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

WGU C207 Data Driven Decision Making Exam (Answered) Verified Solution Frame the Problem, Solving the Problem and Communicating Results are part of which decision making model? Davenport-Kim three-stage model In which stage of the Davenport-Kim model is problem recognition? Framing the problem In which stage of the Davenport-Kim model is data collection? Solving the problem What is a key reason we study statistics? To make informed decisions Visually presenting the data assists in which stage of the Davenport-Kim model? Communicating the results When does research fail to produce reliable results? Poor research validity What are the two major issues surrounding research standards? Best practices and ethics In order to be a statistically valid sample, the sample must be: The appropriate size and random Not selecting a random sample is what type of bias? Measurement Not selecting a right sized sample is what type of bias? Measurement Research best practices eliminate... Bias Outliers create this type of error Out-of Range Unpredictable error Random Error - No correlation Error may occur from missing data. (Example: Space not filled in) Omission Error - Distorted results This error repeats itself Systematic Error - Skewed results Observation points that are distant from other observations. Outliers Note: Can be included or excluded in analysis (causes skewness) Types of Bias: Bias that occurs from not selecting a random sample Measurement bias Types of Bias: Bias introduced because respondents believe it will be beneficial if selected. Conscious bias (key word: benefit) Consistent and repeatable data Reliable Resulting from accurate measurements Valid data If a responder lies on their survey, this creates what type of bias? Information Sorting your spreadsheet can expose these errors by moving them to the very top or the very bottom of the column Omission or Out-of-Range An error that will fix itself over time Random An error that will not fix itself. You must do something Systematic Cleaning and organizing data Data Management Are the following variable quantitative or qualitative? Personality type, social class, or communication style Qualitative A study used when you a conditions can't be controlled Observational study Observes people going forward in time from the time of their entry into the study. Cohort Study What are the three elements of an experimental study? Unit, Treatment, Response Accurately measures what it is intended to measure Valid data ________ an experimental study prevents bias. Blinding Neither the treatment allocator nor the participant knows in which group the participant is contributing. (Who is getting the real drug?) Double blind study The participants are not told if they are in the treatment group or control group Blind study Describes characteristics of a dataset. Mean, median, mode, variation, standard deviation, range.... Descriptive analytics Uses data from t he past to predict the future Predictive Uses experimental design and optimization to predict a future Prescriptive If we move to six appointments an hour we can increase revenue 2%. Which form of analytics is this? Prescriptive - We are taking a specific course of action Based on the last four quarters, we can predict $4,1 million in sales next quarter. Which form of analytics is this? Predictive: We aren't taking any action The number of appointments per day averaged 7 over the last 6 months. Which form of analytics is this? Descriptive: We are only describing the past. No future predictions are made. Is Big Data structured, unstructured or both? Both Where do we store big data In a big data warehouse Why do marketing teams use big data? "Datamining" assists in targeting the best customers for new products or reaching existing customers for like products Name the 4 levels of measurement (NOIR) Nominal, Ordinal, Interval Ratio Continuous data with unique zero point is _______ level of measurement. Ratio Orders data at equal distance apart is _______ level of measurement. Interval Identify, Group, or Categorize is _______ level of measurement. Nominal The colors of cars is which level of measurement? Nominal The price of the car is which level of measurement? Ratio Which level of measurement can be multiplied and divided? Ratio Which level of measurement cannot be analyzed which most statistical test? Nominal Correlation is not _________ Causation A good sample of the population being studied will be the right size and ___________ Random If a sample is not random it creates ____________ Measurement Bias If a sample is not the right size it creates ___________ Measurement Bias Measuring the housing market in North Carolina when making an inference about the entire East coast is an example of __________ Non-representative Sample Lemonade sales increase when it is warmer than 75 degrees. Weather and lemonade are __________ Correlated. "NOT CAUSE" Pulling names from a hat is a tool to create a ______ sample Random Asking participants to taste test a yellow candy and a blue candy and select one can create bias. How can we prevent bias? Blinding You are taking a survey and the question is leading. It seams advantageous to answer a specific way. What type of bias is this? Conscious KEYWORD: Benefit