Consider the following statements regarding ‘Green Day Ahead Mar...
Statement Analysis:
Statement 1
Correct
It will lead to a gradual shift from Power Purchase Agreement (PPA) based contract to market-based models. It also provides competitive price signals to reduce the cost of power
Statement 2
Incorrect
Union Minister of Power & New and Renewable Energy launched the Green Day Ahead Market
Context – Green Day Ahead Market was launched.
Consider the following statements regarding ‘Green Day Ahead Mar...
The importance of data in decision making:
1. Data provides objective information: Data allows decision makers to have a clear and unbiased view of the situation. It removes personal biases and emotions from the decision-making process and provides objective information to base decisions on.
2. Data improves accuracy: By using data, decision makers can make more accurate and informed decisions. Data provides evidence and facts that can support decision making, leading to more accurate predictions and outcomes.
3. Data helps identify patterns and trends: Analyzing data can reveal patterns and trends that may not be immediately apparent. This can help decision makers make more informed decisions by identifying potential opportunities or risks.
4. Data enables data-driven decision making: Data-driven decision making involves using data and analytics to guide the decision-making process. By relying on data, decision makers can make more informed and data-driven decisions, rather than relying on intuition or guesswork.
5. Data improves accountability: By using data to make decisions, decision makers can hold themselves accountable for the outcomes. Data provides a clear record of the decision-making process and the data used to make decisions, making it easier to evaluate the effectiveness and accountability of decision makers.
Overall, data plays a crucial role in decision making by providing objective information, improving accuracy, identifying patterns and trends, enabling data-driven decision making, and improving accountability.