Activities (RBM stage) - Answer second step involves the process that converts inputs to outputs (actions necessary to produces results - training,
... [Show More] evaluating, developing)
Alternative hypothesis - Answer The argument that either a sample is not equal to, greater than, or less than the hypothesized null sample
Analysis of Variance (ANOVA) - Answer 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 - Answer The discovery, analysis, and communication of meaningful patterns in data.
Autocorrelation - Answer A relationship between two variables that is inherently non-linear
Balanced Scorecard - Answer 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 - Answer A graph that measures the distribution of data over discrete groups or categories.
Benchmarks - Answer Standards or points of reference for an industry or sector that can be used for comparison and evaluation.
Big Data - Answer 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 - Answer A study performed where the participants are not told if they are in the treatment group or control group
body mass index (BMI) - Answer A measure, based on a person's weight and height, that is used to classify people as underweight or overweight.
Business process - Answer A sequence of logically related and time based work activities to provide a specific output for a customer.
Central Limit Theorem - Answer 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 - Answer The process of arranging terms or values based on different variables into "natural" groups
Cointegration - Answer Occurs when two time series are moving with a common pattern due to a connection between the two time series
Combination - Answer The number of different unordered possibilities for a certain situation.
Complement - Answer The occurrence of an event not happening, the opposite
Confidence interval - Answer An interval estimate used to indicate reliability
Continuous Data - Answer Data that can lay along any point in a range of data
Control chart - Answer 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 - Answer 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 - Answer compare an individual to certain defined standards
Critical Success Factors - Answer The important things an entity must do to be successful, such as quality measures, customer service, or efficiency.
Cumulative Average-Time Learning Model - Answer 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 - Answer The probability that a random variable will be found at a value less than or equal to a given number
Customer satisfaction - Answer A measure of the extent to which customers are satisfied with the products and related services they received from a supplier.
Cycle time - Answer 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 - Answer Repetition of up (peaks) or down movements (troughs) that follow or counteract a business cycle that can last several years
Data Management - Answer The management, including cleaning and storage, of collected data.
Data Mining - Answer the process of discovering patterns in large data sets; performed on big data to decipher patterns from these large databases
Data Set - Answer A collection of related data records on a storage device.
Davenport Kim Three Stage Model - Answer 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 - Answer The variable whose value depends on one or more variables in the equation; typically the cost or activity to be predicted
Detractor - Answer A category of customer used in the calculation of the Net Promoter Score that indicates an unhappy customer.
Discrete Data - Answer Data that can only take on whole values and has clear boundaries
Double Blind Study - Answer A study performed where neither the treatment allocator nor the participant knows which group the participant is in
Economic Value Added (EVA) - Answer Net income (after taxes) earned in excess of the amount of net income required to earn the company's cost of capital.
Epidemiology - Answer study of the incidence, distribution and possible control of diseases and other factors relating to health
Event - Answer An outcome that occurs
Experience Curve - Answer 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 - Answer A regression in which the variances in y for the values of x are not equal
Histogram - Answer 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 - Answer A regression in which the variances in y for the values of x are equal or close to equal
Hypothesis - Answer A proposed explanation used as a starting point for future examination
Impact (RBM stage) - Answer 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 - Answer measures the number of new cases that arise in a population over the course of a designated time period
Incremental Unit-Time Learning Model - Answer 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 - Answer The variable presumed to influence another variable (dependent variable); typically it is the level of activity or cost driver
Information Bias - Answer 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) - Answer the first step of RBM is to define the resources, human or financial, used by the RBM system (people, funds, information)
Interquartile range - Answer The difference, in value, between the bottom and top 25 percent of the sample or population
Interval Data - Answer Data that is ordered within a range and with each data point being an equal interval apart
Irregularity - Answer 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
Item Response Theory (IRT) - Answer model of designing, analyzing and scoring tests
Key Performance Indicator (KPI) - Answer A performance measurement that organizations use to quantify their level of success.
Laspeyres Index - Answer a comparison of the same quantity of goods with the same weight over a period of time
Line graph - Answer A graph that illustrates relationships between two changing variables with a line or curve that connects a series of successive data points
Lower limit control - Answer The minimum value on a control chart that a process should not exceed
Mean - Answer An average, calculated by adding a series of elements in a data set together and dividing by the total number in the series
Measurement Bias - Answer A prejudice in the data that results when the sample is not representative of the population being tested
Median - Answer The value or quantity lying at the midpoint of a frequency distribution
Multicollinearity - Answer A multiple regression equation is flawed because two variables thought to be independent are actually correlated to be independent
Multiple Linear Regression - Answer A statistical method used to model the relationship between one dependent (or response) variable and two or more independent (or explanatory) variables by fitting a linear equation to observed data
Multiplication Principle - Answer When the probabilities of multiple events are multiplied together to determine the likelihood of all of those events occurring
Mutually exclusive events - Answer When two or more events are not able to occur at the same time
Net Promoter Score - Answer A management tool designed to collect data indicating the relative loyalty of customers and their willingness to recommend a company's products or services.
Nominal Data - Answer Sometimes called categorical data or qualitative data, this data type is used to label subjects or data by name
Non parametric test - Answer A test that does not assume there to be a structure (may be a normal distribution) to the population.
Norm-referenced test - Answer compare an individual to other individuals [Show Less]