WGU C207 Data-Driven Decision Making 3 questions with complete solutions

Data Management CORRECT ANSWERS: The management, including cleaning and storage, of collected data Regression Analysis CORRECT ANSWERS: A statistical analysis tool that quantifies the relationship between a dependent variable and one or more independent variables Dependent Variable CORRECT ANSWERS: The variable whose value depends on one or more variables in the equation; typically the cost or activity to be predicted Independent Variable CORRECT ANSWERS: The variable presumed to influence another variable (dependent variable); typically it is the level of activity or cost driver Simple Linear Regression CORRECT ANSWERS: A form of regression analysis with only one independent variable Multiple Linear Regression CORRECT ANSWERS: A statistical method used to model the relationship between one dependent (or response) variable and two or more independent (or explanatory) variables by fitting a linear equation to observed data Multicollinearity CORRECT ANSWERS: A multiple regression equation is flawed because two variables thought to be independent are actually correlated to be independent R-squared CORRECT ANSWERS: The measure of the "goodness of fit" of the regression line and the percentage of variation in the dependent variable that is explained by the independent variable Standard Error (SE) of Estimate CORRECT ANSWERS: The "average" deviation of the data points from the regression line or curve Autocorrelation CORRECT ANSWERS: A relationship between two variables that is inherently non-linear. An example could be measuring the likelihood of snow on a given day. If the previous day was sunny and hot, it is not very likely it will snow that day. It is more likely if there was snow on the previous day. Homoscedasticity CORRECT ANSWERS: A regression in which the variances in y for the values of x are equal or close to equal. All of the random variables have the same general finite variance. Heteroscedasticity CORRECT ANSWERS: A regression in which the variances in y for the values of x are not equal.Tthe random variables have an unequal spread of variances.