WGU C207: Data Driven Decision Making

decisions. Which term can be used to describe managerial decisions? - answer-Prescriptive What are two reasons for increasing use of analytics in organizational decision-making? Choose 2 Answers - answer-Relatively lower cost of computer storage Higher computer processing power How 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-Ordinal data What are two aspects of data quality management? Choose 2 answers - answer-It reduces the amount of incomplete data It cleans data Which two attributes indicate potential data quality issues when evaluating a set of nominal data? Choose 2 answers - answer-Missing data Misspelled data When conducting a study that measures an individual's weight, all scales are calibrated prior to use in measurement. Which type of error should this procedure significantly reduce? - answer-Systematic error An advertising manager creates a research study by presenting low, medium, or high frequency of the same ad in matched markets. The manager then reports on sales in each market location. What is the term for the different sales in this study? - answer-Response variable A healthcare study follows a particular sample over time to identify how the health habits of teenagers impact their likelihood of acquiring various diseases later in their life. The healthcare organization hopes this data will allow them to create early prevention programs. Which type of research design does this study describe? - answer-Cohort study Several missing values in a particular field in a dataset were observed. The likelihood of a record having a missing value is correlated to another variable in the dataset. Which two types of error might be introduced into the dataset if the removed record included missing values? Choose 2 answers - answer-Systematic error Omission error A company is trying to increase its online sales revenue by improving its email advertising campaign for repeat customers as well as new customers. Which two variables would be used in determining a campaign to maximize revenue gain? Choose 2 answers - answer-Number of purchases per email Spending per purchase A company that raises turkeys is hoping to increase the rate of growth of the turkeys while controlling the cost of feeding them. It has determined that feeds containing both nutrients and proteins can be used. Which decision-making technique is most appropriate for this company to minimize the cost of feeding the birds? - answer-Linear programming Match each actions with the appropriate statistical procedure Answer options may be used more than once - answer-ANOVA- Compare outcomes of different drug testing results Correlation- Understand effective marketing to spend advertising dollars efficiently Control Charts- Monitor production process A researcher concludes that bananas create healthy children because the researcher's notes indicate that children who eat a banana every day are healthy. What misuse of statistics would this study be an example of if these children also eat a balanced diet and exercise daily? - answer-Confusion of association and causality In the month of December, there is a strong positive correlation between airline ticket sales and retail sales. Which question should the researcher consider before concluding that the correlation statistic implies that airline sales drive retail sales? - answer-Does a causal relationship truly exist? A medical care provider determines the probability that a patient needs treatment for a broken bone, the probability that a patient needs treatment for a concussion, and the probability that a patient needs treatment for both a broken bone and concussion. Which two techniques apply in finding the probability that a patient needs treatment for a broken bone and a concussion? Choose 2 answers - answer-Intersection Multiplication principle A hardware store has found that there is a 0.25 probability that a customer buys and electrical product, a 0.45 probability that a customer buys a plumbing product, and a 0.10 probability that a customer buys an electrical product if they purchase a plumbing product. Which statistical rule can be used to determine the probability that a customer buys a plumbing product given that this customer has purchased an electrical product? - answer-Bayes' theorem Given the following data set: 9,12,14,10,8,11,12 What is the mode? - answer-12 Which graphical tool is used to illustrate a possible relationship or correlation between two variables? - answer-Scatterplot What does it mean when an individual data point has a z-score of -2? - answer-The data point is two standard deviations less than the mean of the data set A research study examined the impact of product advertisement exposure on the product's brand awareness. The appropriate statistical test indicates that the null hypothesis should be rejected at the 5% significance level. What can be concluded from this study? - answer-The advertisement was effective in building brand awareness A manager analyzes a data set that includes information on individual incomes. The manager knows that the data set is fairly representative of the general population and includes several millionaires. Based on this data set, which measure of central tendency best represents the middle of the distribution? - answer-Median After evaluating manufacturing times for a particular product, a manager determines that the times are spread out across the distribution. The manager has been asked to determine how far, on average, the time is from the mean. Which statistic roughly measures the average distance of a data point from the mean of the distribution? - answer-Standard Deviation A nonprofit organization ran an email campaign with three different messages to solicit additional donations. What should the nonprofit organization use to determine if the average donation differs for the different messages? - answer-ANOVA A manager of a call center is in charge of creating a staffing plan. The number of calls received per day is normally distributed. Which two statistics would be needed to estimate the number of calls that would be received 95% of the time? Choose 2 answers - answer-Standard Deviation Mean a manager uses a linear regression to examine how the store's retail sales are predicted by advertising expenditures. Which type of variable do retail sales represent in this regression? - answer-Dependent Variable An analyst used multiple linear regression to explore how Store A's sales (y) are predicted by Store A's advertising expenditure dollars (variable x1) and the advertising expenditure dollars of Store A's competitor (variable x2). The estimated regression is y= 532 + 80.5 x1 - 35.6 x2. How much sales would be predicted if x1 is $1,000 and x2 is also $1,000? - answer-$45,432 A company decides to auction excess inventory on an auction website. The company has performed a regression analysis to identify how the length of the auction impacts the final price. Which statistic indicates the strength of the relations hip between the length of the auction and final price? - answer-R-squared A researcher looks at moving average data on store sales and wishes to perform a multiple regression of interest rates and disposable income. What is a particular concern when performing time series multiple regression? - answer-Autocorrelation A retail store notices a spike in turkey sales every November. Which time series pattern are turkey sales likely to exhibit? - answer-Seasonal A researcher wants to predict student test scores based on hours spent studying. Which type of regression would be more appropriate? - answer-Ordinary least squares regression A doctoral student is surveying chief executive officers (CEOs) to understand their relationships with their governing boards. The student receives responses to a survey with 10 questions that rates the respective relationships. Why would the student measure the standard deviation of repsonses? - answer-To measure the spread of the data A doctoral student surveys chief executive officers (CEOs) to understand their relationships with their governing boards. The student determines the years of business experience for each CEO as well as their rating, on a 10-point scale, of satisfaction with the governing board. Which statistical approach should be used to display the data for the analysis? - answer-Scatterplot Which two decision considerations describe fact- based decisions-making, according to the quality management principles? Choose 2 answers - answer-Decisions reduce external bias Decisions foster trust in plans Which two statements describe how the dedication of leadership and a focus on process enhance quality? Choose 2 answers - answer-It ensures clearly aligned goals It makes results easier to manage and achieve An organization is concerned about whether quality control standards are being met and develops a strategy to test quality control metrics. Which step does this represent in the plan-do-check-act cycle? - answer-Plan Which phrase is a description of quality assurance? - answer-Focuses on training A joint venture is established between two firms to use their core competencies to increase their market share. How would a SIPOC (supplier, inputs, process, outputs, and customers) diagram benefit the joint venture? - answer-Provides a holistic view of the entire operation Ina statistical process control analysis, sample data are collected from an assembly line and measured to see if they fall within a tolerated measurement range. If an observation does fall within the range, a "yes" is recorded. If it falls outside the range, a "no" is recorded. Which kind of data do the "yes" and "no" represent? - answer-Attribute data