WGU C207 Data Driven Exam Latest 2024 Questions and
Answers (Verified Answers)
Catherine is trying to sell a ticket to the Super Bowl. She is determining
whether or not she should sell a ticket now or wait until just before the
game and try and sell it then. Currently, someone is offering $350 for the
ticket. From research of past prices, she knows that the tickets
immediately before the Super Bowl are sold for about $500. She
determines that there is a 75 percent chance she will be able to sell the
ticket immediately before the Super Bowl. Based on expected payoffs
from risk decision making, what should she do? How much is the
difference if she chooses to sell now - ANSWER-Catherine should wait to
sell ticket; the difference will be $25.
Heteroscedasticity - ANSWER-A regression in which the variances in y for
the values of x are not equal
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
,Dependent Variable - ANSWER-The variable whose value depends on one
or more variables in the equation; typically the cost or activity to be
predicted
Independent Variable - ANSWER-The variable presumed to influence
another variable (dependent variable); typically it is the level of activity or
cost driver
Analysis of Variance (ANOVA) - ANSWER-A statistical method that helps
identify the sources of variability by comparing their means or averages;
it compares the variation within a sample to the variation between
samples to see if any differences are the result of some contributing
factor or if the differences occur by chance alon
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
Crossover Analysis - ANSWER-Allows a decision maker to identify the
crossover point, which represents the point at which we are indifferent
between the plans
,Cyclicality - ANSWER-Repetition of up (peaks) or down movements
(troughs) that follow or counteract a business cycle that can last several
years
Linear Programming - ANSWER-A mathematical tool used to optimize a
function (the objective function) subject to various constraints, all of
which are linear. Often used to find the combination of products that will
maximize profits or minimize costs
Simple Linear Regression - ANSWER-A form of regression analysis with
only one independent variable
Regression Line - ANSWER-the "line of best fit" where the margin of error
at every point is minimized
Data Management - ANSWER-The management, including cleaning and
storage, of collected data
Random Variation - ANSWER-The variability of a process which might be
caused by irregular fluctuations due to chance that cannot be anticipated,
detected, or eliminated
, Seasonality - ANSWER-Regular pattern of volatility, usually within a single
year
Homoscedasticity - ANSWER-A regression in which the variances in y for
the values of x are equal or close to equal
Irregularity - ANSWER-One-time deviations from expectations caused by
unforeseen circumstances such as war, natural disasters, poor weather,
labor strikes, single-occurrence company-specific surprises or
macroeconomic shocks
Chi-squared Test - ANSWER-A hypothesis test that is used to examine the
distribution of categorical data
Expected Value - ANSWER-The Expected Value for an alternative is the
sum of all possible payoffs for that alternative, each weighted by the
probability of that payoff occurring
Multiple Linear Regression - ANSWER-A statistical method used to model
the relationship between one dependent (or response) variable and two
Answers (Verified Answers)
Catherine is trying to sell a ticket to the Super Bowl. She is determining
whether or not she should sell a ticket now or wait until just before the
game and try and sell it then. Currently, someone is offering $350 for the
ticket. From research of past prices, she knows that the tickets
immediately before the Super Bowl are sold for about $500. She
determines that there is a 75 percent chance she will be able to sell the
ticket immediately before the Super Bowl. Based on expected payoffs
from risk decision making, what should she do? How much is the
difference if she chooses to sell now - ANSWER-Catherine should wait to
sell ticket; the difference will be $25.
Heteroscedasticity - ANSWER-A regression in which the variances in y for
the values of x are not equal
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
,Dependent Variable - ANSWER-The variable whose value depends on one
or more variables in the equation; typically the cost or activity to be
predicted
Independent Variable - ANSWER-The variable presumed to influence
another variable (dependent variable); typically it is the level of activity or
cost driver
Analysis of Variance (ANOVA) - ANSWER-A statistical method that helps
identify the sources of variability by comparing their means or averages;
it compares the variation within a sample to the variation between
samples to see if any differences are the result of some contributing
factor or if the differences occur by chance alon
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
Crossover Analysis - ANSWER-Allows a decision maker to identify the
crossover point, which represents the point at which we are indifferent
between the plans
,Cyclicality - ANSWER-Repetition of up (peaks) or down movements
(troughs) that follow or counteract a business cycle that can last several
years
Linear Programming - ANSWER-A mathematical tool used to optimize a
function (the objective function) subject to various constraints, all of
which are linear. Often used to find the combination of products that will
maximize profits or minimize costs
Simple Linear Regression - ANSWER-A form of regression analysis with
only one independent variable
Regression Line - ANSWER-the "line of best fit" where the margin of error
at every point is minimized
Data Management - ANSWER-The management, including cleaning and
storage, of collected data
Random Variation - ANSWER-The variability of a process which might be
caused by irregular fluctuations due to chance that cannot be anticipated,
detected, or eliminated
, Seasonality - ANSWER-Regular pattern of volatility, usually within a single
year
Homoscedasticity - ANSWER-A regression in which the variances in y for
the values of x are equal or close to equal
Irregularity - ANSWER-One-time deviations from expectations caused by
unforeseen circumstances such as war, natural disasters, poor weather,
labor strikes, single-occurrence company-specific surprises or
macroeconomic shocks
Chi-squared Test - ANSWER-A hypothesis test that is used to examine the
distribution of categorical data
Expected Value - ANSWER-The Expected Value for an alternative is the
sum of all possible payoffs for that alternative, each weighted by the
probability of that payoff occurring
Multiple Linear Regression - ANSWER-A statistical method used to model
the relationship between one dependent (or response) variable and two
