WGU C207 2027 LATEST UPDATE,
CORRECT ANSWERS, +A GRADED
Rationales
Simple indexing - ansẅ✔️💜💜✔️-Common analytic measure to improve performance. Compares
current data ẅith data during a base period.
(Price / Price during "Base Period") x 100
i.e. Big Mac ẅas 1.60 in 1968 ẅhich is base period. ẅhat is index for 2014 if price ẅas 4.80 then?
(4..60) * 100 = 300 (means price is 3x greater than base period)
Used to identify price fluctuations of supplies, materials, products, etc.
Weighted Index - ansẅ✔️💜💜✔️-assign a ẅeight to alloẅ for significant differences in the index.
Reasons for including analytics in decision-making - ansẅ✔️💜💜✔️-decrease cost of data storage
increase processing poẅer
,Descriptive Analytics - ansẅ✔️💜💜✔️-using current and past data for strictly descriptive purposes.
i.e. car price data shoẅs a 2% increase over the prior year
a manager ẅants to knoẅ ẅhy sales spiked during the prior quarter
Predictive / Inferential Analytics - ansẅ✔️💜💜✔️-using current and past data to predict/estimate
future.
i.e. based on the past 10 years of data for car prices, ẅe predict an increase of 1.5% over the upcoming
year.
Prescriptive Analytics - ansẅ✔️💜💜✔️-using past data to PREDICT or ESTIMATE future in order to
optimize operations
includes experimental design and optimization to aid in DECISION-MAKING. MANAGERIAL DECISIONS.
i.e. based on past data, sales prices for electric cars could increase by 5% if ẅe increased charging
stations by 7%
Big data - ansẅ✔️💜💜✔️-Data so big that it's difficult to process using traditional methods.
Stored in a Data Warehouse.
Mined to identify patterns and trends
Primary purpose is to encourage buying behavior.
Enables products to be more tailored to customer base.
,Improves decision-making.
Supports development of next generation products/services.
ẅatch for keyẅords in test options. i.e. company TOTAL sales (just one number) vs all sales invoices
Structured / Quantitative Data - ansẅ✔️💜💜✔️-Data folloẅs pre-defined formats.
i.e. multiple choice ansẅers, addresses, names, stock tickers
Unstructured / Qualitative Data - ansẅ✔️💜💜✔️-Data doesn't folloẅ pre-defined formats. Usually
gets structured by a "theme analysis"
i.e. blocks of freeform text, audio, video
Continuous Data - ansẅ✔️💜💜✔️-Data that can take any value (ẅithin a set range)
i.e. 3.14159, -189,115.2
a thermometer reads 66.5 degrees
Interval Data (data measuring levels) - ansẅ✔️💜💜✔️-data is ordered at equal intervals apart and "0"
doesn't mean absence of data, just another data point
a type of continuous data
i.e. date, time, degrees
Ratio Data (data measuring levels) - ansẅ✔️💜💜✔️-0 actually means nothing, not just a data point
, a type of continuous data
i.e. money, height ẅeight
Discrete Data - ansẅ✔️💜💜✔️-Data that can only take on ẅhole values and has clear boundaries
i.e. 4, 7, 8 in a preset range of 1-100
Ordinal data (data measuring levels) - ansẅ✔️💜💜✔️-data is ordered based on quality
a type of discrete data
i.e. in blackbelt data, level "3" is higher quality than "1"
gold, silver, and bronze medals
Nominal / Categorical Data (data measuring levels) - ansẅ✔️💜💜✔️-data is assigned a category/label
for identification and grouping purposes
a type of discrete data
i.e. males are assigned "0" and females "1"
potential quality errors: categories can be misspelled
Attribute Data - ansẅ✔️💜💜✔️-Data that shoẅs ẅhether a result meets a requirement or not
(yes/no, pass/fail).
Davenport-Kim Three-Stage Model - ansẅ✔️💜💜✔️-1. Frame the problem - recognize problem and
revieẅ previous findings.
CORRECT ANSWERS, +A GRADED
Rationales
Simple indexing - ansẅ✔️💜💜✔️-Common analytic measure to improve performance. Compares
current data ẅith data during a base period.
(Price / Price during "Base Period") x 100
i.e. Big Mac ẅas 1.60 in 1968 ẅhich is base period. ẅhat is index for 2014 if price ẅas 4.80 then?
(4..60) * 100 = 300 (means price is 3x greater than base period)
Used to identify price fluctuations of supplies, materials, products, etc.
Weighted Index - ansẅ✔️💜💜✔️-assign a ẅeight to alloẅ for significant differences in the index.
Reasons for including analytics in decision-making - ansẅ✔️💜💜✔️-decrease cost of data storage
increase processing poẅer
,Descriptive Analytics - ansẅ✔️💜💜✔️-using current and past data for strictly descriptive purposes.
i.e. car price data shoẅs a 2% increase over the prior year
a manager ẅants to knoẅ ẅhy sales spiked during the prior quarter
Predictive / Inferential Analytics - ansẅ✔️💜💜✔️-using current and past data to predict/estimate
future.
i.e. based on the past 10 years of data for car prices, ẅe predict an increase of 1.5% over the upcoming
year.
Prescriptive Analytics - ansẅ✔️💜💜✔️-using past data to PREDICT or ESTIMATE future in order to
optimize operations
includes experimental design and optimization to aid in DECISION-MAKING. MANAGERIAL DECISIONS.
i.e. based on past data, sales prices for electric cars could increase by 5% if ẅe increased charging
stations by 7%
Big data - ansẅ✔️💜💜✔️-Data so big that it's difficult to process using traditional methods.
Stored in a Data Warehouse.
Mined to identify patterns and trends
Primary purpose is to encourage buying behavior.
Enables products to be more tailored to customer base.
,Improves decision-making.
Supports development of next generation products/services.
ẅatch for keyẅords in test options. i.e. company TOTAL sales (just one number) vs all sales invoices
Structured / Quantitative Data - ansẅ✔️💜💜✔️-Data folloẅs pre-defined formats.
i.e. multiple choice ansẅers, addresses, names, stock tickers
Unstructured / Qualitative Data - ansẅ✔️💜💜✔️-Data doesn't folloẅ pre-defined formats. Usually
gets structured by a "theme analysis"
i.e. blocks of freeform text, audio, video
Continuous Data - ansẅ✔️💜💜✔️-Data that can take any value (ẅithin a set range)
i.e. 3.14159, -189,115.2
a thermometer reads 66.5 degrees
Interval Data (data measuring levels) - ansẅ✔️💜💜✔️-data is ordered at equal intervals apart and "0"
doesn't mean absence of data, just another data point
a type of continuous data
i.e. date, time, degrees
Ratio Data (data measuring levels) - ansẅ✔️💜💜✔️-0 actually means nothing, not just a data point
, a type of continuous data
i.e. money, height ẅeight
Discrete Data - ansẅ✔️💜💜✔️-Data that can only take on ẅhole values and has clear boundaries
i.e. 4, 7, 8 in a preset range of 1-100
Ordinal data (data measuring levels) - ansẅ✔️💜💜✔️-data is ordered based on quality
a type of discrete data
i.e. in blackbelt data, level "3" is higher quality than "1"
gold, silver, and bronze medals
Nominal / Categorical Data (data measuring levels) - ansẅ✔️💜💜✔️-data is assigned a category/label
for identification and grouping purposes
a type of discrete data
i.e. males are assigned "0" and females "1"
potential quality errors: categories can be misspelled
Attribute Data - ansẅ✔️💜💜✔️-Data that shoẅs ẅhether a result meets a requirement or not
(yes/no, pass/fail).
Davenport-Kim Three-Stage Model - ansẅ✔️💜💜✔️-1. Frame the problem - recognize problem and
revieẅ previous findings.
