WGU C207 Data Driven Decision Making complete compilation bundle 2023/24

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 ...

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 a What are two reasons for the increasing use of analytics in organizational d...

What is the key focus on analysis? To predict trends using quantitative data. What are the four levels of measurement? 1. Nominal 2. Ordinal 3. Interval 4. Ratio Nominal data is categorical. It has no numerical value. It's not a number. Examples: -the types of pizza you sell -mea...

Descriptive Past data only; Not predicting or optimizing Predictive Past to predict the future; Predicting, no optimizing Prescriptive Past to predict the future and optimizing Omission Missing information Out of Range Doesn't match the data or not true Relia...

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...

Define analytics Turning information into knowledge and developing fact based strategies to gain a competitive edge. Descriptive/Diagnostic analytics Encompasses the set of techniques that describes what has happened in the past. Predictive analytics Consists of techniques that use mo...

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 Analytics A manufacturer wants to maximize their factory output while specifically minimizing labor costs. What type of analytics might they empl...

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? Prescriptive What are two reasons for the increasing use of analytics in organizational decision-making? Relatively lower cost of computer st...

Descriptive and Inferential There are two types of statistics (Analytics) Inform / Explanatory Descriptive statistics are used to ______ Predict / Trend Inferential statistics are used to ______ (NOIR) Nominal, Ordinal, Interval Ratio Name the 4 levels of measurement ...

Analytics is a broad term that refers to a variety of tools that inform managerial decisions. Prescriptive What are two reasons for the increasing use of analytics in organizational decision making? Relatively lower cost of computer storage Higher computer processing power In what w...

Amanda is measuring the temperature. She looks at the thermometer and sees that it is somewhere between 65 and 66 degrees Fahrenheit. She is okay with the temperature in between two integers because she knows temperature is not ________ data, but temperature is _________ data. Discrete, Continuous ...

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 in...

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? Predictive What are two reasons for the increasing use of analytics in organizational decision making? Relatively lower cost of computer sto...

Results-based management (RBM)* management strategy that uses results as the central measurement of performance life-cycle approach dynamic, iterative process of incorporating changes in a project (or organization) over time by responding to feedback and adding new technology and new capabi...