WGU C207 Data Driven Decision Making TESTS COMPILATION BUNDLE

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 ANSWERS: b A manufacturer wants to maximize their factory output wh...

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 ANSWERS: a What are two reasons for the increasing use of analytics in or...

Which of the following is NOT an application of statistics in business? a Determine the internet advertiser that will reach the most people from extensive page view data. b Determine a target market based on information on household incomes throughout the country. c Predict trends in certain in...

(Quiz 1) 1. 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 ANSWERS: B (Quiz 1) 2. A manufacturer wants to maximize t...

The relationship between several independent variables and one dependent variable is shown using __________. a logistic regression b simple linear regression c multiple linear regression d nonlinear regression CORRECT ANSWERS: c multiple linear regression Company A sells its 12,000th unit ...

management strategy that uses results as the central measurement of performance CORRECT ANSWERS: Results-based management (RBM)* dynamic, iterative process of incorporating changes in a project (or organization) over time by responding to feedback and adding new technology and new capabilities ...

Performance measures are used to _______ the efficiency of an individual or group by using _________ and analytics. a quantify, regression analysis b quantify, data collection c evaluate, regression analysis d evaluate, data collection CORRECT ANSWERS: d evaluate, data collection What does...

Results-based management does NOT need which of the following? a Statistically complex indicators b Constant monitoring c Collaboration between all participants d A common goal among everyone involved CORRECT ANSWERS: a Statistically complex indicators Results-based management uses simple ...

trend CORRECT ANSWERS: is a general direction in which something is developing or changing analysis of variance (ANOVA) CORRECT ANSWERS: verifies if multiple populations of data are the same or at least one is different than the others. cyclicality CORRECT ANSWERS: describes results that go...

Z-Score CORRECT ANSWERS: 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. Variance CORRECT ANSWERS: How far a set of numbers are spread. Used for Data set. Hint Words = Risk,...

There are two types of statistics (Analytics) CORRECT ANSWERS: (Analytics) Descriptive and Inferential Descriptive statistics are used to ______ CORRECT ANSWERS: Inform / Explanatory Inferential statistics are used to ______ CORRECT ANSWERS: Predict / Trend Name the 4 levels of measureme...

What is the key focus on analysis? CORRECT ANSWERS: To predict trends using quantitative data. What are the four levels of measurement? CORRECT ANSWERS: 1. Nominal 2. Ordinal 3. Interval 4. Ratio Nominal data CORRECT ANSWERS: is categorical. It has no numerical value. It's not a number...

Confidence Interval CORRECT ANSWERS: An interval estimate used to indicate reliability Probability Density Function CORRECT ANSWERS: Often used to represent probabilities of continuous data; gives the probability that a continuous random variable is equal to the area below it Standard Deviat...

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 CORRECT ANSWERS: Analytics A manufacturer wants to maximize their factory output while specifically minimizing labor costs. What type of analytics mi...