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Computer Lab Practical Question Bank FACULTY OF COMMERCE, OSMANIA UNIVERSITY B.Com (Business Analytics) CBCS Semester I W.E.F.202021Data Driven DecisionMaking Paper: 103 Time: 60 MinutesRecord Vivavoce
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Data driven decision-making is the process of making decisions based on data analysis and interpretation rather than intuition or personal experience.
Organizations and individuals who are mandated by regulatory authorities to report their data analysis and decisions based on specific guidelines are required to file data driven decision-making.
To fill out data driven decision-making, organizations must collect relevant data, analyze it, formulate decisions based on the findings, and then document the process and outcomes as per regulatory requirements.
The purpose of data driven decision-making is to enhance decision quality, improve transparency, foster accountability, and create a more objective basis for strategic choices.
Information that must be reported includes the data sources used, analysis methods employed, decisions made based on the data, and the expected outcomes of those decisions.
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