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An organization develops a new strategic plan and seeks ways to measure its performance over a specific period of time. Which system enables the organization to measure performance based upon established global standards? ISO Analytics is a broad term that refers to a variety of tools that inform managerial decisions. Which term can be used to describe managerial decisions? Predictive What are two reasons for the increasing use of analytics in organizational decision making? Relative...

Nominal Data Sometimes called categorical data, is used to label subjects in a study. Nominal data is a type of discrete data. This measurement places an object into a category, rather than attaching some quality to them. Ordinal Data Data that places data objects into an order according to some quality with higher order indicating more of that quality Interval Data Type of continuous data. It has an order to it and all the objects are an equal interval apart, so in interval data the d...

1. Which of the following statistics are unaffected by a single large outlier? (More than one) * Median, mode, Interquartile range (IQR) 2. Which of the following is most suitable for policy making based on income distribution? * Median Because of assumed skewed distribution 3. If we study data from a population whose mean is 200 and standard deviation is 30, which of the following data points has a z-score of -3? * 110. 4. Which of the following statistics measures the spread of the d...

Analytics is a broad term that refers to a variety of tools that inform managerial decisions. Which term can be used to describe managerial decisions?Predictive - Descriptive analytics: Depict and then describe the characteristics of what is being studied - Predictive analytics: Use data from the past to predict the future - Prescriptiveanalytics: Include experimental design and optimization to suggest a course of action What are two reasons for the increasing use of analytics in organiza...

WGU C207 Modules 1 – 6 Exams Questions and Verified Answers | Already GRADED A

Why are analytics important to managers in the decision-making process? - They allow the use of data in explanatory and predictive models Why do organizations use analytics and quantitative analysis? - To predict trends What is expected value? - A measure of average payoff Which type of data does identification of political parties involve? - Nominal data- data without quantitive numbers i.e. hair color

Analytics is a broad term that refers to a variety of tools that inform managerial decisions. - ANSWER Prescriptive What are two reasons for the increasing use of analytics in organizational decision making? - ANSWER Relatively lower cost of computer storage Higher computer processing power In what way does probability theory inform decision-making for managers? - ANSWER By quantifying risk Which type of data are the Olympic medals of gold, silver, and bronze examples of? - ANSWER Ordi...

C207 - Final Self Assessment With 100% Verified Questions and All Correct Answers be Sure to Score an A+

Big Data very large amounts of data Index Number employed to measure the change in quantity or price over time for a good or a number of goods and services Simple Index Number: shows the change in price or quantity of a single good or service over time. This can be determined in three steps Determine the price or quantity of a good at the base period Determine the price or quantity of a good at the time being compared to the base period. Consider the following variables: It ...

1. Which of the following statistics are unaffected by a single large outlier? (More than one) * - Answer- Median, mode, Interquartile range (IQR) 2. Which of the following is most suitable for policy making based on income distribution? * - Answer- Median Because of assumed skewed distribution 3. If we study data from a population whose mean is 200 and standard deviation is 30, which of the following data points has a z-score of -3? * - Answer- 110. 4. Which of the following statist...