Exam with This Study Pack|Complete Questions and
Correct Answer(100%)|Latest 2025/2026 Update|Graded
A+
Activities (RBM stage) - Answer -second step involves the process
that converts inputs to outputs (actions necessary to produces results -
training, evaluating, developing)
Alternative hypothesis - Answer -The argument that either a sample is
not equal to, greater than, or less than the hypothesized null sample
Analysis of Variance (ANOVA) - Answer -a technique used to
determine if there is a sufficient evidence from sample data of three or
more populations to conclude that the means of the population are not
all equal
Analytics - Answer -The discovery, analysis, and communication of
meaningful patterns in data.
Autocorrelation - Answer -A relationship between two variables that
is inherently non-linear
Balanced Scorecard - Answer -An approach using multiple measures
to evaluate performance, including financial measures, and the non-
financial measures of customers, internal business processes, and
learning and growth.
Bar chart - Answer -A graph that measures the distribution of data
over discrete groups or categories.
Benchmarks - Answer -Standards or points of reference for an
industry or sector that can be used for comparison and evaluation.
Big Data - Answer -very large amounts of data; an all-encompassing
term for any collection of data sets so large and complex that it
becomes difficult to process them using traditional data processing
applications
pg. 1
,Blind Study - Answer -A study performed where the participants are
not told if they are in the treatment group or control group
body mass index (BMI) - Answer -A measure, based on a person's
weight and height, that is used to classify people as underweight or
overweight.
Business process - Answer -A sequence of logically related and time
based work activities to provide a specific output for a customer.
Central Limit Theorem - Answer -A theorem that states that, the
greater the sample, the closer the mean of the sample is to the entire
population and the more the results will look like a normal
distribution
Cluster Analysis - Answer -The process of arranging terms or values
based on different variables into "natural" groups
Cointegration - Answer -Occurs when two time series are moving
with a common pattern due to a connection between the two time
series
Combination - Answer -The number of different unordered
possibilities for a certain situation.
Complement - Answer -The occurrence of an event not happening, the
opposite
Confidence interval - Answer -An interval estimate used to indicate
reliability
Continuous Data - Answer -Data that can lay along any point in a
range of data
Control chart - Answer -A graphic display of process data over time
and against established control limits, and that has a centerline that
assists in detecting a trend of plotted values toward either control
limit.
Control limits - Answer -The area composed of three standard
deviations on either side of the centerline, or mean, of a normal
pg. 2
,distribution of data plotted on a control chart that reflects the expected
variation in the data
Criterion-reference test - Answer -compare an individual to certain
defined standards
Critical Success Factors - Answer -The important things an entity
must do to be successful, such as quality measures, customer service,
or efficiency.
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
Cumulative distributions - Answer -The probability that a random
variable will be found at a value less than or equal to a given number
Customer satisfaction - Answer -A measure of the extent to which
customers are satisfied with the products and related services they
received from a supplier.
Cycle time - Answer -The total elapsed time to move a unit of work
from the beginning to the end of a physical process, as defined by the
producer and the customer.
Cyclicality - Answer -Repetition of up (peaks) or down movements
(troughs) that follow or counteract a business cycle that can last
several years
Data Management - Answer -The management, including cleaning
and storage, of collected data.
Data Mining - Answer -the process of discovering patterns in large
data sets; performed on big data to decipher patterns from these large
databases
Data Set - Answer -A collection of related data records on a storage
device.
pg. 3
, Davenport Kim Three Stage Model - Answer -A decision making
model developed by Thomas Davenport and Jinho Kim that consists
of three stages: framing the problem, solving the problem, and
communicating results
Dependent Variable - Answer -The variable whose value depends on
one or more variables in the equation; typically the cost or activity to
be predicted
Detractor - Answer -A category of customer used in the calculation of
the Net Promoter Score that indicates an unhappy customer.
Discrete Data - Answer -Data that can only take on whole values and
has clear boundaries
Double Blind Study - Answer -A study performed where neither the
treatment allocator nor the participant knows which group the
participant is in
Economic Value Added (EVA) - Answer -Net income (after taxes)
earned in excess of the amount of net income required to earn the
company's cost of capital.
Epidemiology - Answer -study of the incidence, distribution and
possible control of diseases and other factors relating to health
Event - Answer -An outcome that occurs
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
Heteroscedasticity - Answer -A regression in which the variances in y
for the values of x are not equal
Histogram - Answer -A graph that displays continuous data. This type
of graph has vertical bars that show the counts or numbers in each
range of data.
Homoscedasticity - Answer -A regression in which the variances in y
for the values of x are equal or close to equal
pg. 4