WGU C207 Data Driven Decision Making Terms (Complete Solutions)

WGU C207 Data Driven Decision Making Terms (Complete Solutions) Activities (RBM stage) second step involves the process that converts inputs to outputs (actions necessary to produces results - training, evaluating, developing) Alternative hypothesis The argument that either a sample is not equal to, greater than, or less than the hypothesized null sample Analysis of Variance (ANOVA) 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 The discovery, analysis, and communication of meaningful patterns in data. Autocorrelation A relationship between two variables that is inherently non-linear Balanced Scorecard 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 A graph that measures the distribution of data over discrete groups or categories. Benchmarks Standards or points of reference for an industry or sector that can be used for comparison and evaluation. Big Data 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 Blind Study A study performed where the participants are not told if they are in the treatment group or control group body mass index (BMI) A measure, based on a person's weight and height, that is used to classify people as underweight or overweight. Business process A sequence of logically related and time based work activities to provide a specific output for a customer. Central Limit Theorem 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 The process of arranging terms or values based on different variables into "natural" groups Cointegration Occurs when two time series are moving with a common pattern due to a connection between the two time series Combination The number of different unordered possibilities for a certain situation. Complement The occurrence of an event not happening, the opposite Confidence interval An interval estimate used to indicate reliability Continuous Data Data that can lay along any point in a range of data Control chart 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 The area composed of three standard deviations on either side of the centerline, or mean, of a normal distribution of data plotted on a control chart that reflects the expected variation in the data Criterion-reference test compare an individual to certain defined standards Critical Success Factors The important things an entity must do to be successful, such as quality measures, customer service, or efficiency. Cumulative Average-Time Learning Model 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 The probability that a random variable will be found at a value less than or equal to a given number Customer satisfaction A measure of the extent to which customers are satisfied with the products and related services they received from a supplier. Cycle time 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 Repetition of up (peaks) or down movements (troughs) that follow or counteract a business cycle that can last several years Data Management The management, including cleaning and storage, of collected data. Data Mining the process of discovering patterns in large data sets; performed on big data to decipher patterns from these large databases Data Set A collection of related data records on a storage device. Davenport Kim Three Stage Model 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 The variable whose value depends on one or more variables in the equation; typically the cost or activity to be predicted Detractor A category of customer used in the calculation of the Net Promoter Score that indicates an unhappy customer. Discrete Data Data that can only take on whole values and has clear boundaries Double Blind Study A study performed where neither the treatment allocator nor the participant knows which group the participant is in Economic Value Added (EVA) Net i