WGU C207 Data Driven Decision Making Exam Questions and Answers Rated A+ 2023

WGU C207 Data Driven Decision Making Exam Questions and Answers Rated A+ 2023. 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.