WGU C207 Data Driven Decision Making Updated 2024 with complete solution
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WGU C207 Data Driven Decision Making Updated 2024 with complete solution
Activities (RBM stage)
second step involves the process that converts inputs to outputs (actions necessary to produces results - training, evaluating, developing)
Alternative hypothesis
The argument that either a sample ...
WGU C207 Data Driven Decision Making Updated 2024
with complete solution
Activities (RBM stage)
second step involves the process that converts inputs to outputs (actions necessary to
produces results - training, evaluating, developing)
Alternative hypothesis
The argument that either a sample is not equal to, greater than, or less than the
hypothesized null sample
Analysis of Variance (ANOVA)
a technique used to determine if there is a sufficient evidence from sample data of three
or more populations to conclude that the means of the population are not all equal. A
statistical method that helps identify the sources of variability by comparing
their means or averages; it compares the variation within a sample to the variation
between samples to see if any differences are the result of some contributing factor or if
the differences occur by chance alone.
Analytics
The discovery, analysis, and communication of meaningful patterns in data.
Autocorrelation
A relationship between two variables that is inherently non-linear
Balanced Scorecard
An approach using multiple measures to evaluate performance, including financial
measures, and the non-financial measures of customers, internal business processes,
and learning and growth.
Bar chart
A graph that measures the distribution of data over discrete groups or categories.
Benchmarks
Standards or points of reference for an industry or sector that can be used for
comparison and evaluation.
Big Data
very large amounts of data; an all-encompassing term for any collection of data sets so
large and complex that it becomes difficult to process them using traditional data
processing applications
Blind Study
A study performed where the participants are not told if they are in the treatment group
or control group
body mass index (BMI)
A measure, based on a person's weight and height, that is used to classify people as
underweight or overweight.
Business process
A sequence of logically related and time based work activities to provide a specific
output for a customer.
Central Limit Theorem
A theorem that states that, the greater the sample, the closer the mean of the sample is
to the entire population and the more the results will look like a normal distribution
,Cluster Analysis
The process of arranging terms or values based on different variables into "natural"
groups
Cointegration
Occurs when two time series are moving with a common pattern due to a connection
between the two time series
Combination
The number of different unordered possibilities for a certain situation.
Complement
The occurrence of an event not happening, the opposite
Confidence interval
An interval estimate used to indicate reliability
Continuous Data
Data that can lay along any point in a range of data
Control chart
A graphic display of process data over time and against established control limits, and
that has a centerline that assists in detecting a trend of plotted values toward either
control limit. A modified run chart that also provides upper and/or lower limits that a
process should not exceed.
Control limits
The area composed of three standard deviations on either side of the centerline, or
mean, of a normal distribution of data plotted on a control chart that reflects the
expected variation in the data. See also specification limits.
Criterion-reference test
compare an individual to certain defined standards
Cumulative Average-Time Learning Model
A learning curve model in which the cumulative average time per unit declines by a
constant percentage each time the cumulative quantity of units produced is doubled
Cumulative distributions
The probability that a random variable will be found at a value less than or equal to a
given number
Customer satisfaction
A measure of the extent to which customers are satisfied with the products and related
services they received from a supplier.
Cycle time
The total elapsed time to move a unit of work from the beginning to the end of a
physical process, as defined by the producer and the customer.
Data Management
The management, including cleaning and storage, of collected data.
Data Mining
the process of discovering patterns in large data sets; performed on big data to decipher
patterns from these large databases
Data Set
A collection of related data records on a storage device.
Davenport Kim Three Stage Model
, A decision making model developed by Thomas Davenport and Jinho Kim that consists
of three stages: framing the problem, solving the problem, and communicating results
Dependent Variable
The variable whose value depends on one or more variables in the equation; typically
the cost or activity to be predicted
Detractor
A category of customer used in the calculation of the Net Promoter Score that indicates
an unhappy customer.
Discrete Data
Data that can only take on whole values and has clear boundaries
Double Blind Study
A study performed where neither the treatment allocator nor the participant knows which
group the participant is in
Epidemiology
study of the incidence, distribution and possible control of diseases and other factors
relating to health
Event
An outcome that occurs
Experience Curve
A curve that shows the decline in cost per unit in various business functions of the value
chain as the amount of these activities increases
Heteroscedasticity
A regression in which the variances in y for the values of x are not equal
Histogram
A graph that displays continuous data. This type of graph has vertical bars that show
the counts or numbers in each range of data. A vertical bar chart that shows the
distribution of data across groups or categories.
Homoscedasticity
A regression in which the variances in y for the values of x are equal or close to equal
Hypothesis
A proposed explanation used as a starting point for future examination
Impact (RBM stage)
last step when applying results-based management is to study the long-term effects that
the output will have (economic, environmental, cultural, or political change)
Incidence
measures the number of new cases that arise in a population over the course of a
designated time period
# new cases / person-time units
Incremental Unit-Time Learning Model
A learning curve model in which the incremental unit time (the time needed to produce
the last unit) declines by a constant percentage each time the cumulative quantity of
units produced is doubled
Independent Variable
The variable presumed to influence another variable (dependent variable); typically it is
the level of activity or cost driver
Information Bias
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