Academic Excellence

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 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 ...

Statistics → ~~> The science that deals with the interpretation of numerical facts or data through theories of probability. Also, the numerical facts or data themselves. Benchmarks → ~~> Standards or points of reference for an industry or sector that can be used for comparison and evaluation. Analytics → ~~> The discovery, analysis, and communication of meaningful patterns in data. Big Data → ~~> A catch-phrase that describes a massive volume of data that is so lar...

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 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...

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 → ~~> a Statistically complex indicators Results-based management uses simple indicators in order to be more flexible to the constant changes of running a business. Which one of the following is NOT an example of big data? a Department store questionnaires for online shoppers b The ...

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 variance; a measure of how spread out the numbers are Histogram → ~~> A graph that displays continuous data. This type of graph has vertical bars that show the counts...

Quantitative analysis is another name for what? a) algebra b) mathematics c) statistics d) probability → ~~> c) statistics If a dataset is presented on a scale of hours per week, which scale of measurement is being used? a) nominal b) ordinal c) interval d) ratio → ~~> d) ratio The use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and add value is called ________. Best Grades | Must Pass ...

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 t...

Which term can be used to describe managerial decisions? → ~~> Prescriptive 2 reasons for the increase in use of analytics in organizational decision making? → ~~> 1. Relatively low cost of computer storage → 2. Higher computer processing power How does probability theory inform decision-making for managers? → ~~> By quantifying risk Which type of data are the Olympic medals of gold, silver, and bronze examples of? → ~~> Ordinal data What are two aspects of data qu...

In a few sentences, describe something new you learned about quantum computing. → -:- Write a few sentences (come up with your own info) Quantum computing is a fundamental change in how machines go about processing data. 4 Benefits include: database processing, security, running simulations, artificial intelligence. It can help the medical field get new development of drugs or agriculture improving fertilizer/cut greenhouse emissions. In a few sentences, describe one possible busines...

How does China maintain such a low currency valuation? a. By employing alien labor b. By dumping currency into the economy c. By utilizing old world technology d. China's currency valuation is rising steadily → -:- b Why do we (US) import so much Canadian oil? a. It's better quality b. Actually we don't import any oil from Canada c. Our currency is higher in valuation than the Canadian dollar d. They throw in good Canadian whiskey for every gallon of oil we buy from them → -:-...