Multiple Choice
In the context of business, how do the terms 'business ethics' and 'social responsibility' differ from each other?
1. Introduction to Statistics
Intro to Stats
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Which of the following best improves managerial-level business processes in the context of statistics?
A
Ignoring quantitative data in favor of qualitative opinions
B
Using data-driven decision making based on statistical analysis
C
Relying solely on intuition and past experiences
D
Making decisions without considering any form of analysis
Verified step by step guidance1
Step 1: Understand the context of the question, which is about improving managerial-level business processes using statistics. The goal is to identify the best approach to decision-making in this context.
Step 2: Evaluate the options provided. The first option, 'Ignoring quantitative data in favor of qualitative opinions,' suggests disregarding statistical data, which is counterproductive in data-driven decision-making.
Step 3: Analyze the second option, 'Using data-driven decision making based on statistical analysis.' This approach emphasizes leveraging statistical tools and data to make informed decisions, aligning with best practices in business statistics.
Step 4: Consider the third option, 'Relying solely on intuition and past experiences.' While intuition and experience can be valuable, relying solely on them without statistical analysis can lead to biased or uninformed decisions.
Step 5: Examine the fourth option, 'Making decisions without considering any form of analysis.' This approach disregards both qualitative and quantitative analysis, which is not effective for improving managerial-level business processes. Based on this evaluation, the correct answer is the second option.
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