WGU C207 STUDY GUIDE MODULE 3 & 4 Already Passed

WGU C207 STUDY GUIDE MODULE 3 & 4 Already Passed trend is a general direction in which something is developing or changing analysis of variance (ANOVA) verifies if multiple populations of data are the same or at least one is different than the others. cyclicality describes results that go up and down periodically, but don't necessarily follow the calendar homoscedasticity assumes that the variance of a dependent variable is consistent across the range of values median is the midpoint value of a group of measurements statistical population is a group of observations that have something in common mean is the average of a group of measurements heteroscedasticity is the assumption that the variance of a dependent variable changes across the range of values dependent variable is calculated from the value of the other variables in an equation irregularity occurs when there is a one-time unusual measurement in a process seasonality describes variability in a process that occurs at the same time of year each year autocorrelation describes events whose probability of occurring depends upon the events that occurred previously random variation describes the variability that occurs in events for which we have no explanation independent variable is a variable in an equation to which we can assign a specific value outlier is a measurement that is very different than other measurements of similar events mode is the most common measurement of a group of events T Linear Programming finds a maximum or minimum solutions in a situation that has various constraints T If we are analyzing which among three equipment options for a new office would be the best choice, we might use Crossover Analysis F In a Crossover Analysis considering three options, every crossover point is essential to our analysis F Break-even Analysis requires only fixed and variable cost information F The Mean can be found on the left, middle or right portions of a Normal Curve T The Average and the Mean are synonyms T ANOVA (Analysis of Variance) helps us determine statistical differences between groups of data F The Z-test is the key statistic for an ANOVA analysis T Regression Analysis creates a "Best Fit" line for a set of data F Time Series Analysis requires finding the best experts who will predict what is coming in the future T Cluster Analysis is used to find groupings in a set of data T Decision Analysis uses a weighted average of all possible outcomes to determine the best course of action F The Independent Variable is the prediction that is calculated from the data of a specific situation F The Correlation of a set of data reveals what is causing the pattern we are seeing T Error Measurements help determine which forecasting tool is most useful for predicting future events T Least Squares and Linear Regression are synonyms F Cyclicality refers to patterns that return each January T A general increase in sales over time is considered a Trend T Multiple Linear Regression has more than one Independent Variable F An Outlier should always be removed from our data T Simulations utilize Probabilistic Inputs that represent the randomness of the real world dependent variable Which of the following represents the prediction in a regression problem? 16.7% If the restaurant sales average $100,000 per month and the standard deviation is $10,000, what is the probability that sales will be less than $90,000 in any given month? ANOVA There are three elementary schools in a community, and the third grade students take a standardized math test. Which tool would help us analyze whether all three of the schools' students perform similarly on this math test or whether the performance of the students at one school is statistically different than the other two schools? bimodal distribution Which of the following would describe a data distribution that has two peaks and is otherwise symmetrical? One variable is related to the other variable Which of the following is described by correlation? P-value Which of the following statistical tests helps us understand the probability of our being wrong if we reject the null hypothesis? decision analysis We have a situation where we have to make some decisions, interspersed with a series of events that we do not control. Which tool will help us make a better decision? 150 "We have a linear regression equation that predicts power usage per year. The equation is: y = 50 + 10x. If I want to know the usage for year 10, the model forecasts which of the following..." z=1.96 A Normal Distribution uses the Z-score to determine probabilities of various events. If we want the upper tail to contain 2.5% of all possible outcomes, which value of Z would we use? breakeven analysis An entrepreneur has a great idea. She has researched the startup costs and cost of providing the product to potential customers, and she has researched the market and determined the price it will sell for. If the entrepreneur wants to know the minimum capital she will need to make the business a success, which tool would help with that analysis? This shows Heteroscedasticity and we use Regression A study of income shows that the range of incomes for a population has a wider range as those people increase in age. Which of the following issues is present and what do we do about it? Seasonality A company's sales peak each July. They should correct their Exponential Smoothing forecasts using which of the following: linear programming A fast-food company has three products they provide their customers from the same kitchen area. They want to maximize their profits by determining the production mix that best uses their limited numbers of grills and other equipment. Which analysis tool will help them make a great decision? crossover analysis A company wants to provide a new service. There are three computer companies providing three different solutions to enable them to implement the new service. If they want to know which one will be least expensive at the volume of service they expect to provide each year, which analysis tool will help with this situation? cluster analysis A marketing department wants to know how to group their potential customers so they can deliver tailored messages to each group with the hope they will better receive the message and respond with higher purchases. Which analysis tool will help them create the groups? checksheet is a structured form to collect and record data providing information about the number, time and location of events or problems special cause variation is abnormal variation that is not a natural part of the process lean systems is a management approach that seeks to maximize customer value while minimizing waste scatter diagram shows the relationship or correlation between variables sampling is the process of selecting participants or gathering data from a population quality management is a component of business strategy that focuses on product/service quality and the means to achieve it SIPOC diagram diagram defines the boundaries of a process and shows how Suppliers, Inputs, Processes, Outputs and Customers interact to produce quality products/services histogram is a vertical bar chart that shows the distribution of data over time, across groups or categories variable data shows how well a result meets a requirement cause and effect diagram shows the underlying causes of a problem or event, also known as a fishbone diagram statistical process control relies on statistics and measurement monitor work to analyze process abnormalities and improvements pareto chart is a histogram, ordered by frequency of occurrence, that shows how many results were generated by each identified cause attritbute data shows whether a result meets a requirement or not (yes/no, pass/fail) flow chart is a graphical representation of the flow of information or product through a process or operation six sigma is a quality program that uses statistical quality control techniques to provide quality outputs at the level of 3.4 defects per million opportunities process approach Principle that lowers cost and shortens cycle times through the effective use of resources. continuous approach Principle focused on continuous improvement of employee skills and process capabilities. engaged colleagues Engaged people at all levels of the organization who are involved in the pursuit of quality that provides benefits to the organization. focus on customers An organizational focus on satisfying customers. fact based decision making An online retailor analyzes packages shipped per day for the past week and uses this to schedule employees in his packing and shipping department. quality assurance A car manufacturer implements a new employee training program to improve quality and safety. SIPOC A hospital analyzes its operating room procedures by looking at supplies, patient preparation, operating processes and patient recovery. PDCA A steel manufacturer implements new processing temperature setting for steel beam to improve tensile strength. Quality Control A sugar producer weighs ten bags of sugar out of every batch packaged to ensure packaging quality. flow chart A hotel chain analyzes its check-in process in an effort to improve customer satisfaction. scatter diagram A hospital Emergency Room wishes to analyze the patients they treat for flu versus patients who received a flu shot. histogram What analysis technique should a call center use to analyze its number calls for each hour of operation? control chart A tool for monitoring unwanted product variation. tree diagram A regional bank has broadly identified problems with its current banking software and wishes to now break these problems into specific details to evaluate potential software packages as a replacement. lean systems A quality program from the customer's perspective that views anything that does not add to the customer's experience and satisfaction as waste that should be eliminated. reliability An Electronics Company produces 92% quality in its Circuits Department, 95% quality in its Assembly Department, and 98% quality in its Finishing Department. What tool should it use to find its total system quality? ISO Certification Program that shows that an organization has a quality management system in place to monitor and control quality issues. six sigma Quality teams that are essentially striving for perfection by applying quality control concepts to improvement of processing quality.