C207 WGU – Questions And Solutions
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? ✔️Ans - Predictive
- Descriptive analytics: Depict and then describe the characteristics of
what is being studied
- Predictive analytics: Use data from the past to predict the future
- Prescriptiveanalytics: Include experimental design and optimization to
suggest a course of
action
What are two reasons for the increasing use of analytics in organizational
decision making? ✔️Ans - Relatively lower cost of computer storage
Higher computer processing power
-Driving that decision making will be quantitative analysis and it will
typically focus on statistics. A large set of data in itself is not very
valuable unless it can be described and analyzed. Because of the
relatively low cost of computer storage and processing power, it is
now possible to collect and store vast amounts of data
In what way does probability theory inform decision-making for managers?
✔️Ans - quantifying risk
Which type of data are the Olympic medals of gold, silver and bronze
examples of? ✔️Ans - Ordinal data
What are some aspects of data quality management?
Choose 2 answers ✔️Ans - it cleans data
it reduces the amount of incomplete data
looks at GIGO.
, which two attributes indicate potential data quality issues when evaluating
a set of nominal data? ✔️Ans - missing data
misspelled data
The best fix for faulty data is often to carefully check your work. Having
someone else with a set of
well-trained eyes examine the results and processes of a study can help
identify any problems with the
statistics.
When conducting a study that measures an individuals weight, all scales
are calibrated prior to use in measurement. Which type of error should this
procedure significantly reduce? ✔️Ans - Systematic Error
-Systematic error can be eliminated by adjusting the test so that the test is
unaffected by
unrelated factors.
- All measurements contain some degree of error. This error may be
random or systematic. Random errors should cancel themselves out over a
large number of measurements if they are NOT related to the true score
and if there is no correlation between the errors. If the errors do not meet
these criteria they are not random. Systematic errors are not due to chance,
and although they can be corrected, correcting them takes time and
attention to detail. Systematic errors are more difficult to find because the
data is likely consistently askew in the same direction. Skewness is a
measure of the degree to which data "leans" toward one side. If data is
collected using an instrument that needs calibration, this error will repeat
itself consistently across the data set.
An advertising manager creates a research study by presenting low,
medium, or high frequency of the same ad in matched markets. The
manager then reports on sales in each market location.
What is the term for the different sales in this study? ✔️Ans - The
response variable
The dependent (AKA: response variable) responds to the
changes of the independent (AKA: explanatory variable)
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? ✔️Ans - Predictive
- Descriptive analytics: Depict and then describe the characteristics of
what is being studied
- Predictive analytics: Use data from the past to predict the future
- Prescriptiveanalytics: Include experimental design and optimization to
suggest a course of
action
What are two reasons for the increasing use of analytics in organizational
decision making? ✔️Ans - Relatively lower cost of computer storage
Higher computer processing power
-Driving that decision making will be quantitative analysis and it will
typically focus on statistics. A large set of data in itself is not very
valuable unless it can be described and analyzed. Because of the
relatively low cost of computer storage and processing power, it is
now possible to collect and store vast amounts of data
In what way does probability theory inform decision-making for managers?
✔️Ans - quantifying risk
Which type of data are the Olympic medals of gold, silver and bronze
examples of? ✔️Ans - Ordinal data
What are some aspects of data quality management?
Choose 2 answers ✔️Ans - it cleans data
it reduces the amount of incomplete data
looks at GIGO.
, which two attributes indicate potential data quality issues when evaluating
a set of nominal data? ✔️Ans - missing data
misspelled data
The best fix for faulty data is often to carefully check your work. Having
someone else with a set of
well-trained eyes examine the results and processes of a study can help
identify any problems with the
statistics.
When conducting a study that measures an individuals weight, all scales
are calibrated prior to use in measurement. Which type of error should this
procedure significantly reduce? ✔️Ans - Systematic Error
-Systematic error can be eliminated by adjusting the test so that the test is
unaffected by
unrelated factors.
- All measurements contain some degree of error. This error may be
random or systematic. Random errors should cancel themselves out over a
large number of measurements if they are NOT related to the true score
and if there is no correlation between the errors. If the errors do not meet
these criteria they are not random. Systematic errors are not due to chance,
and although they can be corrected, correcting them takes time and
attention to detail. Systematic errors are more difficult to find because the
data is likely consistently askew in the same direction. Skewness is a
measure of the degree to which data "leans" toward one side. If data is
collected using an instrument that needs calibration, this error will repeat
itself consistently across the data set.
An advertising manager creates a research study by presenting low,
medium, or high frequency of the same ad in matched markets. The
manager then reports on sales in each market location.
What is the term for the different sales in this study? ✔️Ans - The
response variable
The dependent (AKA: response variable) responds to the
changes of the independent (AKA: explanatory variable)
