wgu c207 (WGUC207)

Simple indexing correct answer: Common analytic measure to improve performance. Compares current data with data during a base period. (Price / Price during "Base Period") x 100 i.e. Big Mac was 1.60 in 1968 which is base period. what is index for 2014 if price was 4.80 then? (4.80 / 1.60) * 100 = 300 (means price is 3x greater than base period) Used to identify price fluctuations of supplies, materials, products, etc. Weighted Index correct answer: assign a weight to allow f...

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? a. Prescriptive b. Predictive c. Pareto chart d. Biased correct answer: a What are two reasons for the increasing use of analytics in organizational decision making? a. Relatively lower cost of computer storage b. Lower availability of statistical experts c. Higher cost of obtaining data d. Higher computer processing power correct...

For companies to attract and retain their best customers they need a complete portrait of who they are. To develop this portrait companies turn to... a. Statistics b. Analytics c. Management Science d. Histograms correct answer: b A manufacturer wants to maximize their factory output while specifically minimizing labor costs. What type of analytics might they employ to achieve this goal? a. Descriptive Analytics b. Predictive Analytics c. Prescriptive Analytics d. Diagnostic ...

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? correct answer: Prescriptive What are two reasons for the increasing use of analytics in organizational decision-making? correct answer: Relatively lower cost of computer storage; Higher computer processing power How does probability theory inform decision-making for managers? correct answer: By quantifying risk Which type of data are t...

Descriptive and Inferential correct answer: There are two types of statistics (Analytics) Inform / Explanatory correct answer: Descriptive statistics are used to ______ Predict / Trend correct answer: Inferential statistics are used to ______ (NOIR) Nominal, Ordinal, Interval Ratio correct answer: Name the 4 levels of measurement Ratio correct answer: Continuous data with unique zero point Interval correct answer: Orders data at equal distance apart Ordinal correct answer...

Data points only. Measurement of a scores relationship to the mean. A statistical measure that indicates the number of standard deviations a data point is from its mean. correct answer: Z-Score How far a set of numbers are spread. Used for Data set. Hint Words = Risk, spread. correct answer: Variance A method for finding the probability that both of two events occur. When the probabilities of multiple events are multiplied together to determine the likelihood of all of the events happeni...