting?

Answer: A visual display of key metrics for at-a-glance performance monitoring

A dashboard consolidates important metrics and trends visually for quick assessment of performance status.

What does data integrity mean in OM practice?

Answer: Accuracy, consistency, and reliability of data throughout its lifecycle

Data integrity means maintaining accuracy, consistency, and reliability from collection through use.

What is trend analysis in OM reporting?

Answer: Examining data over time to identify patterns and changes

Trend analysis examines historical data to identify patterns, directions, and rates of change.

Why is data visualization important in OM reporting?

Answer: It makes complex patterns easier to understand and communicate

Visualization translates complex data into visual formats highlighting patterns and outliers for diverse audiences.