WGU C207 - Chapter 1 questions with complete solutions

Statistics CORRECT ANSWERS: The science that deals with the interpretation of numerical facts or data through theories of probability. Also, the numerical facts or data themselves. Benchmarks CORRECT ANSWERS: Standards or points of reference for an industry or sector that can be used for comparison and evaluation. Independent Variable CORRECT ANSWERS: variable that influences dependent variable. -level of activity or cost driver Dependent Variable CORRECT ANSWERS: Variable depends on one or more variables in the equation -Responds to changes Analytics CORRECT ANSWERS: The discovery, analysis, and communication of meaningful patterns in data. Big Data CORRECT ANSWERS: A catch-phrase that describes a massive volume of data that is so large that it's difficult to process using traditional database and software techniques. Prescriptive Analytics CORRECT ANSWERS: Include experimental design & optimization to suggest a course of action Predictive Analytics CORRECT ANSWERS: Use of data from the past to predict the future Davenport-Kim Three-Stage Model CORRECT ANSWERS: A decision-making model developed by Thomas Davenport and Jinho Kim that consists of three stages: ng the problem 2. solving the problem 3. communicating results Nominal Data CORRECT ANSWERS: Discrete Data-Data sometimes called categorical data or qualitative data, this data type is used to label subjects or data by name -0/1 instead of male/femal Ordinal Data CORRECT ANSWERS: Discrete Data-Data that places objects into an order according to some quality with higher order indicating more of that quality -Gold, Silver, Bronze Interval Data CORRECT ANSWERS: Continuous Data-Data that is ordered within a range and with each data point being an equal interval apart. -Temp, Dates, Time