3.4.2. Data Collection and Decision Making

Try these first

1. 1.

   What is data collection?

   Hint

   Think about what businesses do with data.

2. 2.

   Name one benefit of using dashboards in business.

   Hint

   Consider how visuals help in understanding data.

3. 3.

   What is the main purpose of data collection in businesses?

   • To forecast sales
   • To analyze customer preferences
   • To manage employee performance

   Hint

   Remember the importance of customer insights.

4. 4.

   True or False: Dashboards are only useful in financial departments.

   • True
   • False

   Hint

   Think about all areas where data can be crucial.

5. 5.

   A retail company has been experiencing declining sales. Discuss how data collection and analysis can help identify potential causes and solutions.

   Hint

   Consider what data points would be most relevant to sales trends.

6. 6.

   Imagine you are launching a new product. How would you leverage predictive analytics to improve your marketing efforts?

   Hint

   Think about the impact of customer data on product placements and advertising.