EXAM STUDY GUIDE 2026/2027 COMPLETE
QUESTIONS WITH VERIFIED CORRECT
ANSWERS || 100% GUARANTEED PASS
Activities (RBM stage) - ANSWER second step involves the process that converts inputs to
outputs (actions necessary to produces results - training, 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