WGU C207 (WGUC207)

Analytics correct answer: "Turning information into insight and developing conclusive facet-based strategies to gain a competitive edge." Encompasses: - Implies the analysis of very large data sets. - Statistics of the study of data analysis. - Management science or the study of model building, optimization, and decision making. Descriptive (Diagnostic) Analytics correct answer: What happened in the past? Graphical Analysis: - Histogram - Run chart - Scatter diagram - Pareto ...

Descriptive and Inferential correct answer: There are two types of statistics (Analytics) Inform / Explanatory correct answer: Descriptive statistics are used to ______ Predict / Trend correct answer: Inferential statistics are used to ______ (NOIR) Nominal, Ordinal, Interval Ratio correct answer: Name the 4 levels of measurement Ratio correct answer: Continuous data with unique zero point Interval correct answer: Orders data at equal distance apart Ordinal 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. correct answer: Z-Score How far a set of numbers are spread. Used for Data set. Hint Words = Risk, spread. correct answer: Variance 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 all of the events happeni...

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...

C207 Let's get this class over with| 238 Questions| And Answers| With Complete Solutions

Activities (RBM stage) correct answer: second step involves the process that converts inputs to outputs (actions necessary to produces results - training, evaluating, developing) Alternative hypothesis correct answer: The argument that either a sample is not equal to, greater than, or less than the hypothesized null sample Analysis of Variance (ANOVA) correct answer: a technique used to determine if there is a sufficient evidence from sample data of three or more populations to conclude...

Simple indexing correct answer: 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? (4.80 / 1.60) * 100 = 300 (means price is 3x greater than base period) Used to identify price fluctuations of supplies, materials, products, etc. Weighted Index correct answer: assign a weight to allow f...

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 correct...

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 Data Driven Decision Making Module 2 Exam (Answered) Which of the following is NOT an application of statistics in business? a Determine the internet advertiser that will reach the most people from extensive page view data. b Determine a target market based on information on household incomes throughout the country. c Predict trends in certain investments of big companies from previous results of Fortune 100 companies. d Forecast likelihood of board of director decisions from ...