Data Driven Decision Making - Module 3 (Answered)

Data Driven Decision Making - Module 3 (Answered) Linear programming mathematical technique used to find a maximum or minimum of linear equations containing several variables crossover analysis allows a decision maker to identify the crossover point, which represents the point at which we are indifferent between the plans ANOVA Analysis of Variance (ANOVA) is a technique used to determine if there is sufficient evidence from sample data of three or more populations to conclude that the means of the population are not all equal Normal Distribution When data tends to occur around a central value with no bias right or left Judgmental forecasting based on sales, consumer, or management input Associative based upon predictive or explanatory variables and includes regression Decision analysis the process of weighing all outcomes of a decision to determine the best course of action simulation attempts to emulate a real process or system through an imitative model Independent Variable The variable presumed to influence another variable (dependent variable); typically it is the level of activity or cost driver Cluster Analysis The process of arranging terms or values based on different variables into "natural" groups Multicollinearity A multiple regression equation is flawed because two variables thought to be independent are actually correlated to be independent Regression Analysis A statistical analysis tool that quantifies the relationship between a dependent variable and one or more independent variables Data Management The management, including cleaning and storage, of collected data Standard Error (SE) of Estimate The "average" deviation of the data points from the regression line or curve Cointegration Occurs when two time series are moving with a common pattern due to a connection between the two time series Simple Linear Regression