WGU Data Driven Decision Making - C207 Latest Update with complete solution

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 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 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 Activities (RBM stage) - ️️second step involves the process that converts inputs to outputs (actions necessary to produces results - training, evaluating, developing) Alternative hypothesis - ️️The argument that either a sample is not equal to, greater than, or less than the hypothesized null sample 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. Blind Study - ️️A study performed where the participants are not told if they are in the treatment group or control groupbody 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. 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