WGU C 207 Data Driven Decision Making Bundled Exams with complete solution

Analytics is a board term that refers to a variety of tools that inform managerial decisions. Which term can be used to describe managerial decisions? - Prescriptive What are two reasons for increasing use of analytics in organizational decision-making? Choose 2 Answers - Relatively lower cost of...

Confidence Interval - An interval estimate used to indicate reliability Probability Density Function - Often used to represent probabilities of continuous data; gives the probability that a continuous random variable is equal to the area below it Standard Deviation - The square root of the varian...

Descriptive - Past data only; Not predicting or optimizing Predictive - Past to predict the future; Predicting, no optimizing Prescriptive - Past to predict the future and optimizing Omission - Missing information Out of Range - Doesn't match the data or not true Reliable - Constant and repeat...

incidence rate - would be used if we want to measure the proportion of health workers who acquire Ebola from working with Ebola patients percentile - indicates the percent of the population that falls below a certain value standard score - for a particular data point, represents the distance from...

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 - Analytics A manufacturer wants to maximize their factory output while specifically minimizing labor costs. What type of analytics might they employ ...

Z-Score - 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 - How far a set of numbers are spread. Used for Data set. Hint Words = Risk, spread. Multiplication Rule - A...

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 - b A manufacturer wants to maximize their factory output while specifically mini...

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 ...