WGU C207 Data Driven Decision Making

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...

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 answer Analytics A manufacturer wants to maximize their factory output while specifically minimizing labor costs. What type of analytics might they employ to achieve this goal? - correct answer Prescriptive Analytics What type of data error that occurs in measurement is constant within a data set and is sometimes caused by faulty equip...

Z-Score - 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. Variance - correct answer How far a set of numbers are spread. Used for Data set. Hint Words = Risk, spread. Multiplication Rule - correct answer A method for finding the probability that both of two events occur. When the probabilities of multiple events are multiplied together to determine the li...

Descriptive - correct answer Past data only; Not predicting or optimizing Predictive - correct answer Past to predict the future; Predicting, no optimizing Prescriptive - correct answer Past to predict the future and optimizing Omission - correct answer Missing information Out of Range - correct answer Doesn't match the data or not true Reliable - correct answer Constant and repeatable. A measure of the instrument Valid - correct answer Measures what is intended to be measured...

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 - corre...

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 ...

WGU C207 Module Quizzes Multi Choice Version Data-Driven Decision Making 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 Anal...