Guide, Answered (Verified Solution)WGU C207 Data-Driven Decision Making Exam

Data-Driven Decision Making Exam Define analytics Turning information into knowledge and developing fact based strategies to gain a competitive edge. Descriptive/Diagnostic analytics Encompasses the set of techniques that describes what has happened in the past. Predictive analytics Consists of techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another. Prescriptive analytics Decision models that indicate the best course of action to take. Three characteristic of big data 1. Structured and unstructured large volumes 2. Analytics is used to discover and communicate meaningful patterns 3. Analysis of big data requires a system of organization Davenport-Kim Three-Stage Model* A decision-making model developed by Thomas Davenport and Jinho Kim that consists of three stages: 1. Framing the problem, (why are you trying to do this and what do we already know)