WGU Data Driven Decision Making - C207 Exam Complete Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+||Brand New Version!!

WGU Data Driven Decision Making - C207 Exam Complete Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+||Brand New Version!! 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 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.