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Which one of the following is true regarding the descriptive approach to data-driven decision making?Select one:A. It is applied when an insurer or risk manager has a specific problem to solve.B. It is exemplified by a computer making an underwriting decision and issuing a price quote.C. It is applied by insurers or risk managers continually beyond their specific problem.D. It can be used repeatedly to provide information for data-driven decision making by humans.

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Answer:

A. It is applied when an insurer or risk manager has a specific problem to solve.

Explanation:

The descriptive approach to decision-making based on data is an approach that uses the provision of data that has already occurred in an organization so that there is a statistical understanding of the facts and that decision-making is carried out more effectively and based on evidence.

This approach makes it possible to solve specific problems by understanding the real situation of an organization financially and of all variables such as sales, production, operation, etc. that can be analyzed in a statistical way.

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