WGU C207 OA Questions and Answers 100% Pass Simple indexing Common analytic measure to improve performance. Compares current data with data during a base period.
(Price / Price during "Base Period") x 100
i.e. Big Mac was 1.60 in 1968 which is base period. what is index for 2014 if price was 4.80...
WGU C207 OA Questions and Answers
100% Pass
Simple indexing ✔✔Common analytic measure to improve performance. Compares current data
with data during a base period.
(Price / Price during "Base Period") x 100
i.e. Big Mac was 1.60 in 1968 which is base period. what is index for 2014 if price was 4.80
then?
(4..60) * 100 = 300 (means price is 3x greater than base period)
Used to identify price fluctuations of supplies, materials, products, etc.
Weighted Index ✔✔assign a weight to allow for significant differences in the index.
Reasons for including analytics in decision-making ✔✔decrease cost of data storage
,increase processing power
Descriptive Analytics ✔✔using current and past data for strictly descriptive purposes.
i.e. car price data shows a 2% increase over the prior year
a manager wants to know why sales spiked during the prior quarter
Predictive / Inferential Analytics ✔✔using current and past data to predict/estimate future.
i.e. based on the past 10 years of data for car prices, we predict an increase of 1.5% over the
upcoming year.
Prescriptive Analytics ✔✔using past data to PREDICT or ESTIMATE future in order to
optimize operations
includes experimental design and optimization to aid in DECISION-MAKING. MANAGERIAL
DECISIONS.
,i.e. based on past data, sales prices for electric cars could increase by 5% if we increased
charging stations by 7%
Big data ✔✔Data so big that it's difficult to process using traditional methods.
Stored in a Data Warehouse.
Mined to identify patterns and trends
Primary purpose is to encourage buying behavior.
Enables products to be more tailored to customer base.
Improves decision-making.
Supports development of next generation products/services.
watch for keywords in test options. i.e. company TOTAL sales (just one number) vs all sales
invoices
, Structured / Quantitative Data ✔✔Data follows pre-defined formats.
i.e. multiple choice answers, addresses, names, stock tickers
Unstructured / Qualitative Data ✔✔Data doesn't follow pre-defined formats. Usually gets
structured by a "theme analysis"
i.e. blocks of freeform text, audio, video
Continuous Data ✔✔Data that can take any value (within a set range)
i.e. 3.14159, -189,115.2
a thermometer reads 66.5 degrees
Interval Data (data measuring levels) ✔✔data is ordered at equal intervals apart and "0" doesn't
mean absence of data, just another data point
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