Data Driven Decision Making C207 Preassessment (Answered) Graded A+

Data Driven Decision Making C207 Preassessment (Answered) Graded A+ 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? Relatively lower cost of computer storage Higher computer processing power In what way does probability theory inform decision-making for managers? quantifying risk Which type of data are the Olympic medals of gold, silver and bronze examples of? Ordinal data What are some aspects of data quality management? Choose 2 answers it cleans data it reduces the amount of incomplete data which two attributes indicate potential data quality issues when evaluating a set of nominal data? missing data misspelled data When conducting a study that measures an individuals weight, all scales are calibrated prior to use in measurement. Which type of error should this procedure significantly reduce? 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? The 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 in the hope that the healthcare organization will be able to create early prevention programs. Which type of research design does this study describe 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. Omission error typographical error A company is trying to increase its online sales revenue by improving its e-mail 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 spending per purchase number of purchases per email A company that raises turkeys is hoping to increase the rate of growth of the birds while controlling the cost of feeding the birds. It has been determined that feeds containing both nutrients and protein can be used. What decision making technique is most appropriate for this company to minimize the cost of feeding the birds. Linear programming Match each action with the appropriate statistical procedure Answer options may be used more than one or not at all. Understand effective marketing to spend advertising dollars efficiently = Correlation Monitor production process= Control Charts Compare outcomes of different drug testing results= ANOVA 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? unfounded assumptions In the month of December, there is a strong positive correlation between airline tickets and retail sales. Which question should the researcher consider before concluding that the correlation statistic implies that the airline sales drive retail sales? Does a casual 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 a concussion. Which two rules should be used to find the probability that a patient needs treatment for a broken bone and a concussion? Choose 2 answers multiplication intersection A hardware store has found that there is a 0.25 probability that a customer buys an electrical product, a 0.45 probability that a customer buys a plumbing product, and a 0.10 probability that a customer buys an electrical part if they purchase a plumbing part. Given this information, 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? Bayes' Theorem* Given the following data set 11 12 What is the mode 12 which graphical tool is used to illustrate a possible relationship or correlation between two variables? scatterplot what does it mean when an individual data point has a z-score of -2 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 that product's brand awareness. The appropriate statistical test indicates that the null hypothesis should be rejected with 95% confidence. What can be concluded from this study? The advertisement was effective in building brand awareness A manager is analyzing a dataset that includes information on individual incomes. The manager knows that the dataset is fairly representative of the general population and includes several millionaires. Based on this dataset, which measure of central tendency best represents the middle of the distribution? 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? standard deviation