Learn Decision Making - Business Quiz

252 Questions | Total Attempts: 451

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Learn Decision Making - Business Quiz

A decision can be defined as a course of action purposely chosen from a set of alternatives to achieve organizational or managerial objectives or goals. Decision making process is continuous and indispensable component of managing any organization or business activities. Learn Decision Making in this Business Quiz


Questions and Answers
  • 1. 
    The Next-Best-Action recommendation for a customer is re-evaluated when _______________. (Choose Three)
    • A. 

      The service representative completes a task

    • B. 

      The marketer retires an offer

    • C. 

      A customer changes the call context

    • D. 

      The service representative is in the middle of completing a task

    • E. 

      A customer responds to an offer

  • 2. 
    What type of information is used by the Customer Decision Hub to determine the Next-Best-Action recommendations? (Choose Two)
    • A. 

      Customer profile.

    • B. 

      Call context.

    • C. 

      Number of customers waiting in the call queue.

    • D. 

      Service representative’s profile.

  • 3. 
    In an organization, many propositions are applicable to various business issues. What do you think is the best way to organize your propositions (Select two)?
    • A. 

      Into a simple flat list including all propositions

    • B. 

      Into business issues such as: Sales, Retention, Service

    • C. 

      Into a three level hierarchy: Business issue -> Group -> Proposition

    • D. 

      Into any hierarchical structure that meets the business needs

  • 4. 
    Another decision component is the Results component. Each strategy always contains one of this component which defines the output of the decision strategy How many propositions do you think this strategy will output?
    • A. 

      0

    • B. 

      1

    • C. 

      2

  • 5. 
    U+, wants the Price of all offered Propositions to be dynamic. If the Customer value is higher than 60 he/she will get a 10% discount.
    • A. 

      Set the value of the Price based on Customer Value

    • B. 

      Add new propositions with discounted Price

  • 6. 
    U+, a telecom company, would like to offer the most profitable proposition to is customers. Profit is calculated based on Price and Cost proposition properties. How would you enhance this strategy to meet the new requirement?
    • A. 

      Add a new decision component

    • B. 

      Modify the Results component

  • 7. 
    What does the Results component of the strategy contain?
    • iPhone (Price: 150; Cost: 100)
    • Galaxy (Price: 250; Cost: 150)
    • Xperia (Price: 250; Cost: 100)
    • A. 
    • B. 
    • C. 
  • 8. 
    What does the Results component of the strategy contain?
    • iPhone (Price: 150; Cost: 100)
    • Galaxy (Price: 250; Cost: 150)
    • Xperia (Price: 250; Cost: 100)
    • A. 
    • B. 
    • C. 
  • 9. 
    U+, a telecom company, always offers the proposition with the highest profit to its customers. They have observed that the proposition presented are not relevant to many customers. Acceptance rate (Acceptance rate is the ratio of the number of propositions accepted to total number of propositions offered. A high acceptance rate for a propositions means that many customers accept it.) (and therefore profit) is going down. How can U+ resolve this situation?
    • A. 

      Continue offering the most profitable proposition for the company

    • B. 

      Offer the proposition that is most likely to be accepted by a customer

    • C. 

      Randomly switch between option A and B for every customer

    • D. 

      Select proposition that balances business objective with customer needs

  • 10. 
    This is the decision strategy U+ currently uses to select the proposition with the highest profit. How would you enhance this strategy to balance customer needs with business objectives?
    • A. 

      Add a new decision component to determine customer interest

    • B. 

      Change the prioritization formula

    • C. 

      Both: and a new component and change the prioritization expression

  • 11. 
    Assume a different strategy designer received the same assignment but he reversed the Adaptive Model with the Set Property component. As a result, he built the following decision strategy: Which of the following statements do you think it is true?
    • A. 

      This solution is incorrect. Profit is not computed correctly.

    • B. 

      This solution is incorrect. Propensity is not computed correctly.

    • C. 

      This solution is correct. Strategy will result in the same output.

  • 12. 
    U+, a telecom company, wants customers with high churn risk to receive a retention offer (Churn is when customers leave an organization, usually for a competitor). How do you change the following strategy to meet this requirement?
    • A. 

      Access past interactions with similar customers to predict a customer's churn risk, and make retention offer if the risk is high.

    • B. 

      Detect high churn risk customers using a predictive model and run this strategy in batch mode for those customers.

    • C. 

      Use a decision component that can access and run a predictive model from within the strategy, in real-time.

  • 13. 
    How does a predictive model help in proactive retention?
    • A. 

      The model suggests the best retention offer based on a customer's churn risk

    • B. 

      The model predicts a customer's churn risk, which can be used in the strategy to select a suitable retention offer

    • C. 

      The model looks into all retention offers made in the past and selects the most successful one

  • 14. 
    Select the strategy pattern that will choose a proposition based on the output of a predictive model.
    • A. 
    • B. 
    • C. 
  • 15. 
    What does a churn predictive model need to predict the propensity of customer churn?
    • A. 

      Proposition properties

    • B. 

      Customer properties

    • C. 

      Strategy properties

  • 16. 
    U+, a high street bank, wants to offer a new credit card to all their customers who are currently studying. How would you enhance this strategy to ensure that only students are offered the Student Card?
    • A. 

      Add a new decision component

    • B. 

      Modify the proposition component

  • 17. 
    Which of the following business requirements should be implemented using the Filter component?
    • A. 

      Select a proposition with the highest profit

    • B. 

      Calculate profit for each proposition

    • C. 

      Select propositions with a profit higher than 60$

    • D. 

      Select a proposition with the lowest profit

  • 18. 
    In Filter component, which condition should you use to remove anyone who is 18 or over?
    • A. 

      .Age < 18

    • B. 

      Primary.Age < 18

    • C. 

      RemoveOver18.Age < 18

    • D. 

      .Age >= 18

  • 19. 
    U+, a telecom company, has a contact center to handle incoming customer calls. U+ wants to offer either a retention (a retention offer is made to customer who intent to leave as an incentive for them to remain) or sales offer (a sales offer is made to motivate the customer to make a purchase) depending on the customer intent. Select the two most appropriate strategies U+ should use to execute on this strategy.
    • A. 

      Make a retention offer when the customer calls in to cancel their contract

    • B. 

      Always make a sales offer regardless of the call reason

    • C. 

      Randomly make a retention or sales offer to ensure customer satisfaction

    • D. 

      Make an appropriate sales offer if the customer inquires about certain products.

  • 20. 
    This strategy below contains an error. Examine the strategy carefully. What do the Results of the strategy contain if the Call reason is: Inquire Xperia?
    • A. 

      1.) Xperia

    • B. 

      1) Galaxy 2) Xperia

    • C. 

      1) Galaxy

  • 21. 
    Assume the strategy has been corrected. What does the Result of the strategy contains if the Call reason is: Inquire Nokia?
    • A. 

      No offer

    • B. 

      Nokia

    • C. 

      IPhone

  • 22. 
    Assume this is the property panel of the Switch component: What is the output of the strategy in the Call_intent is "Inquire products"?
    • A. 

      No offer, sales offer

    • B. 

      Sales offer

    • C. 

      No offer

  • 23. 
    This is an alternative decision strategy. Details info -  Does this strategy satisfy the original use case requirements? Requirements: Implement a strategy so that it: 1) Select the "Retention Offer" if the customer intent is "Cancel contract" 2) Select the "Sales Offer" if the customer intent is "Inquire products" 3) outputs "No offer" in any other case  
    • A. 

      No, the strategy sometimes output two propositions.

    • B. 

      No, the strategy sometimes outputs the wrong offer.

    • C. 

      Yes, this is a correct alternative strategy

  • 24. 
    What can you do to access a proposition's Interaction History?
    • A. 

      Use a Data Import component to import the Interaction History

    • B. 

      Nothing, the Interaction History is always available

    • C. 

      Enable the interaction History strategy property

    • D. 

      Use the Interaction History component

  • 25. 
    What is the purpose of the Interaction History component?
    • A. 

      To determine which propositions are available for selection

    • B. 

      To determine if a proposition has been offered before.

    • C. 

      To verify if the customer is eligible for an offer

    • D. 

      Retrieve proposition properties

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