WGU C207 Data Driven Decision Making Module 3 Exam (Answered)

WGU C207 Data Driven Decision Making Module 3 Exam (Answered) The relationship between several independent variables and one dependent variable is shown using __________. a logistic regression b simple linear regression c multiple linear regression d nonlinear regression c multiple linear regression Company A sells its 12,000th unit of the year. With that sale, the company's revenue and cost curves meet. What is this point called? a revenue point b crossover point c cost point d breakeven point d breakeven point Cluster analysis a) determines the variables that should be measured. b) is used to determine the difference in the variable data points. c) determines groups of terms or values based on different classification models. d) groups terms or values based on the process of arranging different points in the datas c) determines groups of terms or values based on different classification models. A classification model is just another way to say cluster or group. It is not possible to do any type of analysis without determining beforehand the variables that are being measured. Cluster analysis does measure the difference in the data points, but it is used to group those points. One does not arrange or change, the different points in a dataset. If you want to test a change to a process or system before implementing it in real time, which tool might you use to emulate it? a regression b simulation c system d application b simulation When there are several distinct populations, __________ can be used to analyze the difference between the various populations with respect to its summary statistics. a analysis of variance b crossover analysis c simple linear regression d multiple linear regression a analysis of variance To compare populations you would use analysis of variance or ANOVA. A data point that is significantly distant from the observations in the dataset is called which of the following? a far point b error point c abnormal distribution d outlier d outlier In a normal distribution, approximately what percentage of data points in a dataset will be within one standard deviation of the mean? a 50.4 b 68.3 c 95.4 d 99.7 b 68.3 The strongest relationship between variables is represented by which of the following numbers? a -0.99 b -0.22 c 0.16 d 0.74 a -0.99 The closer the correlation is to one or negative one, the stronger the relationship between variables is. A __________ linear relationship exists when the dependent variable increases as the independent variable increases. a strong b weak c positive d negative c positive When both the dependent and independent variables rise, the relationship is said to be positive. If both variables fell, the relationship would be negative. Analysis of Variance (ANOVA) is used to measure the likelihood that a number of samples will be normally distributed. T/F F. ANOVA is used to measure if samples from different populations are equal. Time series analysis cannot be applied if there are multiple independent variables. T/F F. Time series analysis can be used with multiple independent variables as long as one of the independent variables represents time. The four types of data patterns that are looked at are trends, cyclicalities, seasonalities, and irregularities. T/F T. The four data patterns that are looked at during assessments are trends, cyclicalities, seasonalities, and irregularities. Multiple linear regression is an analysis of how multiple independent variables affect one dependent variable. T/F T Most decisions and actions in the real world are because of the outcomes of a single independent variable. T/F F. Although it is important in theory to understand a linear relationship where there is one independent variable and one dependent variable, often the outcome of real-world decisions and dependent variables are affected by many different independent variables. Outliers only occur when there has been an error and should not be considered when doing a regression analysis. T/F F. Outliers can also occur due to a heavily-skewed dataset and should not always be thrown out when doing regression analysis. Their existence could represent a serious threat or opportunity that might not be worth ignoring. Cluster analysis is used to sort different terms or values into "natural" groups. T/F T. Cluster analysis is useful in grouping terms or values based on different variables to have a better understanding of an industry's environment. There is one way to implement cluster analysis. T/F F. There are hundreds of ways to implement depending on the different variables, what is being measured, and the distribution of the different data points. Decision Analysis is the process of weighing the outcomes of all possible actions in a situation and determining the best course of action. T/F T. Decision Analysis is the process of determining the best course of action based on the possibilities of all of the outcomes. It is used, maybe subconsciously, in all decisions made. Under certainty, there is a determinable best action. Under risk, it is not possible, in theory, to determine a best action. T/F F. Although there is not one clear outcome for each action (under certainty), it is possible to determine the best action, in theory, by determining the action that has the greatest expected value. Which of the following would be considered a probabilistic input for a project simulation? a. the weather at a construction site b. the purchase of new machinery for customized parts production c. the number of technicians assigned for a new installation d. the release date for a new software program a) Weather would be considered a probabilistic input because it is outside of the control of the performing organizatio