WGU C207 Data Driven Decision Making Module 6 Exam (Answered) Graded A+

WGU C207 Data Driven Decision Making Module 6 Exam (Answered) Graded A+ Performance measures are used to _______ the efficiency of an individual or group by using _________ and analytics. evaluate, data collection What does KPI stand for? Key Performance Indicator Which of the following could be an appropriate key performance indicator (KPI)? consumer return rate Which of the following is an advantage of key performance indicators (KPIs)? KPIs can be used as a tool across an entire organization. What is a balanced scorecard? A management tool that measures key performance indicators across four key organization areas Which one of the following is a disadvantage of balanced scorecards? a. They do not improve organization alignment. b. They do not involve a relatively easy process to develop a meaningful scorecard. c. They fail to link a company's operations with its strategy. They do not involve a relatively easy process to develop a meaningful scorecard. Answers A and C are advantages. Balanced scorecards do not involve a relatively easy process to develop a meaningful scorecard. For a balanced scorecard, about how many performance measures should be included? A number limited to the most crucial measures A net promoter score is determined from results, on a scale from 0 to 10, of a question about the customer's opinion of the company. What are the categories used in NPS? Promoters, Passives, and Detractors What is an advantage of a net promoter score system of measurement? NPS is easy to calculate and understand. Return of sales, referrals and average tenure of employees are examples of business performance measures. (T/F) True Performance measures can be used to assess the performance of an entire organization, as well as an individual contributor. T/F True "SMART" criteria is an acronym for small, manageable, accepted, reliable, timely. Often KPIs will follow "SMART" criteria for different company goals. T/F False. "SMART" criteria stands for specific, measurable, attainable, relevant, and time-bound. The key word that entirely does not fit is "small" KPIs usually are applied to quantify company-wide goals. One of the disadvantages of using KPIs is that they are expensive and time-consuming to set up and use. T/F True The balanced scorecard for a company measures the standard industry-defined KPIs for each company. F. The balanced scorecard is unique for each company. A company chooses which KPIs to measure in accordance with its own motivations and goals. An advantage to balanced scorecards is that they illustrate a full picture of a company's performance, especially financial data. T/F False. A balanced scorecard does not illustrate a full picture of a company's performance because it is not possible to take into account all of the variables that might have an effect. A Net Promoter Score is important when looking at customer satisfaction and loyalty. T/F True. NPS is a specific performance measurement that categorizes a company's customers into three groups to determine if the customer is loyal and would recommend the product or service to a friend. A Net Promoter Score is able to capture the precise area of dissatisfaction. False. The NPS does not necessarily explain "why" a customer is not satisfied. Gaining insight into the area of dissatisfaction requires more cooperation from dissatisfied customers. A company's strategy for evolving a company in the long-term should not be considerate of employee's short-term goals. T/F False. A company's strategy for evolving a company in the long-term should not be considerate of employee's short-term goals. If a company wants to determine its strategy it must understand itself and its competitors from extensive data collection and analysis. T/F True 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. Business process A sequence of logically related and time-based work activities to provide a specific output for a customer. Critical Success Factors The important things an entity must do to be successful, such as quality measures, customer service, or efficiency. 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. Detractor