WGU C207 Pre Assessment Study Guide Already Passed

WGU C207 Pre Assessment Study Guide Already Passed Which term can be used to describe managerial decisions? ✔✔Prescriptive 2 reasons for the increase in use of analytics in organizational decision making? ✔✔1. Relativ ...

WGU C207 Pre Assessment Study Guide Already Passed Which term can be used to describe managerial decisions? ✔✔Prescriptive 2 reasons for the increase in use of analytics in organizational decision making? ✔✔1. Relatively low cost of computer storage 2. Higher computer processing power How does probability theory inform decision-making for managers? ✔✔By quantifying risk Which type of data are the Olympic medals of gold, silver, and bronze examples of? ✔✔Ordinal data What are two aspects of data quality management? ✔✔1. it reduces the amount of incomplete data 2. it cleans data 2 attributes of data quality issues when evaluating sets of nominal data? ✔✔1. missing data 2. misspelled data All scales are calibrated prior to use in measurement. Which type of error should this reduce? ✔✔Systemic error 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? ✔✔Response variable A healthcare study follows a sample over time to identify how health habits of teenagers impact their likelihood of acquiring disease later in life. Which type of research design does this study describe? ✔✔Cohort study (a cohort study studies a group of people with a defining characteristic, typically with a common event in a period, such as birth or graduation) The likelihood of a record having a missing value is correlated to another variable in the dataset. Which two types of errors might be introduced into the dataset if the removed record included missing values? ✔✔1. Systematic Error 2. Omission error Which two variables would be used in determining a campaign to maximize revenue gain from email advertising? ✔✔1. Number of purchases per email 2. Spending per purchase A company that raises turkeys is hoping to increase their rate of growth while controlling cost of feed. Which decision-making technique is most appropriate to minimize cost of feeding birds? ✔✔Linear programming ( achieve the best outcome in a mathematical model whose requirements are represented by linear relationships) Compare outcomes of different drug testing results ✔✔ANOVA (analyze differences among group means in a sample) Understand effective marketing to spend ad dollars efficiently ✔✔Correlation Monitor production process ✔✔Control charts Which two techniques apply in finding the probability that a patient needs treatment for a broken bone AND a concussion? ✔✔1. intersection 2. multiplication principle Which statistical rule can be used to determine the probability that a customer buys a plumbing product GIVEN THAT this customer has purchased an electrical product? ✔✔Bayes theorem Which tool is used to illustrate a relationship or correlation between two variables? ✔✔Scatterplot A research study examined the impact of product advertisement exposure on that product's brand awareness. The appropriate statistical test indicates that the null hypothesis should be rejected at the 5% significance level. What can be concluded from this study? ✔✔The advertisement was effective in building brand awareness. which statistic roughly measures the average distance of a data point from the mean of a distribution? ✔✔standard deviation A nonprofit organization ran an email campaign with THREE DIFFERENT MESSAGES to solicit additional donations. What should the nonprofit organization use to determine if the average donation differs for the different messages? ✔✔ANOVA (for three or more groups!!) What two statistics would be needed to estimate the number of calls that would be received 95% of the time? ✔✔1. Standard deviation 2. Mean Linear regressions represent what types of variables? ✔✔Dependent variables What is a particular concern when performing TIME series multiple regressions? ✔✔Autocorrelation A researcher wants to predict student test scores based on hours spent studying. Which type of regression would be more appropriate? ✔✔Ordinary least squares regression Why would a student measure the standard deviation of responses? ✔✔To measure the spread of the data. Standard deviation always measures the spread of data. Which two decision considerations describe fact-based decision making, according to the quality management principles? Choose 2 answers ✔✔1. Decisions reduce external bias. 2. Decisions foster trust in plans. How do the deviation of leadership and a focus on process enhance quality? (2 answers) ✔✔It ensures clearly aligned goals. It makes results easier to manage and achieve. Which phrase is a description of quality assurance? ✔✔Focuses on training How would a SIPOC diagram benefit a business? ✔✔Provides a holistic view of the entire operation What kind of data is "yes" and "no" from sample data? ✔✔Attribute data Which of Ishikawa's Seven Basic Tools of Quality is used to illustrate performance measurements over time? ✔✔Run Chart Why would you use a control chart over a Pareto chart? ✔✔A control chart shows special cause variations. A Pareto chart shows frequency or cost (time/money) A hotel chain is interested in improving its customer service by reducing the amount of time it takes customers to check in. Which analysis technique should they use? ✔✔Flowchart Which approach focuses on eliminating activities that fail to add value or satisfy customers? ✔✔Lean operations Which system enables an organization to measure performance based upon established global STANDARDS? ✔✔ISO Which approach uses financial, customer, internal business processes, and innovation/learning measures? ✔✔Balanced scorecard Which to items represent steps of result based management? ✔✔1. Define resources 2. study long term effects of an output What does data mining do? ✔✔It discovers patterns or trends in large data sets Which common analytic measure is used to improve business performance? ✔✔simple composite index What does True Score Theory state about a test without systematic error? ✔✔The observed score is the true score plus random error. TRUE SCORE = TRUE SCORE + RANDOM ERROR How do balanced scorecards differ from KPI dashboards? ✔✔KPI dashboards provide visual representations of KPIs, such as charts and graphs What is a disadvantage of KPIs? ✔✔They require significant ongoing maintenance Disadvantage of a balanced scorecard? ✔✔It requires significant time and effort to establish a meaningful scorecard What technique should a firm use to evaluate customer service relations? ✔✔Net promoter score A professional services firm wants to track and monitor important financial performance measures of a company. Which performance approach would meet the company's objective? ✔✔Results based management