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WGU C207 - Module 6 questions and answers graded A+.Latest 2023
Performance measures can be used to evaluate the efficiency of an individual, a group, or even an entire organization using data collection and analytics.... [Show More] Critical Success Factors The important things an entity must do to be successful, such as quality measures, customer service, or efficiency. The goals a company must reach in order to consider itself successful Key Performance Indicator (KPI) - is a performance measurement that organizations use to quantify their level of success. - follow "SMART" criteria, which is an acronym for specific, measurable, attainable, relevant, and time-bound - Organizations will spend considerable management time and attention on monitoring performance dashboard DISPLAYs key performance indicators using VISUAL REPRESENTATION such as charts and graphs - can show trends between KPIs that represent how an organization has performed historically. - allow managers and decision makers to easily SEE WEATHER the organization is MEETING GOALS or IMPROVING in many different areas. - are especially useful when it is necessary to display the specific charts, graphs, and data that are integral to making a certain decision. Advantage of KPIs - Educate management on company performance - Can be used as a TOOL ACROSS an ENTIRE ORGANIZATION -DATA driven results make it easier to QUANTIFY PERFORMANCE - If used over time, can create an INTERNAL BENCHMARKING system KPI- DISADVANTAGE -can be EXPENSIVE and TIME-CONSUMING to set up and use -REQUIRES FREQUENT, even ON-GOING, MAINTENANCE and MONITORING -small changes in KPIs may be viewed as meaningful, but may not be statistically significant - Results are often only rough guide rather than a concrete measurement -ONCE DESIGNED and SET UP, DIFFICULT to CHANGE BALANCED SCORECARD An approach using multiple measures to evaluate performance, including financial measures, and the non-financial measures of customers, internal business processes, and learning and growth. - purpose is to include in a company's goals some objectives that may not affect the company's current financial performance but do affect the company's long-term performance. - useful for organizations to determine how successful they are in various categories - successful balanced scorecard should REFLECT the COMPANY's STRATEGY ADVANTAGES of balanced scorecard - Improves ORGANIZATION ALIGNMENT - IMPROVEs internal and external COMMUNICATION - LINKS company operations with its STRATEGY - Emphasizes strategy and organizational results DISADVANTAGES of balanced scorecard - Requires time and effort to establish a meaningful scorecard - Does NOT ILLUSTRATE a FULL PICTURE of the COMPANY PERFORMANCE, particularly financial data - Sometimes DIFFICULT to MAINTAIN MOMENTUM - REQUIRES a WIDE CROSS-SECTION of the organization DEPARTMENTS in DEVELOPING the SYSTEM - May not encourage desired behavior changes Balanced scorecard - Financial The financial measures on a balanced scorecard might include such items as OPERATING INCOME, revenue growth, revenue from new products, gross margin percentage, cost reductions, cash, ECONOMIC VALUE ADDED (EVA), and RETURN ON INVESTMENT (ROI)*. Operating Income Earnings before Interest and Taxes. Economic Value Added (EVA) Net income (after taxes) earned in excess of the amount of net income required to earn the company's cost of capital. Return on Investment (ROI) The ratio of income earned on the investment to the investment made to earn that income. Balanced scorecard - Customer The customer measures on a balanced scorecard might include such items as market share, customer retention percentage, response time, delivery performance, defects, lead time, CUSTOMER SATISFACTION*, and the number of customer complaints. Customer satisfaction A measure of the extent to which customers are satisfied with the products and related services they received from a supplier. balanced scorecard- internal business process The BUSINESS PROCESS measures on a balanced scorecard might include such items as manufacturing or technological capability, new products or services, new product development times, number of new patents, defect rate, yield, average time to manufacture orders, setup time, manufacturing downtime, time taken to repair defective products, and CYCLE TIME, which is the amount of time between the receipt of a customer order and the shipment of that order. Business process A sequence of logically related and time based work activities to provide a specific output for a customer. Cycle time The total elapsed time to move a unit of work from the beginning to the end of a physical process, as defined by the producer and the customer. Balance scorecard - Innovation & learning The learning and growth measures on a balanced scorecard might include such items as employee skills, organizational learning, industry leadership, employee satisfaction scores, employee turnover rates, percentage of processes with advanced controls, percentage of employee suggestions implemented, and percentage of employee compensation based on individual and team incentives. strategy map a diagram documenting the primary strategic goals being pursued by an organization VARIANCE = ACTUAL PERFORMANCE - TARGET PERFORMANCE - positive - Reflects the extent to which the company exceeded the goals set. - negative - indicates that the performance fell short of the target measurement. Net Promoter Score A management tool designed to collect data indicating the relative loyalty of customers and their WILLINGNESS TO RECOMMEND a company's products or services. = PROMOTERS - DETRACTORS Promoter A category of customer used in the calculation of the Net Promoter Score that indicates a LOYAL and ENTHUSIASTIC CUSTOMER. - 9-10 Passive A category of customer used in the calculation of the Net Promoter Score that indicates an UNENTHUSIASTIC and SATISFIED but APATHETIC CUSTOMER. - SCORE 7-8 Detractor A category of customer used in the calculation of the Net Promoter Score that indicates an UNHAPPY CUSTOMER. - SCORE OF 0-6 ADVANTAGES OF NPS - Creates an easily understood metric for customer perceptions - Holds employees accountable for their treatment of individual customers -Allows companies to benchmark against industry leaders - Relatively low maintenance if deployed electronically DISADVANTAGES of NPS - Does not provide in-depth customer perception data - Requires customers who are willing to respond to the question - Some argue the 11-point scale is not as predictive as 7-point scale - Some argue it fails to predict loyalty behaviors - Can be difficult to capture the precise area of dissatisfaction [Show Less]
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WGU C207 STUDY GUIDE MODULE 5 & 6 questions and answers graded A+
incidence rate would be used if we want to measure the proportion of health workers who acquire Ebola from working with Ebola patients percentile ... [Show More] indicates the percent of the population that falls below a certain value standard score for a particular data point, represents the distance from the mean in terms of standard deviations Analysis of variance (ANOVA) is used to determine if three or more sample means are statistically not all equal norm reference test is a test that compares an individual to other individuals on the bell-shaped curve criterion referenced test compares an individual to certain defined standards observed score is the score actually achieved by an individual on a test. true score is the average score an individual would achieve if he or she were to take the test infinite times random measurement error can eventually be eliminated over time as the number of tests increases (according to Classic Test Theory) systematic measurement error occurs when something that is entirely unrelated to the test is affecting test scores item response theory takes into account that different questions may have different levels of difficulty reliability index measures how well a person's observed score on a test represents that person's true score 00:36 01:24 test retest method applies when the same test is given to the same sample on two different occasions parallel forms method applies when two versions of a test are given at the same time to each of half of a sample of students item analysis is the study of the results of each individual question on a test T Results-based management is built upon partnership and inclusiveness F Ethical issues are not a concern with the use of Big Data T A problem with Big Data is that there's too much of it T Data mining will often find trends, but usually overlooks the underlying causes F Index numbers typically relate today's prices to those expected in the future F An index number of 100 indicates that the price or quantity has increased 100 times since the base period T The Consumer Price Index is the main measure of inflation in the U.S. F A ratio and a proportion are the same thing F Prevalence and incidence are the same thing T An incidence rate would be useful for assessing if a treatment or preventative measure is effective in slowing the spread of a disease F For a student who scores in the 25th percentile, this means that only 25% scored better than this student F Hilda scored 75 on a test with a mean of 50 and a standard deviation of 25. On a second test she scored 60 on a test with a mean of 40 and a standard deviation of 10. Hilda's Z-score is higher for the first test. T Z-scores always have a mean of 0 and a standard deviation of 1 T For an ANOVA, the larger the F-ratio, the more likely there is a statistically significant difference T A standard score is a type of norm-referenced measurement [Show Less]
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WGU C207 STUDY GUIDE MODULE 3 & 4 questions answers with verified content.Rated A solution
trend is a general direction in which something is developing or changing analysis of variance (ANOVA) verifies if multiple populations of data ar... [Show More] e the same or at least one is different than the others. cyclicality describes results that go up and down periodically, but don't necessarily follow the calendar homoscedasticity assumes that the variance of a dependent variable is consistent across the range of values median is the midpoint value of a group of measurements statistical population is a group of observations that have something in common mean is the average of a group of measurements heteroscedasticity is the assumption that the variance of a dependent variable changes across the range of values dependent variable is calculated from the value of the other variables in an equation irregularity occurs when there is a one-time unusual measurement in a process seasonality describes variability in a process that occurs at the same time of year each year autocorrelation describes events whose probability of occurring depends upon the events that occurred previously random variation describes the variability that occurs in events for which we have no explanation independent variable is a variable in an equation to which we can assign a specific value outlier is a measurement that is very different than other measurements of similar events mode is the most common measurement of a group of events T Linear Programming finds a maximum or minimum solutions in a situation that has various constraints T If we are analyzing which among three equipment options for a new office would be the best choice, we might use Crossover Analysis F In a Crossover Analysis considering three options, every crossover point is essential to our analysis F Break-even Analysis requires only fixed and variable cost information F The Mean can be found on the left, middle or right portions of a Normal Curve T The Average and the Mean are synonyms T ANOVA (Analysis of Variance) helps us determine statistical differences between groups of data F The Z-test is the key statistic for an ANOVA analysis T Regression Analysis creates a "Best Fit" line for a set of data F Time Series Analysis requires finding the best experts who will predict what is coming in the future T Cluster Analysis is used to find groupings in a set of data T Decision Analysis uses a weighted average of all possible outcomes to determine the best course of action F The Independent Variable is the prediction that is calculated from the data of a specific situation F The Correlation of a set of data reveals what is causing the pattern we are seeing T Error Measurements help determine which forecasting tool is most useful for predicting future events T Least Squares and Linear Regression are synonyms F Cyclicality refers to patterns that return each January T A general increase in sales over time is considered a Trend T Multiple Linear Regression has more than one Independent Variable F An Outlier should always be removed from our data T Simulations utilize Probabilistic Inputs that represent the randomness of the real world dependent variable Which of the following represents the prediction in a regression problem? 16.7% If the restaurant sales average $100,000 per month and the standard deviation is $10,000, what is the probability that sales will be less than $90,000 in any given month? ANOVA There are three elementary schools in a community, and the third grade students take a standardized math test. Which tool would help us analyze whether all three of the schools' students perform similarly on this math test or whether the performance of the students at one school is statistically different than the other two schools? bimodal distribution Which of the following would describe a data distribution that has two peaks and is otherwise symmetrical? One variable is related to the other variable Which of the following is described by correlation? P-value Which of the following statistical tests helps us understand the probability of our being wrong if we reject the null hypothesis? decision analysis We have a situation where we have to make some decisions, interspersed with a series of events that we do not control. Which tool will help us make a better decision? 150 "We have a linear regression equation that predicts power usage per year. The equation is: y = 50 + 10x. If I want to know the usage for year 10, the model forecasts which of the following..." z=1.96 A Normal Distribution uses the Z-score to determine probabilities of various events. If we want the upper tail to contain 2.5% of all possible outcomes, which value of Z would we use? breakeven analysis An entrepreneur has a great idea. She has researched the startup costs and cost of providing the product to potential customers, and she has researched the market and determined the price it will sell for. If the entrepreneur wants to know the minimum capital she will need to make the business a success, which tool would help with that analysis? This shows Heteroscedasticity and we use Regression A study of income shows that the range of incomes for a population has a wider range as those people increase in age. Which of the following issues is present and what do we do about it? Seasonality A company's sales peak each July. They should correct their Exponential Smoothing forecasts using which of the following: linear programming A fast-food company has three products they provide their customers from the same kitchen area. They want to maximize their profits by determining the production mix that best uses their limited numbers of grills and other equipment. Which analysis tool will help them make a great decision? crossover analysis A company wants to provide a new service. There are three computer companies providing three different solutions to enable them to implement the new service. If they want to know which one will be least expensive at the volume of service they expect to provide each year, which analysis tool will help with this situation? cluster analysis A marketing department wants to know how to group their potential customers so they can deliver tailored messages to each group with the hope they will better receive the message and respond with higher purchases. Which analysis tool will help them create the groups? checksheet is a structured form to collect and record data providing information about the number, time and location of events or problems special cause variation is abnormal variation that is not a natural part of the process lean systems is a management approach that seeks to maximize customer value while minimizing waste scatter diagram shows the relationship or correlation between variables sampling is the process of selecting participants or gathering data from a population quality management is a component of business strategy that focuses on product/service quality and the means to achieve it SIPOC diagram diagram defines the boundaries of a process and shows how Suppliers, Inputs, Processes, Outputs and Customers interact to produce quality products/services histogram is a vertical bar chart that shows the distribution of data over time, across groups or categories variable data shows how well a result meets a requirement cause and effect diagram shows the underlying causes of a problem or event, also known as a fishbone diagram statistical process control relies on statistics and measurement monitor work to analyze process abnormalities and improvements pareto chart is a histogram, ordered by frequency of occurrence, that shows how many results were generated by each identified cause attritbute data shows whether a result meets a requirement or not (yes/no, pass/fail) flow chart is a graphical representation of the flow of information or product through a process or operation six sigma is a quality program that uses statistical quality control techniques to provide quality outputs at the level of 3.4 defects per million opportunities process approach Principle that lowers cost and shortens cycle times through the effective use of resources. continuous approach Principle focused on continuous improvement of employee skills and process capabilities. engaged colleagues Engaged people at all levels of the organization who are involved in the pursuit of quality that provides benefits to the organization. focus on customers An organizational focus on satisfying customers. fact based decision making An online retailor analyzes packages shipped per day for the past week and uses this to schedule employees in his packing and shipping department. quality assurance A car manufacturer implements a new employee training program to improve quality and safety. SIPOC A hospital analyzes its operating room procedures by looking at supplies, patient preparation, operating processes and patient recovery. PDCA A steel manufacturer implements new processing temperature setting for steel beam to improve tensile strength. Quality Control A sugar producer weighs ten bags of sugar out of every batch packaged to ensure packaging quality. flow chart A hotel chain analyzes its check-in process in an effort to improve customer satisfaction. scatter diagram A hospital Emergency Room wishes to analyze the patients they treat for flu versus patients who received a flu shot. histogram What analysis technique should a call center use to analyze its number calls for each hour of operation? control chart A tool for monitoring unwanted product variation. tree diagram A regional bank has broadly identified problems with its current banking software and wishes to now break these problems into specific details to evaluate potential software packages as a replacement. lean systems A quality program from the customer's perspective that views anything that does not add to the customer's experience and satisfaction as waste that should be eliminated. reliability An Electronics Company produces 92% quality in its Circuits Department, 95% quality in its Assembly Department, and 98% quality in its Finishing Department. What tool should it use to find its total system quality? ISO Certification Program that shows that an organization has a quality management system in place to monitor and control quality issues. six sigma Quality teams that are essentially striving for perfection by applying quality control concepts to improvement of processing quality. [Show Less]
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WGU C207 Data Driven Decision Making 100% accurate answers.Latest 2023
Z-Score Data points only. Measurement of a scores relationship to the mean. A statistical measure that indicates the number of standard deviations a data ... [Show More] point is from its mean. Variance How far a set of numbers are spread. Used for Data set. Hint Words = Risk, spread. Multiplication Rule A method for finding the probability that both of two events occur. When the probabilities of multiple events are multiplied together to determine the likelihood of all of the events happening. Word Hint: And Addition Rule A method for finding the probability that either or both of two events occur. When two events, A and B, are mutually exclusive, the probability that A or B will occur is the sum of the probability of each event. Word Hint: Either/or. Combination Rule How many combinations can be made. Bayes Theorem Probability of an event , based on conditions that might be related to the event. Conditional probability. A formula that calculates conditional probabilities. Important for understanding how new information affects the probabilities of outcomes. Word Hint: Given that. Median Number halfway into the data set. Hint Word: Typical Mode Number that occurs most often in a data set. Mean Average. Add all numbers and divide. Standard Deviation How spread out the numbers are. Square root of the variance. Pareto Chart Contains both line and bar graphs. Ordered by frequency of occurrence that shows how many results were generated by each identified cause. Cause and Effect Diagram Shows the causes of a specific event. Check Sheet Collect data in real time. Control Chart Determines whether a process should undergo a formal exam for quality. Histogram Graph representing the distribution of numeric data. Measures how continuous data is distributed over various ranges. Example: Displays how many people fall in various ranges of height. Scatter Diagram A graphic that uses dots to show relationships or correlations between variables Flow/Run Chart Shows the workflow process Bar Chart Graph of schedule-related info. Example: Measures how many people are from each state. Box - Plot Used while studying the composition of a data set to examine the distribution (non - parametric data) uses median and percentiles rather than averages. (Look for Spread and Median.) Dependent Variable Dependent upon the Independent variable Independent Variable Variable the drives the dependent variable Range Difference between the lowest and highest number in a data set. Example: 4,6,9,3,7 Range = 9-3 =6 T-Statistic Statistic (derived from a sample) used in hypothesis testing. Determines if 2 sample means are significantly different from each other. Central Limit Theorem Distribution of average of a large number of independent, identical, variables will be approximately normal. OR the idea that if a large enough number of samples is taken, the means of those samples will be normally distributed around the population mean. F-Statistic Value you get when you run an ANOVA test or a regression analysis to find out if the means between two populations are significantly different. ANOVA (Analysis of Variance) - Collection of statistical models used to analyze the differences among group means, (Three or more groups) Compares samples over different times. Uses same software as regression, but takes multiple sets of data and tries to find the difference between the groups. At least three groups of data and sees if there is any statistical value. Used to determine if there is a significant difference among three or more means. Linear Regression Describes data and explains the relationship between one dependent variable and one more independent variables. Predictive analysis. Linear relationship between two variables can be measured by its strength Strong Linear Bunch around a straight line Weak Linear Scattered Negative Linear When one values decreases as the other increases Positive When both values increase together. Correlation Coefficient The strength of a linear relationship. A number between -1 and 1 Close to 0 means a weak linear relationship Closer to -1 or 1 means strong linear relationship Equal to exactly -1 or 1 considered perfectly linear Negative linear relationships have correlations less than 0 Strong linear relationships have correlations great than 0 Correlation A and B may happen at the same time, but may not be related. R - Squared The term "R-squared" or "R2" provides a measure of "goodness of fit." Chi - Squared Assess the goodness of fit between observed values and those expected theoretically. A chi-squared test is commonly used in statistics to draw inferences about a population, by testing sample data. A chi-squared test is employed for categorical data. Linear Programming Used to achieve best outcomes such as maximum profit or lowest cost. Give key points. Cross over Analysis Usually doesn't have revenue. Finds the intersection of two lines and shows which option is cheapest. Interval Data (Integer) Data this is ordered within a range with each data point being an equal interval apart. Example: Level of happiness, degrees in Fahrenheit. Nominal Data Called "Categorical Data" or "Qualitative Data", data type is used to label subjects by order of name. Breaks results into categories, like days of the week, or states of the United States of America. Valid Data Data from a test that accurately measures what it is intended to measure. Reliable Data Data that is consistent and repeatable. Ration Data Data that is ordered within a range with each data point being an equal interval apart, also has a natural zero point which indicates none of the given quality. Example: Height, Age. Ordinal Data Data that is set into some kind of order on a scale. Example: Athletes on the podium during the Olympic games. Continuous Data Data that can lay along any point. Example: Height, Run Times Discrete Data Data that can only take on whole values and has clear boundaries. Example: Number of students in a class room. Inferential Statistics Used to make predictions about a population from a sample. IQR (Inter-quartile Range) The difference in value between the bottom and the top 25% of the sample. Cumulative Distribution The probability that a random variable will be found at a value less than or equal to a given number. Confidence Interval An internal estimate used to indicate reliability. Complement The occurrence of an event not happening, the opposite. Descriptive Statistics Statistics that are used to describe a population from observations of that whole population. Standard Error of the Mean An estimate of the distance between the sample mean and the population mean. Experience Curve Shows the decline in cost per unit in various business functions of the value chain as the amount of these activities increases. Standard Error of the Mean Average deviations of the data point from the regression line or curve. Multicollinearity A multiple regression is flawed because two variables thought to be independent are actually correlated to be independent. Logistic Regression Analysis that predicts the result of a binary, categorical dependent variable. Tree Diagram Tool that uses steps to break a topic down into its components. Regression Analysis Used to predict future data values. A Statistical process for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables. [Show Less]
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WGU C207 Data Driven Decision Making 100% accurate answers .Rated 2023
Z-Score Data points only. Measurement of a scores relationship to the mean. A statistical measure that indicates the number of standard deviations a data ... [Show More] point is from its mean. Variance How far a set of numbers are spread. Used for Data set. Hint Words = Risk, spread. Multiplication Rule A method for finding the probability that both of two events occur. When the probabilities of multiple events are multiplied together to determine the likelihood of all of the events happening. Word Hint: And Addition Rule A method for finding the probability that either or both of two events occur. When two events, A and B, are mutually exclusive, the probability that A or B will occur is the sum of the probability of each event. Word Hint: Either/or. Combination Rule How many combinations can be made. Bayes Theorem Probability of an event , based on conditions that might be related to the event. Conditional probability. A formula that calculates conditional probabilities. Important for understanding how new information affects the probabilities of outcomes. Word Hint: Given that. Median Number halfway into the data set. Hint Word: Typical Mode Number that occurs most often in a data set. Mean Average. Add all numbers and divide. Standard Deviation How spread out the numbers are. Square root of the variance. Pareto Chart Contains both line and bar graphs. Ordered by frequency of occurrence that shows how many results were generated by each identified cause. Cause and Effect Diagram Shows the causes of a specific event. 00:51 01:24 Check Sheet Collect data in real time. Control Chart Determines whether a process should undergo a formal exam for quality. Histogram Graph representing the distribution of numeric data. Measures how continuous data is distributed over various ranges. Example: Displays how many people fall in various ranges of height. Scatter Diagram A graphic that uses dots to show relationships or correlations between variables Flow/Run Chart Shows the workflow process Bar Chart Graph of schedule-related info. Example: Measures how many people are from each state. Box - Plot Used while studying the composition of a data set to examine the distribution (non - parametric data) uses median and percentiles rather than averages. (Look for Spread and Median.) Dependent Variable Dependent upon the Independent variable Independent Variable Variable the drives the dependent variable Range Difference between the lowest and highest number in a data set. Example: 4,6,9,3,7 Range = 9-3 =6 T-Statistic Statistic (derived from a sample) used in hypothesis testing. Determines if 2 sample means are significantly different from each other. Central Limit Theorem Distribution of average of a large number of independent, identical, variables will be approximately normal. OR the idea that if a large enough number of samples is taken, the means of those samples will be normally distributed around the population mean. F-Statistic Value you get when you run an ANOVA test or a regression analysis to find out if the means between two populations are significantly different. ANOVA (Analysis of Variance) - Collection of statistical models used to analyze the differences among group means, (Three or more groups) Compares samples over different times. Uses same software as regression, but takes multiple sets of data and tries to find the difference between the groups. At least three groups of data and sees if there is any statistical value. Used to determine if there is a significant difference among three or more means. Linear Regression Describes data and explains the relationship between one dependent variable and one more independent variables. Predictive analysis. Linear relationship between two variables can be measured by its strength Strong Linear Bunch around a straight line Weak Linear Scattered Negative Linear When one values decreases as the other increases Positive When both values increase together. Correlation Coefficient The strength of a linear relationship. A number between -1 and 1 Close to 0 means a weak linear relationship Closer to -1 or 1 means strong linear relationship Equal to exactly -1 or 1 considered perfectly linear Negative linear relationships have correlations less than 0 Strong linear relationships have correlations great than 0 Correlation A and B may happen at the same time, but may not be related. R - Squared The term "R-squared" or "R2" provides a measure of "goodness of fit." Chi - Squared Assess the goodness of fit between observed values and those expected theoretically. A chi-squared test is commonly used in statistics to draw inferences about a population, by testing sample data. A chi-squared test is employed for categorical data. Linear Programming Used to achieve best outcomes such as maximum profit or lowest cost. Give key points. Cross over Analysis Usually doesn't have revenue. Finds the intersection of two lines and shows which option is cheapest. Interval Data (Integer) Data this is ordered within a range with each data point being an equal interval apart. Example: Level of happiness, degrees in Fahrenheit. Nominal Data Called "Categorical Data" or "Qualitative Data", data type is used to label subjects by order of name. Breaks results into categories, like days of the week, or states of the United States of America. Valid Data Data from a test that accurately measures what it is intended to measure. Reliable Data Data that is consistent and repeatable. Ration Data Data that is ordered within a range with each data point being an equal interval apart, also has a natural zero point which indicates none of the given quality. Example: Height, Age. Ordinal Data Data that is set into some kind of order on a scale. Example: Athletes on the podium during the Olympic games. Continuous Data Data that can lay along any point. Example: Height, Run Times Discrete Data Data that can only take on whole values and has clear boundaries. Example: Number of students in a class room. Inferential Statistics Used to make predictions about a population from a sample. IQR (Inter-quartile Range) The difference in value between the bottom and the top 25% of the sample. Cumulative Distribution The probability that a random variable will be found at a value less than or equal to a given number. Confidence Interval An internal estimate used to indicate reliability. Complement The occurrence of an event not happening, the opposite. Descriptive Statistics Statistics that are used to describe a population from observations of that whole population. Standard Error of the Mean An estimate of the distance between the sample mean and the population mean. Experience Curve Shows the decline in cost per unit in various business functions of the value chain as the amount of these activities increases. Standard Error of the Mean Average deviations of the data point from the regression line or curve. Multicollinearity A multiple regression is flawed because two variables thought to be independent are actually correlated to be independent. Logistic Regression Analysis that predicts the result of a binary, categorical dependent variable. Tree Diagram Tool that uses steps to break a topic down into its components. Regression Analysis Used to predict future data values. A Statistical process for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables. Control Limits Area composed of three standard deviations on either side of the center line. Lean A method for when a manager seeks to maximize customer value while minimizing waste. Network Diagram Graphic representation of the schedule that shows the sequence of project activities. Process Decision Program Chart A Tree Diagram designed to help uncover counter measures or contingency plans so problems can be solved quickly or avoided. SIPOC Suppliers, Inputs, Processes, Outputs, and Customers Variable Data Data that shows how well a result meets a requirement, often shown on a scale or as a rating. Affinity Diagram Tool that helps teams sort verbal data or ideas into categories for further investigation or evaluation. Data Mining Process of discovering patterns in large data sets. Consumer Price Index A measure of the price level of a defined "Basket" of consumer items purchased by households. Simple Price Index A measure that shows the relative change in a price or quantity of a single good with respect to time. Simple Composite Index Created when a researcher gathers data from many different sources without weighting any data more than the other. Weighted Composite Index Created when a researcher applies more weight to certain goods or services. Cost - Effective Analysis A goal is determined and the cost of achieving said goal is analyzed. KPI - Key Performance Indicators Key Performance Indicators - Dashboard featuring charts and graphs. Advantages: Able to educate management Can be used for the entire organization Data - driven, quantifies performance Can be used for benchmarking over time Disadvantages: Expensive and time consuming Requires ongoing maintenance Small changes may seem significant, but in reality may not have an impact Provides only a rough guide Difficult to change Balanced Scorecard Include in a company guide some objections that may not affect the company's current financial performance but do affect the company's long term performance. Advantages: Improves organization alignment Improves internal and external communication Links company operations with its strategy Emphasizes strategy and organizational results Disadvantages: Requires time and effort to establish a meaningful scorecard Does not illustrate a full picture of the company performance, particularly financial data Sometimes difficult to maintain momentum Requires a wide cross-section of the organization departments in developing the system May not encourage desired behavior changes Decision Analysis or Decision Tree Plots decisions that we can make and states of nature (What we don't control, like market) Assigns probability based on research. What are the outcomes of the decisions. Cluster Analysis Plot dots, look for nature groups. Bell Curve - Normal Distribution. A bell curve follows the 68-95-99.7 rule, which provides a convenient way to carry out estimated calculations: - Approximately 68% of all of the data lies within one standard deviation of the mean. - Approximately 95% of all the data is within two standard deviations of the mean. - Approximately 99.7% of the data is within three standard deviations of the mean. [Show Less]
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C207 WGU questions and answers latest 2023.Rated A+
What is the key focus on analysis? To predict trends using quantitative data. What are the four levels of measurement? 1. Nominal 2. Ordinal 3. ... [Show More] Interval 4. Ratio Nominal data is categorical. It has no numerical value. It's not a number. Examples: -the types of pizza you sell -meatball -veggie -cheese (these are labels, they can't be added or subtracted) Ordinal data is ranked, but doesn't have a specific value. Example: -the size of pizza (small, medium, large) (we can't add or subtract these but we can put them in sequential order) - order (key word) - no numerical value Interval data data is numeric. You can add and subtract it. It has a sequential value. Each value is equally spaced from the previous value. Example: - drink sizes are interval (16 oz, 20 oz, 24 oz) they are equally spaced about (4 oz spaced) Ratio data is numeric. Your sales per day are ratio data. Example" - 10 sales of $12.99 a piece = $129.99 (the value has a true value from zero) To challenge the validity and reliability of data, ask two things. Are there any outliers and are there any errors? Outliers Don't throw them out. Do them in both ways. Example: last week, you were closed for two days for renovations. Sales were a zero for those two days. That's an outlier. You include the outliers to know how its effecting your bottom line. 2 categories of errors 1. Random 2. Systematic Random error is something that happens just once and will not repeat over time. Example: if you are trying to find average delivery times and one delivery was effected by a four hour Chicago traffic delay, that's random. Systematic error is when your deliveries (example) are slow and it is not by chance. Example: A delivery driver has nursed the fuel injector on his car for the past six months. It breaks down one out of every 20 deliveries he makes. This is Systematic error. It repeats itself. Omission error An error because something is missing. Example: A delivery driver didn't clock in or out for his delivery. That data will not be included in study and it's relevant. -A data set with an omission error is defined as distorted. out of range error ... What is used to reduce errors? a number of quality control tools. Example: a survey customers take only allows them to select responses from a list. That way, they can't type anything in wrong. Treatment Example: You want to make a crispier pizza and to do this, you apply three different sets of oil to three different pizza to measure the crispiness of the crust. Blind study when the subjects don't know if they are receiving the treatment or a placebo (a harmless procedure prescribed for the psychological benefit of the recipient) Double blind study An experiment in which neither the participant nor the researcher knows whether the participant has received the treatment or the placebo (a harmless procedure prescribed for the psychological benefit of the recipient) Descriptive ... For companies to attract and retain their best customers they need a complete portrait of who they are. To develop this portrait companies turn to... analytics A manufacturer wants to maximize their factory output while specifically minimizing labor costs. What type of analytics might they employ to achieve this goal? prescriptive analytics What type of data error that occurs in measurement is constant within a data set and is sometimes caused by faulty equipment or bias? measurement bias A city government is trying to determine the national origins of its recent immigrant population. If a survey of the immigrant population is conducted in English what type of error be present in the data? Omission The use of Big Data is increasingly important to businesses in competitive markets. Which of the following characteristics is not true of big data? can be analyzed with traditional spreadsheets The Davenport-Kim three-stage model consists of framing the problem, solving the problem, and communicating results. Which two of the following are part of framing the problem stage? -determine the scope of the problem -review of previous findings A healthcare provider is researching blood glucose levels before and after exercising. What two elements should be part of any experimental study such as this? treatment procedures Runners cover 26.2 miles in the Olympics marathon. What level of measurement is this? ratio What level of measurement is the type of cars produced in Ford factory? nominal What level of measurement is this the 10 best cities in the U.S. to retire in? Ordinal What level of measurement are women's dress sizes (2,4,6, etc.)? Interval A local school board is studying the impact of a proposed change in testing on math scores. Bias can be introduced into the study by both students and teachers. Which research technique would eliminate this type of bias? Double blind study A Company's product development team test 3 new car waxes by waxing 5 cars with each wax and then running them through a car wash. They then record number of washes it takes before the wax begins to deteriorate. What is the term for the five cars? The experimental unit Random sample samples need to be the right size and represent your population. Example: 1. What represents the population of NBA players? A: 50 players selected from the 2017 roster. Response Bias You the responder feel persuaded or that you only have one answer (one way to answer it). Example: Your teacher ask you to fill in a survey for teacher of the year. -In directly, you're inclined to fill in something favoring that teacher without them asking you to. Conscious Bias The researcher creates the bias in question phrasing. Lawyers call it "leading." -The "agree with me" approach. Example: - wouldn't you ...? - don 't you ...? - of course this is the obvious choice * it's important to test a survey before giving it out. Lack of binding * one of the tools researcher use to remove bias. -removes previous experiences or perceptions. Causality To test for causality, make sure we understand every variable that could influence the outcome. Once variable has been indentified, then we can say what the cause is. Example: Correlation is not "cause." Relationship is not "cause." Probability a chance/ every chance. The likelihood of something happening. Multiplication rule * (and, both all) The probability we use when we want to know the probability of 2 things happening at one time. _usually, the number combined will be smaller. Addition rule * (or, either) Example: what is the probability to walk to a cash register that can either give you a change or digital receipt. [Show Less]
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Analytics is a broad term that refers to a variety of tools that inform managerial decisions.Which term can be used to describe managerial decisions? Pres... [Show More] criptive What are two reasons for the increasing use of analytics in organizational decision-making? Relatively lower cost of computer storage; Higher computer processing power How does probability theory inform decision-making for managers? By quantifying risk Which type of data are the Olympic medals of gold, silver, and bronze examples of? Ordinal data What are two aspects of data quality management? It reduces the amount of incomplete data.; It cleans data. Which two attributes indicate potential data quality issues when evaluating a set of nominal data? Missing data; misspelled data When conducting a study that measures an individual's weight, all scales are calibrated prior to use in measurement.Which type of error should this procedure significantly reduce? systematic An advertising manager creates a research study by presenting low, medium, or high frequency of the same ad in matched markets. The manager then reports on sales in each market location.What is the term for the different sales in this study? response variable A healthcare study follows a particular sample over time to identify how the health habits of teenagers impact their likelihood of acquiring various diseases later in their life. The healthcare organization hopes this data will allow them to create early prevention programs.Which type of research design does this study describe? Cohort Study Several missing values in a particular field in a dataset were observed. The likelihood of a record having a missing value is correlated to another variable in the dataset.Which two types of error might be introduced into the dataset if the removed record included missing values? Systematic and Omission Error A company is trying to increase its online sales revenue by improving its email advertising campaign for repeat customers as well as new customers.Which two variables would be used in determining a campaign to maximize revenue gain? Number of purchases per email; spending per purchase A company that raises turkeys is hoping to increase the rate of growth of the turkeys while controlling the cost of feeding them. It has determined that feeds containing both nutrients and protein can be used.Which decision-making technique is most appropriate for this company to minimize the cost of feeding the birds? Linear Programming Compare outcomes of different drug testing results ANOVA Understand effective marketing to spend advertising dollars efficiently Correlation Monitor production process Control Charts A researcher concludes that bananas create healthy children because the researcher's notes indicate that children who eat a banana every day are healthy.Which misuse of statistics would this study be an example of if these children also eat a balanced diet and exercise daily Confusion of association and causality In the month of December, there is a strong positive correlation between airline ticket sales and retail sales.Which question should the researcher consider before concluding that the correlation statistic implies that airline sales drive retail sales? Does a causal relationship truly exist? A medical care provider determines the probability that a patient needs treatment for a broken bone, the probability that a patient needs treatment for a concussion, and the probability that a patient needs treatment for both a broken bone and a concussion.Which two techniques apply in finding the probability that a patient needs treatment for a broken bone and a concussion? Intersection; Multiplication principle A hardware store has found that there is a 0.25 probability that a customer buys an electrical product, a 0.45 probability that a customer buys a plumbing product, and a 0.10 probability that a customer buys an electrical product if they purchase a plumbing product.Which statistical rule can be used to determine the probability that a customer buys a plumbing product given that this customer has purchased an electrical product? Bayes' Theorem Given the following data set:9, 12, 14, 10, 8, 11, 12What is the mode? 12 Which graphical tool is used to illustrate a possible relationship or correlation between two variables? Scatterplot What does it mean when an individual data point has a z-score of -2? The data point is two standard deviations less than the mean of the data set. A research study examined the impact of product advertisement exposure on that product's brand awareness. The appropriate statistical test indicates that the null hypothesis should be rejected at the 5% significance level.What can be concluded from this study? The advertisement was effective in building brand awareness. A manager analyzes a data set that includes information on individual incomes. The manager knows that the data set is fairly representative of the general population and includes several millionaires.Based on this data set, which measure of central tendency best represents the middle of the distribution? Median After evaluating manufacturing times for a particular product, a manager determines that the times are spread out across the distribution. The manager has been asked to determine how far, on average, the time is from the mean.Which statistic roughly measures the average distance of a data point from the mean of the distribution? Standard deviation The number of customers that an automobile service shop receives on any given day is normally distributed with a mean of 75 and a standard deviation of 25. On a given day, 125 oil changes are performed.What is the probability on a given day of 125 or fewer oil changes performed? 97.7% A nonprofit organization ran an email campaign with three different messages to solicit additional donations.What should the nonprofit organization use to determine if the average donation differs for the different messages? ANOVA A manager of a call center is in charge of creating a staffing plan. The number of calls received per day is normally distributed.Which two statistics would be needed to estimate the number of calls that would be received 95% of the time? Standard deviation and mean A manager uses a linear regression to examine how the store's retail sales are predicted by advertising expenditures.Which type of variable do retail sales represent in this regression? Dependent variable An analyst used multiple linear regression to explore how Store A's sales ( y) are predicted by Store A's advertising expenditure dollars (variable x1) and the advertising expenditure dollars of Store A's competitor (variable x2).The estimated regression is y = 532 + 80.5 x1 - 35.6 x2.How much sales would be predicted if x1 is $1,000 and x2 is also $1,000? $45,432 A company decides to auction excess inventory on an auction website. The company has performed a regression analysis to identify how the length of the auction impacts the final price.Which statistic indicates the strength of the relationship between the length of the auction and final price? R-squared A researcher looks at moving average data on store sales and wishes to perform a multiple regression of interest rates and disposable income.What is a particular concern when performing time series multiple regression? Autocorrelation A retail store notices a spike in turkey sales every November.Which time series pattern are turkey sales likely to exhibit? Seasonal A researcher wants to predict student test scores based on hours spent studying.Which type of regression would be more appropriate? Ordinary least squares regression A doctoral student is surveying chief executive officers (CEOs) to understand their relationships with their governing boards. The student receives responses to a survey with 10 questions that rates the respective relationships.Why would the student measure the standard deviation of responses? To measure the spread of the data A doctoral student surveys chief executive officers (CEOs) to understand their relationships with their governing boards. The student determines the years of business experience for each CEO as well as their rating, on a 10-point scale, of satisfaction with the governing board.Which statistical approach should be used to display the data for analysis? Scatter plot Which two decision considerations describe fact-based decision-making, according to the quality management principles? Decisions reduce external bias; Decisions foster trust in plans. Which two statements describe how the dedication of leadership and a focus on process enhance quality? It ensures clearly aligned goals; It makes results easier to manage and achieve. An organization is concerned about whether quality control standards are being met and develops a strategy to test quality control metrics.Which step does this represent in the plan-do-check-act cycle? Plan [Show Less]
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Activities (RBM stage) second step involves the process that converts inputs to outputs (actions necessary to produces results - training, evaluating, dev... [Show More] eloping) Alternative hypothesis The argument that either a sample is not equal to, greater than, or less than the hypothesized null sample Analysis of Variance (ANOVA) a technique used to determine if there is a sufficient evidence from sample data of three or more populations to conclude that the means of the population are not all equal Analytics The discovery, analysis, and communication of meaningful patterns in data. Autocorrelation A relationship between two variables that is inherently non-linear Balanced Scorecard An approach using multiple measures to evaluate performance, including financial measures, and the non-financial measures of customers, internal business processes, and learning and growth. Bar chart A graph that measures the distribution of data over discrete groups or categories. Benchmarks Standards or points of reference for an industry or sector that can be used for comparison and evaluation. Big Data very large amounts of data; an all-encompassing term for any collection of data sets so large and complex that it becomes difficult to process them using traditional data processing applications Blind Study A study performed where the participants are not told if they are in the treatment group or control group body mass index (BMI) A measure, based on a person's weight and height, that is used to classify people as underweight or overweight. Business process A sequence of logically related and time based work activities to provide a specific output for a customer. Central Limit Theorem A theorem that states that, the greater the sample, the closer the mean of the sample is to the entire population and the more the results will look like a normal distribution Cluster Analysis The process of arranging terms or values based on different variables into "natural" groups Cointegration Occurs when two time series are moving with a common pattern due to a connection between the two time series Combination The number of different unordered possibilities for a certain situation. Complement The occurrence of an event not happening, the opposite Confidence interval An interval estimate used to indicate reliability Continuous Data Data that can lay along any point in a range of data Control chart A graphic display of process data over time and against established control limits, and that has a centerline that assists in detecting a trend of plotted values toward either control limit. Control limits The area composed of three standard deviations on either side of the centerline, or mean, of a normal distribution of data plotted on a control chart that reflects the expected variation in the data Criterion-reference test compare an individual to certain defined standards Critical Success Factors The important things an entity must do to be successful, such as quality measures, customer service, or efficiency. Cumulative Average-Time Learning Model A learning curve model in which the cumulative average time per unit declines by a constant percentage each time the cumulative quantity of units produced is doubled Cumulative distributions The probability that a random variable will be found at a value less than or equal to a given number Customer satisfaction A measure of the extent to which customers are satisfied with the products and related services they received from a supplier. Cycle time The total elapsed time to move a unit of work from the beginning to the end of a physical process, as defined by the producer and the customer. Cyclicality Repetition of up (peaks) or down movements (troughs) that follow or counteract a business cycle that can last several years Data Management The management, including cleaning and storage, of collected data. Data Mining the process of discovering patterns in large data sets; performed on big data to decipher patterns from these large databases Data Set A collection of related data records on a storage device. Davenport Kim Three Stage Model A decision making model developed by Thomas Davenport and Jinho Kim that consists of three stages: framing the problem, solving the problem, and communicating results Dependent Variable The variable whose value depends on one or more variables in the equation; typically the cost or activity to be predicted Detractor A category of customer used in the calculation of the Net Promoter Score that indicates an unhappy customer. Discrete Data Data that can only take on whole values and has clear boundaries Double Blind Study A study performed where neither the treatment allocator nor the participant knows which group the participant is in Economic Value Added (EVA) Net income (after taxes) earned in excess of the amount of net income required to earn the company's cost of capital. Epidemiology study of the incidence, distribution and possible control of diseases and other factors relating to health Event An outcome that occurs Experience Curve A curve that shows the decline in cost per unit in various business functions of the value chain as the amount of these activities increases Heteroscedasticity A regression in which the variances in y for the values of x are not equal Histogram A graph that displays continuous data. This type of graph has vertical bars that show the counts or numbers in each range of data. Homoscedasticity A regression in which the variances in y for the values of x are equal or close to equal Hypothesis A proposed explanation used as a starting point for future examination Impact (RBM stage) last step when applying results-based management is to study the long-term effects that the output will have (economic, environmental, cultural, or political change) Incidence measures the number of new cases that arise in a population over the course of a designated time period Incremental Unit-Time Learning Model A learning curve model in which the incremental unit time (the time needed to produce the last unit) declines by a constant percentage each time the cumulative quantity of units produced is doubled Independent Variable The variable presumed to influence another variable (dependent variable); typically it is the level of activity or cost driver Information Bias A prejudice in the data that results when either the respondent or the interviewer has an agenda and is not presenting impartial questions or responding with truly honest responses, respectively Input (RBM stage) the first step of RBM is to define the resources, human or financial, used by the RBM system (people, funds, information) Interquartile range The difference, in value, between the bottom and top 25 percent of the sample or population Interval Data Data that is ordered within a range and with each data point being an equal interval apart Irregularity One-time deviations from expectations caused by unforeseen circumstances such as war, natural disasters, poor weather, labor strikes, single-occurrence company- specific surprises or macroeconomic shocks [Show Less]
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