WGU C207 2026 LATEST UPDATE.pdf

WGU C207 2026 LATEST UPDATE, CORRECT ANSWERS, +A GRADED Rationales Simple indexing - answ✔️💜💜✔️-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 - answ✔️💜💜✔️-assign a weight to allow for significant differences in the index.

Reasons for including analytics in decision-making - answ✔️💜💜✔️-decrease cost of data storage

increase processing power

Descriptive Analytics - answ✔️💜💜✔️-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 - answ✔️💜💜✔️-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 - answ✔️💜💜✔️-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 - answ✔️💜💜✔️-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 - answ✔️💜💜✔️-Data follows pre-defined formats.

i.e. multiple choice answers, addresses, names, stock tickers

Unstructured / Qualitative Data - answ✔️💜💜✔️-Data doesn't follow pre-defined formats. Usually gets structured by a "theme analysis"

i.e. blocks of freeform text, audio, video

Continuous Data - answ✔️💜💜✔️-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) - answ✔️💜💜✔️-data is ordered at equal intervals apart and "0" doesn't mean absence of data, just another data point

a type of continuous data

i.e. date, time, degrees

Ratio Data (data measuring levels) - answ✔️💜💜✔️-0 actually means nothing, not just a data point

a type of continuous data

i.e. money, height weight

Discrete Data - answ✔️💜💜✔️-Data that can only take on whole values and has clear boundaries

i.e. 4, 7, 8 in a preset range of 1-100

Ordinal data (data measuring levels) - answ✔️💜💜✔️-data is ordered based on quality

a type of discrete data

i.e. in blackbelt data, level "3" is higher quality than "1" gold, silver, and bronze medals

Nominal / Categorical Data (data measuring levels) - answ✔️💜💜✔️-data is assigned a category/label for identification and grouping purposes

a type of discrete data

i.e. males are assigned "0" and females "1"

potential quality errors: categories can be misspelled

Attribute Data - answ✔️💜💜✔️-Data that shows whether a result meets a requirement or not (yes/no, pass/fail).

Davenport-Kim Three-Stage Model - answ✔️💜💜✔️-1. Frame the problem - recognize problem and review previous findings.

2. Solve the problem - modeling, collection, analysis

3. Communicate results - tailor to audience, use visuals, show results.

Reliability of Data - answ✔️💜💜✔️-data that is consistent (but not necessarily accurate)

i.e. a thermometer reads 20, 21, 21, 20, 20, 19, 19, 21, 20, 19

a test given to a student consistently shows similar scores

Validity of Data - answ✔️💜💜✔️-data that is accurate

requires sample selection to be adequate size and random.

i.e. a thermometer consistently reads from 20-25 F but the water isn't even frozen (not valid)

Data Error Types - answ✔️💜💜✔️-Omission - data being left out, missed, forgotten. sorting in spreadsheet can help to identify

Out of Range - data that doesn't fit the expected, viable range. sorting in spreadsheet can help to identify outliers.

Entry/input errors - typos, miscommunications, illegible handwriting

Systematic Error - answ✔️💜💜✔️-error will cause other errors until fixed

i.e. a tire pressure sensor breaks and stops functioning, resulting in omission errors until fixed

a scale is calibrated prior to being used in order to reduce systemic error

Random Error / Unpredictable Error - answ✔️💜💜✔️-error that does not consistently repeat due to system flaw and therefore doesn't need fix/adjustment. aka its "self fixing".

minimize effects by increasing sample size

i.e. a tire pressure sensor records an outlier / out-of-range caused by going over a speed bump at high speed

True Score Theory - answ✔️💜💜✔️-Observed Score (raw data score) = true score + random error score + systematic error

in absence of systematic error, it's just true score + random error

Measurement Bias - answ✔️💜💜✔️-data doesn't represent the study group because of: 1. sample isn't random enough 2. sample isn't big enough 3. sample wasn't inclusive enough, or was too inclusive, to represent study group

i.e. a survey on favorite foods was sent to all renters in a city (didn't include homeowners so not a "Truly Representative Sample")

Conscious Bias - answ✔️💜💜✔️-the subject is biased towards a certain result because he believes it will benefit him in some way

Information Bias - answ✔️💜💜✔️-response bias - people give different answers when the response isn't anonymous and confidential

i.e. a boss surveys his own employees to see if they are satisfied with is performance

conscious bias - questions are deliberately leading or persuading the subject toward a certain answer

i.e. a survey question reads: "Don't you think it would be better if the gov't provided free contraception?"

Data Management - answ✔️💜💜✔️-cleaning and organizing data

Quality Control in data - answ✔️💜💜✔️-reducing and minimizing data errors

clean and organize data

reduce amount of incomplete data

Two Major Issues with Research Standards - answ✔️💜💜✔️-Agreement on best practices

Ethics

Misuse of Statistics - answ✔️💜💜✔️-all the bias. additionally:

1. Assuming that correlation equals causation. CONCLUDES, DETERMINES, ASSERTS

2. Lack of blinding.

3. Faulty operationalization - unclear testing model, undefined terms, not coded/categorized.

Probability Theory - answ✔️💜💜✔️-informs decision-makers by quantifying risk

Probability of the complement - answ✔️💜💜✔️-the probability remaining. if only 2 possible outcomes are possible, then you get probability and probability of complement.

i.e. if probability is 2/3 then probability of complement is 1/3

Intersection Probability - answ✔️💜💜✔️-use the "Multiplication Principle" (multiply the probabilities)

p of x AND y p of ALL the following p of BOTH x and y p of X GIVEN b p of X WHEN b

Union Probability - answ✔️💜💜✔️-p of x OR y p of EITHER x or y AT LEAST ANY of the following

add the possibilities

Combination Probability - answ✔️💜💜✔️-rule / formula for determining how many POTENTIAL / POSSIBLE OUTCOMES

Bayes' Theorem (probability) - answ✔️💜💜✔️-rule to calculate conditional probability

GIVEN THAT

"If P(A) is the case, then what is the P(B)" or "Given event A, what is the probably of event B"

P(A) / P(A|B)

Use median when - answ✔️💜💜✔️-data has outliers or is skewed, otherwise you can use mean

i.e. income for a group that has several outlier millionaires

Use mode when - answ✔️💜💜✔️-data is categorical / qualitative

TYPICAL, MOST COMMON

Variance - answ✔️💜💜✔️-used to measure risk.

actual - expected current - prior

higher = greater variation (higher risk)

i.e. assessing risk in stock portfolio

Standard Deviation (SD) - answ✔️💜💜✔️-average distance from the mean. also computed as variance rooted

average spread between data points

i.e. a surveyor wants to know how much test answers differ from each other

68/95/99 rule aka "Empirical rule" - answ✔️💜💜✔️-rule to estimate data. only works for normal distributions (unimodal symmetrical)

68.2% of data falls within +1 SD or -1 SD of mean 95.4% of data falls within +2 SD or -2 SD of mean 99.7% of data falls within +3 SD or -3 SD of mean

Z-Scores 68.2% = 1.65 95.4% = 1.96 99.7% = 2.575

for exactly location when provided the mean and std dev, use Z-score formula

Z score formula - answ✔️💜💜✔️-Best score to compare to a group average

(score - mean) / standard deviation

i.e. A student scored a 70 on a test with a mean score of 50. The std. deviation is 10. What % of other students scored better?

(70 - 50) / 10 = 2 (2 deviations above mean) leaves 2.15% + .15% on the side better so 2.3% scored better

Quartiles - answ✔️💜💜✔️-Separating data in 4 equal parts based on std. deviation.

Interquartile Range (IQR) calculated as: Q1 - Q3

measures spread between 1st quartiles

Box Plot (Box and Whisker Plot) - answ✔️💜💜✔️-Divides data into four quartiles. shows median, std. deviation, quartiles, min and max.

Observational Study - answ✔️💜💜✔️-best used when it's impractical or impossible to do do an experimental study

usually done via survey

Regression Analysis - answ✔️💜💜✔️-measures the impact of a set of variables on another

yields R-square

i.e. you want to determine the relationship between age and type of clothing purchased at your store

T-test - answ✔️💜💜✔️-tests mean values of a continuous variable between 2 categories/groups.

SIGNIFICANT DIFFERENCE, VS, BETWEEN

yields the T-value

Critical value and T-Value aka T-stat - answ✔️💜💜✔️-t-value aka t-stat must exceed the critical value in order to reject the null hypothesis. These are determined by the confidence level chosen by the auditor.

Confidence Level (reliability) - answ✔️💜💜✔️-In sampling, a target measure of how certain the auditor wants to be that his or her results are accurate.

Confidence level = % chance of rejecting null Significance level (p-value) = % chance of not rejecting null

p-value - answ✔️💜💜✔️-The probability of results of the experiment being attributed to chance.

must be less than .05 to be considered SIGNIFICANT and able to reject the null

i.e. a test shows a p. of .03 for income level and cosmetic surgery. clinic decides to target high-income demographics.

ANOVA - answ✔️💜💜✔️-Variance analysis of 3 or more variable groups.

gives a critical value called f-value which the t-value must exceed in order to reject null

i.e. studying monthly sales of four different store locations

comparing test results involving several different drugs

testing effectiveness of three different email formats of donations requests

Chi-square aka R-Square analysis - answ✔️💜💜✔️-regression analysis. shows goodness-of-fit for one variable to predict another. STRENGTH OF RELATIONSHIP between 2 variables.

yields R-square stat

i.e. ebay is measuring the strength of the relationship between auction length and final selling price

least squares regression - answ✔️💜💜✔️-method of finding the trend line that best shows the relationship between the two variables

weighted least squares method - answ✔️💜💜✔️-assigns less weight to studies with smaller samples or greater error, then makes a trend line

break-even analysis - answ✔️💜💜✔️-the process used to determine profitability at various levels of sales

Cross-over Analysis - answ✔️💜💜✔️-data that shows variable relationships as they are added into the experiment

i.e. you want to know the optimal volume of inventory to order

linear regression - answ✔️💜💜✔️-a statistical method used to fit a linear model to a given data set.

multiple regression - answ✔️💜💜✔️-a statistical technique that includes two or more predictor variables in a prediction equation

i.e. y = 532 + 80.5x1 - 35.6x2 x1 = 1000 x2= 1000 y = 532 + 80.5 (1000) - 35.6 (1000)

Time series analysis - answ✔️💜💜✔️-a type of simple regression analysis. one or more variables over time.

past data are used to predict future data.

i.e. researcher is analyzing mortgage rates and disposable income

Autocorrelation - answ✔️💜💜✔️-concern with multiple regression. lag time in data that might throw off correlation of data points.

i.e. researcher is analyzing mortgage rates and disposable income

Cyclicality - answ✔️💜💜✔️-oscillating patterns that can go on for years

Seasonality - answ✔️💜💜✔️-pattern that occurs within a single year

i.e. retail store gets a spike of sales in Nov and Dec

cumulative distribution - answ✔️💜💜✔️-shows frequency of a variable relative to cumulative/total

probability distribution - answ✔️💜💜✔️-list of possible outcomes with associated probabilities

Normal distribution - answ✔️💜💜✔️-unimodal with the mean and median approx. equal

Ishikawa's 7 tools of quality - answ✔️💜💜✔️-claimed to solve 90-95% of quality problems

Run chart - over time Control Chart - over time with limits Cause and Effect - why/how process Flow Chart - where/direction process Check Sheet - collect data Histogram - distribution by time (i.e. unimodal) Pareto - bar chart by highest to lowest frequency Scatter diagram - shows relationship

scatterplot or scatter diagram - answ✔️💜💜✔️-2 variables. shows correlation relationship.

"AS" "VERSUS" "AFFECTS"

Correlation coefficient (r-score) 0 = weak, 1 or -1 = strong

positive = slanting upward negative = slanting downward

i.e. sales vs coupon release count

how training hours affect performance

identifying effective marketing tactics (tactic vs sales)

Run chart - answ✔️💜💜✔️-depict trends in data over time

Control chart - answ✔️💜💜✔️-run chart with control/limit lines

control range - distance between control/limit lines

i.e. monitoring performance of production process

Fish bone aka cause and effect diagram - answ✔️💜💜✔️-Used for analyzing potential causes of problems.

Flowchart - answ✔️💜💜✔️-used to show a process

i.e. a hotel wants a clear process to streamline customer check-in duration

Check sheet - answ✔️💜💜✔️-a physical sheet used to record data for future use

Histogram - answ✔️💜💜✔️-1 variable OVER TIME

Pareto Chart - answ✔️💜💜✔️-bar chart with 1 variable in decreasing order of frequency

i.e. a chart that shows the most common causes of student dropout

a check sheet shows that out of 100 returned items, 50 were damaged, 30 wrong size, 5 wrong order, 5 no longer wanted

SIPOC diagram (quality management) - answ✔️💜💜✔️-High-level, big-picture, company-wide, diagram that shows whole process

Suppliers Inputs Process Output Customer

fact-based decision making - answ✔️💜💜✔️-decision-making based on collection and analysis of data.

reduces external bias, fosters trust in plans

Common Cause Variation - answ✔️💜💜✔️-Variation that is natural and expected

Special Cause Variation - answ✔️💜💜✔️-variation which unexpected and unknown

IRT (Item Response Theory) - answ✔️💜💜✔️-model of designing, analyzing and scoring tests

Norm-referenced score - answ✔️💜💜✔️-a test that compares a student's performance against a group

i.e. taking a test with the scoring being based on the scores of other students

Criterion referenced Score - answ✔️💜💜✔️-a test that compares a student's performance against a specific criteria

i.e. taking a test that requires 80% in order to pass.

Prevalence - answ✔️💜💜✔️-total active cases / total population

the portion of population which is currently infected

Incidence - answ✔️💜💜✔️-new cases per capita. most important analytic to determine vaccine success.

number of new cases of a disease

Cumulative Incidence - answ✔️💜💜✔️-total new cases over a defined period

i.e. researcher wants to know how many new cases of Zika virus there were in Florida during 2016

Ratio (regarding cases in a study) - answ✔️💜💜✔️-compares relationship between two groups

i.e. females are 2x more likely than males to develop alzhiemers

KPI - answ✔️💜💜✔️-stats that MEASURE performance. SMART goals follow to drive improvement.

i.e. a company wants to assess performance regarding customer, revenue growth, and operating efficiency.

a hotel chain wants to measure its ability to meet client tastes. create a KPI to score customer satisfaction.

KPI dashboard - answ✔️💜💜✔️-measures progress by SHOWING / VIEWING multiple KPI stats.

gives a visual representation of KEY areas of focus.

show trends that represent organizational RESULTS over time

Advantages of KPI - answ✔️💜💜✔️-tracking, data-driven, organization-wide, internal benchmarking

Benchmarking - answ✔️💜💜✔️-a process by which a company compares its performance with that of high-performing organizations

i.e. a county wants to reduce budgeting and align it with strategic objectives. they use benchmarking of similar-strategies from other counties.

Disadvantages of KPI - answ✔️💜💜✔️-expensive, difficult to adjust after setup, significant ongoing maintenance, need big changes to show significance, short-term focused

SMART goals - answ✔️💜💜✔️-Specific, Measurable, Attainable, Realistic, Timely

Net Promotor Score - answ✔️💜💜✔️-best stat to evaluate customer relations, customer loyalty

0-6 = detractors 9-10 = promotors

(Promotors/total) - (detractors / total) or % promotors - % detractors

i.e. 30% promotors

20% detractors 30-20= 10% NPS

Balanced Scorecard - answ✔️💜💜✔️-Performance management evaluation SYSTEM.

Shows balance of:

Customer Learning/growth/innovation Internal operations / processes Financials

Disadvantages of Balanced Scorecard - answ✔️💜💜✔️-significant time and effort in order to establish. requires ongoing maintenance and updating. difficult to maintain momentum.

Linear Programming - answ✔️💜💜✔️-shows prices relative to quantities. helps with allocating supplies.

i.e. company wants to minimize cost of chicken feed while maximizing growth rate

heteroscedastic - answ✔️💜💜✔️-variance that is different than prior measurements

cluster analysis - answ✔️💜💜✔️-used to identify NATURAL groups

usually used in study of DEMOGRAPHICS for marketing

PDCA (quality management) - answ✔️💜💜✔️-Plan - investigate, learn (i.e. TESTing quality control metrics) Do - try something DIFFERENT

Check - DETERMINE if what you did worked Act - expand and normalize the change

Quality Control vs Quality Assurance - answ✔️💜💜✔️-product vs process defect detection vs defect prevention performance vs capability recognition vs prediction inspection vs training fix/repair vs prevent

i.e. inspecting products and making reparations is CONTROL

training, recommending change, predicting outcomes are part of ASSURANCE

Quality control programs vs quality assurance programs - answ✔️💜💜✔️-Six Sigma (seeks perfection in quality)- reduce variation and error

vs

Lean - reduce waste, eliminate activities that don't add value

Just in Time - reduce inventory

ISO Quality Standards - answ✔️💜💜✔️-uses international/global quality standards as benchmarks

Results-based Management (RBM) - answ✔️💜💜✔️-Long-term, ongoing, INTERNAL STRATEGY of

Managing resources (inputs, activities, processes) to produce results (outputs, outcomes, financials).

EFFECTS, PERFORMANCE, KPIs, EVALUATE

measure baselines, sets targets/goals, determine responsibilities, etc.

i.e. a company tracks and monitors key financial performance measures (the results in this case)

Decision Tree Analysis aka Tree Diagram - answ✔️💜💜✔️-maps out the effects and implications of multiple decisions

EVALUATE REPLACEMENT / ALTERNATIVEs / OPTIONS

i.e. a manufacturing firm is evaluating several possible locations to build a new plant

Simulation - answ✔️💜💜✔️-an imitation or model of a possibility

triple blind study - answ✔️💜💜✔️-the treater, the subject, and the data collector, are different people and can't see who got placebo vs treatment.

Cohort Study - answ✔️💜💜✔️-studies a group of people over a period of time

i.e. a study on how teen health habits impact disease

Percentile rank (i.e. "25th percentile") - answ✔️💜💜✔️-the percentage of scores below a certain point

i.e. 25th percentile means 25% are lower. so in a class of 20, that would be 5 5/20 = 25%

Response Variable - answ✔️💜💜✔️-A variable that measures an outcome of a study.

i.e. marketing studies how frequency of running the same ad affects sales. response variable is sales since they will determine the outcome.

Dependent variable - answ✔️💜💜✔️-The measurable effect, outcome, or response in which the research is interested.

i.e. in a study on retail sales compared to advertising budget. retail sales = dependent variable

Control Variable - answ✔️💜💜✔️-A variable that is kept constant during a controlled experiment.

Independent Variable - answ✔️💜💜✔️-The experimental factor that is being adjusted

Cost-effective Analysis - answ✔️💜💜✔️-Quantitative analysis of the cost of achieving goals

Payback Period - answ✔️💜💜✔️-Best way to determine how long a project/initiative will take to be profitable.

i.e. amazon wants to convert all of their delivery vans from gasoline to natural gas.

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? - answ✔️💜💜✔️-Predictive

What are two reasons for the increasing use of analytics in organizational decision making? answ✔️💜💜✔️-Relatively lower cost of computer storage Higher computer processing power

In what way does probability theory inform decision-making for managers? - answ✔️💜💜✔️quantifying risk

Which type of data are the Olympic medals of gold, silver and bronze examples of? - answ✔️💜💜✔️Ordinal data

What are some aspects of data quality management?

Choose 2 answers - answ✔️💜💜✔️-it cleans data it reduces the amount of incomplete data

which two attributes indicate potential data quality issues when evaluating a set of nominal data? answ✔️💜💜✔️-missing data misspelled data

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? - answ✔️💜💜✔️Systematic 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? - answ✔️💜💜✔️-The response variable

A healthcare study follows a particular sample over time to identify how the health habits of teenagers impact their likelihood of acquiring various diseases later in their life in the hope that the healthcare organization will be able to create early prevention programs.

Which type of research design does this study describe - answ✔️💜💜✔️-cohort study

Several missing values in a particular field in a dataset were observed. The likelihood of a record having a missing value is correlated to another variable in the dataset.

Which two types of error might be introduced into the dataset if the removed record included missing values?

Choose 2 answers. - answ✔️💜💜✔️-Omission error typographical error

A company is trying to increase its online sales revenue by improving its e-mail campaign for repeat customers as well as new customers.

Which two variables would be used in determining a campaign to maximize revenue gain?

Choose 2 answers - answ✔️💜💜✔️-spending per purchase number of purchases per email

A company that raises turkeys is hoping to increase the rate of growth of the birds while controlling the cost of feeding the birds. It has been determined that feeds containing both nutrients and protein can be used.

What decision making technique is most appropriate for this company to minimize the cost of feeding the birds. - answ✔️💜💜✔️-Linear programming

Match each action with the appropriate statistical procedure Answer options may be used more than one or not at all. - answ✔️💜💜✔️-Understand effective marketing to spend advertising dollars efficiently = Correlation Monitor production process= Control Charts Compare outcomes of different drug testing results= ANOVA

A researcher concludes that bananas create healthy children because the researcher's notes indicate that children who eat a banana every day are healthy What misuse of statistics would this study be an example of if these children also eat a balanced diet and exercise daily? - answ✔️💜💜✔️-confusion of association and casualty

In the month of December, there is a strong positive correlation between airline tickets and retail sales.

Which question should the researcher consider before concluding that the correlation statistic implies that the airline sales drive retail sales? - answ✔️💜💜✔️-Does a casual relationship truly exist

A medical care provider determines the probability that a patient needs treatment for a broken bone, the probability that a patient needs treatment for a concussion, and the probability that a patient needs treatment for both a broken bone and a concussion.

Which two rules should be used to find the probability that a patient needs treatment for a broken bone and a concussion?

Choose 2 answers - answ✔️💜💜✔️-multiplication intersection

A hardware store has found that there is a 0.25 probability that a customer buys an electrical product, a 0.45 probability that a customer buys a plumbing product, and a 0.10 probability that a customer buys an electrical part if they purchase a plumbing part.

Given this information, 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? answ✔️💜💜✔️-Bayes' Theorem*

Given the following data set 9 12 14 10 8 11 12 What is the mode - answ✔️💜💜✔️-12

which graphical tool is used to illustrate a possible relationship or correlation between two variables? answ✔️💜💜✔️-scatter diagram

what does it mean when an individual data point has a z-score of -2 - answ✔️💜💜✔️-the data point is two standard deviations less than the mean of the data set

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 with 95% confidence.

What can be concluded from this study? - answ✔️💜💜✔️-The advertisement was effective in building brand awareness

A manager is analyzing a dataset that includes information on individual incomes. The manager knows that the dataset is fairly representative of the general population and includes several millionaires.

Based on this dataset, which measure of central tendency best represents the middle of the distribution? - answ✔️💜💜✔️-median

After evaluating manufacturing times for a particular product, a manager determines that the times are spread out across the distribution. The manager has been asked to determine how far, on average, the time is from the mean.

Which statistic roughly measures the average distance of a data point from the mean of the distribution? - answ✔️💜💜✔️-standard deviation

The number of customers that an automobile service shop receives on any given day is normally distributed with a mean of 75 and a standard deviation of 25. On a given day, 125 oil changes are performed.

What is the probability on a given day of 125 or fewer oil changes performed? - answ✔️💜💜✔️-97.5

A nonprofit organization ran an e-mail 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. - answ✔️💜💜✔️-ANOVA

A manager of a call center is in charge of creating a staffing plan. The number of calls received per day is normally distributed. Which two statistics would be needed in order to estimate the number of calls that would be received 95% of the time? Choose 2 answers - answ✔️💜💜✔️-Mean Standard deviation

A normal distributed data set has a mean of 10 and a standard deviation of 2 What is the probability that a randomly selected event from the data set will be between 8 and 12? answ✔️💜💜✔️-68.2%

A manager uses a linear regression to examine how the store's retail sales are predicted by advertising expenditures.

What will retail sales represent in this regression? - answ✔️💜💜✔️-The dependent variable

An analyst used multiple linear regression to explore how Store A's sales (y) are predicted by Store A's advertising expenditure dollars (variable x1) and the advertising expenditure dollars of Store A's competitor (variable x2). The estimated regression is y = 532 + 80.5x1 — 35.6x2. Which scenario would be predicted if x1 is $1,000 and x2 is also $1,000? - answ✔️💜💜✔️-sales of $45,432

A company decides to auction excess inventory on an auction website. They have performed a regression analysis to identify how the length of the auction impacts the final price.

Which statistic indicates the strength of the relationship between the length of auctions and final price?

- answ✔️💜💜✔️-r-squared

A researcher looks at moving average data on store sales and wishes to perform a multiple regression of interest rates and disposable income.

What is a particular concern when performing time series multiple regression? - answ✔️💜💜✔️autocorrelation

A retail store notices a spike in turkey sales every November.

Which time series pattern are turkey likely to exhibit. - answ✔️💜💜✔️-seasonality

a researcher wants to predict test scores based upon hours studying.

What type of regression would be more appropriate. - answ✔️💜💜✔️-logistic regression

A doctoral student is surveying chief executive officers (CEOs) to understand their relationships with their governing boards. The student receives responses to a survey with ten questions that rates the respective relationships.

Why would the student measure the standard deviation of responses? - answ✔️💜💜✔️-to measure the spread of the data

A doctoral student is surveying chief executive officers (CEOs) to understand their relationships with their governing boards. The student determines the years of business experience for each CEO as well as their rating, on a 10-point scale, of satisfaction with the governing board.

Which statistical approach should be used to display the data for analysis? - answ✔️💜💜✔️-scatter plot

Which two decision considerations describe fact-based decision making, according to the quality management principles?

Choose 2 answers - answ✔️💜💜✔️-Decisions foster trust in plans.

Decisions reduce external bias.

Which two statements describe how the dedication of leadership and a focus on process enhance quality? choose 2 answers - answ✔️💜💜✔️-it ensures a systems approach it enhances customer loyalty

An organization is concerned about whether quality control standards are being met and develops a strategy to test quality control metrics.

Which step does this represent in the Plan-Do-Check-Act cycle? - answ✔️💜💜✔️-check

Which phrase is a description of quality assurance - answ✔️💜💜✔️-focuses on training

A joint venture is established between two firms to use their core competencies to increase their market share.

How would a SIPOC (suppliers, inputs, process, outputs, and customers) diagram benefit the joint venture? - answ✔️💜💜✔️-it provides a holistic view of the entire operation

In a statistical process control analysis, sample data are collected from an assembly line and measured to see if they fall within a tolerated measurement range. If an observation does fall within the range, a "yes" is recorded, and if it falls outside the range, a "no" is recorded.

Which kind of data do the "yes" and "no" represent? - answ✔️💜💜✔️-attribute data

A soft-drink manufacturer performs a control chart analysis and the results indicate that the soft-drink bottles are consistently under-filled by a large amount according to specifications. The system was evaluated three months prior and was determined to be stable and filling bottles within accepted limits.

What is this consistent under-filling an example of? - answ✔️💜💜✔️-special cause variation

Which of Ishikawa's Seven Basic Tools of Quality is used to illustrate performance measurements over time? - answ✔️💜💜✔️-run chart

What does this scatter diagram of a organizations retails sails and advertising expenditures indicate? answ✔️💜💜✔️-increases in advertising expenditures are associated with increases in retail sales

A college is reviewing statistics concerning student retention. The college would like to determine the most important factors that cause students to leave and asks the researcher to display this information using one of the Seven Basic Tools of Quality.

Which tool should be used in this case? - answ✔️💜💜✔️-Pareto chart

A check sheet indicates that of 100 returned items, 50 were damaged upon delivery, 30 were the wrong size, 10 were of poor quality, 5 were a mistaken order, and 5 were returned due to the customer no longer wanting the item.

What is the appropriate way to represent these data? - answ✔️💜💜✔️-construct a pareto chart

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? - answ✔️💜💜✔️-Flowchart

Which approach focuses on eliminating activities that do not add value or satisfy customers? answ✔️💜💜✔️-lean operations

An organization develops a new strategic plan and seeks ways to measure its performance over a specific period of time.

Which system enables the organization to measure performance based upon established global standards? - answ✔️💜💜✔️-Balanced scorecard

Which approach uses financial, customer, internal business processes, and innovation/learning measures? - answ✔️💜💜✔️-key performance indicators

which two items represent steps of results-based management?

Choose two answers - answ✔️💜💜✔️-define resources study the long-term effects or the output

What is a description of data mining - answ✔️💜💜✔️-it discovers patterns or trends in large data sets

Which common analytic measure is used to improve business performance - answ✔️💜💜✔️consumer price index

A national manufacturer is building an overseas factory to be closer to one of its largest markets.

Which analysis technique would be appropriate when evaluating location options under risk in order to strengthen the firm's competitiveness in the new market? - answ✔️💜💜✔️-developing a decision tree

What is the most important analytic to determine the success or failure of a particular year's flu vaccine?

- answ✔️💜💜✔️-Incidence accounting for all new cases

The management for Hospital A conducted a survey of its patients' opinions including gathering demographic data to determine which programs should be pursued during the upcoming fiscal year.

Upon analyzing the response on the need for a cosmetic surgery program for the hospital, it was found that there was an r score of 0.75, and a p of 0.03 between a patient's income level and support for the creation of a cosmetic surgery department.

Which statement provides an effective strategic decision based on an analysis of the given information?

- answ✔️💜💜✔️-There is a strong positive relationship for a cosmetic surgery program as a function of income, and this program should not be developed in high income areas.

What does True Score Theory state about a test without systematic error? - answ✔️💜💜✔️-The observed score is the true score plus random error

The average test score of students taking an exam was 70% with a standard deviation of 8.5%.

Which tool should be used to compare a student's score to the group average? - answ✔️💜💜✔️-zscore

What is true of cost-effective analysis - answ✔️💜💜✔️-it analyzes the cost of achieving a quantifiable goal

A county government must reduce spending. It wishes to eliminate incremental budgeting and align budget allocations with each of its units' strategic business objectives.

How can the county apply data analytic approaches to attain this goal? - answ✔️💜💜✔️-By benchmarking like strategies of successful counties

A county government wishes to convert government vehicles from gasoline to natural gas.

How can the county evaluate the effectiveness of the conversion? - answ✔️💜💜✔️-by estimating the payback period

How can organizations implement an effective performance management evaluation system answ✔️💜💜✔️-by establishing a balanced scorecard

Which key performance indicator can a hotel chain use to measure its ability to meet client tastes and preferences? - answ✔️💜💜✔️-Surveying customer satisfaction upon checkout

how do balanced scorecards differ from KPI dashboards? - answ✔️💜💜✔️-KPI dashboards provide visual representations, such as charts and graphs of KPIs

What is a significant disadvantage of KPI's? - answ✔️💜💜✔️-They require significant ongoing maintenance

What is a disadvantage of a balanced scorecard? - answ✔️💜💜✔️-it requires significant time and effort to establish a meaningful scorecard

In what two ways are KPI dashboards useful in performance assessment?

Choose 2 answers - answ✔️💜💜✔️-They show trends that represent organizational results over time They are visual representations of key areas of focus

A professional services firm is undergoing a business process improvement exercise to improve productivity, staff morale, and client satisfaction.

Which technique might the firm use to evaluate the strength of customer service relations? answ✔️💜💜✔️-Net promoter score

A professional services firm wants to track and monitor important financial performance measures of the company (e.g., year-over-year change in revenues and profits).

Which performance approach would best meet the company's objective - answ✔️💜💜✔️-Resultsbased management

Activities (RBM stage) - answ✔️💜💜✔️-second step involves the process that converts inputs to outputs (actions necessary to produces results - training, evaluating, developing)

Alternative hypothesis - answ✔️💜💜✔️-The argument that either a sample is not equal to, greater than, or less than the hypothesized null sample

Analysis of Variance (ANOVA) - answ✔️💜💜✔️-a technique used to determine if there is a sufficient evidence from sample data of three or more populations to conclude that the means of the population are not all equal

Analytics - answ✔️💜💜✔️-The discovery, analysis, and communication of meaningful patterns in data.

Autocorrelation - answ✔️💜💜✔️-A relationship between two variables that is inherently non-linear

Balanced Scorecard - answ✔️💜💜✔️-An approach using multiple measures to evaluate performance, including financial measures, and the non-financial measures of customers, internal business processes, and learning and growth.

Bar chart - answ✔️💜💜✔️-A graph that measures the distribution of data over discrete groups or categories.

Benchmarks - answ✔️💜💜✔️-Standards or points of reference for an industry or sector that can be used for comparison and evaluation.

Big Data - answ✔️💜💜✔️-very large amounts of data; an all-encompassing term for any collection of data sets so large and complex that it becomes difficult to process them using traditional data processing applications

Blind Study - answ✔️💜💜✔️-A study performed where the participants are not told if they are in the treatment group or control group

body mass index (BMI) - answ✔️💜💜✔️-A measure, based on a person's weight and height, that is used to classify people as underweight or overweight.

Business process - answ✔️💜💜✔️-A sequence of logically related and time based work activities to provide a specific output for a customer.

Central Limit Theorem - answ✔️💜💜✔️-A theorem that states that, the greater the sample, the closer the mean of the sample is to the entire population and the more the results will look like a normal distribution

Cluster Analysis - answ✔️💜💜✔️-The process of arranging terms or values based on different variables into "natural" groups

Cointegration - answ✔️💜💜✔️-Occurs when two time series are moving with a common pattern due to a connection between the two time series

Combination - answ✔️💜💜✔️-The number of different unordered possibilities for a certain situation.

Complement - answ✔️💜💜✔️-The occurrence of an event not happening, the opposite

Confidence interval - answ✔️💜💜✔️-An interval estimate used to indicate reliability

Continuous Data - answ✔️💜💜✔️-Data that can lay along any point in a range of data

Control chart - answ✔️💜💜✔️-A graphic display of process data over time and against established control limits, and that has a centerline that assists in detecting a trend of plotted values toward either control limit.

Control limits - answ✔️💜💜✔️-The area composed of three standard deviations on either side of the centerline, or mean, of a normal distribution of data plotted on a control chart that reflects the expected variation in the data

Criterion-reference test - answ✔️💜💜✔️-compare an individual to certain defined standards

Critical Success Factors - answ✔️💜💜✔️-The important things an entity must do to be successful, such as quality measures, customer service, or efficiency.

Cumulative Average-Time Learning Model - answ✔️💜💜✔️-A learning curve model in which the cumulative average time per unit declines by a constant percentage each time the cumulative quantity of units produced is doubled

Cumulative distributions - answ✔️💜💜✔️-The probability that a random variable will be found at a value less than or equal to a given number

Customer satisfaction - answ✔️💜💜✔️-A measure of the extent to which customers are satisfied with the products and related services they received from a supplier.

Cycle time - answ✔️💜💜✔️-The total elapsed time to move a unit of work from the beginning to the end of a physical process, as defined by the producer and the customer.

Cyclicality - answ✔️💜💜✔️-Repetition of up (peaks) or down movements (troughs) that follow or counteract a business cycle that can last several years

Data Management - answ✔️💜💜✔️-The management, including cleaning and storage, of collected data.

Data Mining - answ✔️💜💜✔️-the process of discovering patterns in large data sets; performed on big data to decipher patterns from these large databases

Data Set - answ✔️💜💜✔️-A collection of related data records on a storage device.

Davenport Kim Three Stage Model - answ✔️💜💜✔️-A decision making model developed by Thomas Davenport and Jinho Kim that consists of three stages: framing the problem, solving the problem, and communicating results

Dependent Variable - answ✔️💜💜✔️-The variable whose value depends on one or more variables in the equation; typically the cost or activity to be predicted

Detractor - answ✔️💜💜✔️-A category of customer used in the calculation of the Net Promoter Score that indicates an unhappy customer.

Discrete Data - answ✔️💜💜✔️-Data that can only take on whole values and has clear boundaries

Double Blind Study - answ✔️💜💜✔️-A study performed where neither the treatment allocator nor the participant knows which group the participant is in

Economic Value Added (EVA) - answ✔️💜💜✔️-Net income (after taxes) earned in excess of the amount of net income required to earn the company's cost of capital.

Epidemiology - answ✔️💜💜✔️-study of the incidence, distribution and possible control of diseases and other factors relating to health

Event - answ✔️💜💜✔️-An outcome that occurs

Experience Curve - answ✔️💜💜✔️-A curve that shows the decline in cost per unit in various business functions of the value chain as the amount of these activities increases

Heteroscedasticity - answ✔️💜💜✔️-A regression in which the variances in y for the values of x are not equal

Histogram - answ✔️💜💜✔️-A graph that displays continuous data. This type of graph has vertical bars that show the counts or numbers in each range of data.

Homoscedasticity - answ✔️💜💜✔️-A regression in which the variances in y for the values of x are equal or close to equal

Hypothesis - answ✔️💜💜✔️-A proposed explanation used as a starting point for future examination

Impact (RBM stage) - answ✔️💜💜✔️-last step when applying results-based management is to study the long-term effects that the output will have (economic, environmental, cultural, or political change)

Incidence - answ✔️💜💜✔️-measures the number of new cases that arise in a population over the course of a designated time period

Incremental Unit-Time Learning Model - answ✔️💜💜✔️-A learning curve model in which the incremental unit time (the time needed to produce the last unit) declines by a constant percentage each time the cumulative quantity of units produced is doubled

Independent Variable - answ✔️💜💜✔️-The variable presumed to influence another variable (dependent variable); typically it is the level of activity or cost driver

Information Bias - answ✔️💜💜✔️-A prejudice in the data that results when either the respondent or the interviewer has an agenda and is not presenting impartial questions or responding with truly honest responses, respectively

Input (RBM stage) - answ✔️💜💜✔️-the first step of RBM is to define the resources, human or financial, used by the RBM system (people, funds, information)

Interquartile range - answ✔️💜💜✔️-The difference, in value, between the bottom and top 25 percent of the sample or population

Interval Data - answ✔️💜💜✔️-Data that is ordered within a range and with each data point being an equal interval apart

Irregularity - answ✔️💜💜✔️-One-time deviations from expectations caused by unforeseen circumstances such as war, natural disasters, poor weather, labor strikes, single-occurrence companyspecific surprises or macroeconomic shocks

Item Response Theory (IRT) - answ✔️💜💜✔️-model of designing, analyzing and scoring tests

Key Performance Indicator (KPI) - answ✔️💜💜✔️-A performance measurement that organizations use to quantify their level of success.

Laspeyres Index - answ✔️💜💜✔️-a comparison of the same quantity of goods with the same weight over a period of time

Line graph - answ✔️💜💜✔️-A graph that illustrates relationships between two changing variables with a line or curve that connects a series of successive data points

Lower limit control - answ✔️💜💜✔️-The minimum value on a control chart that a process should not exceed

Mean - answ✔️💜💜✔️-An average, calculated by adding a series of elements in a data set together and dividing by the total number in the series

Measurement Bias - answ✔️💜💜✔️-A prejudice in the data that results when the sample is not representative of the population being tested

Median - answ✔️💜💜✔️-The value or quantity lying at the midpoint of a frequency distribution

Multicollinearity - answ✔️💜💜✔️-A multiple regression equation is flawed because two variables thought to be independent are actually correlated to be independent

Multiple Linear Regression - answ✔️💜💜✔️-A statistical method used to model the relationship between one dependent (or response) variable and two or more independent (or explanatory) variables by fitting a linear equation to observed data

Multiplication Principle - answ✔️💜💜✔️-When the probabilities of multiple events are multiplied together to determine the likelihood of all of those events occurring

Mutually exclusive events - answ✔️💜💜✔️-When two or more events are not able to occur at the same time

Net Promoter Score - answ✔️💜💜✔️-A management tool designed to collect data indicating the relative loyalty of customers and their willingness to recommend a company's products or services.

Nominal Data - answ✔️💜💜✔️-Sometimes called categorical data or qualitative data, this data type is used to label subjects or data by name

Non parametric test - answ✔️💜💜✔️-A test that does not assume there to be a structure (may be a normal distribution) to the population.

Norm-referenced test - answ✔️💜💜✔️-compare an individual to other individuals

Normal distribution - answ✔️💜💜✔️-data tending to occur around a central value with no bias right or left

Null hypothesis - answ✔️💜💜✔️-The argument that there is no difference between two samples or that a sample has not changed over time

Omission Error - answ✔️💜💜✔️-An error because something (for example, data or survey response) is missing.

Operating Income - answ✔️💜💜✔️-Earnings before Interest and Taxes.

Ordinal Data - answ✔️💜💜✔️-Data that places data objects into an order according to some quality with higher order indicating more of that quality

Outcome (RBM stage) - answ✔️💜💜✔️-the short-term effect that the outputs will have (greater efficiency, more viability, better decision making, social action, or changed public opinion)

Outlier - answ✔️💜💜✔️-An observation point that is significantly distant from the other observations in the dataset

Output (RBM stage) - answ✔️💜💜✔️-third step when the outputs have been created by the RBM activities (goods and services, publications, systems, evaluations, skills changes)

Paasche Index - answ✔️💜💜✔️-calculates the difference over time between the weighted totals of the qualities purchased at each time

Parametric test - answ✔️💜💜✔️-A test that assumes there is a structure (maybe a normal distribution) to the population, often appearing when mean or standard deviation are important.

Passive - answ✔️💜💜✔️-A category of customer used in the calculation of the Net Promoter Score that indicates an enthusiastic and satisfied but apathetic customer.

Percentile - answ✔️💜💜✔️-the percent of the population that falls below a certain value

Permutation - answ✔️💜💜✔️-The number of different ordered possibilities for a certain situation

Prevalence - answ✔️💜💜✔️-measures the number cases of a particular disease that exist in a population

Probability - answ✔️💜💜✔️-The chance of an event occurring

Probability density function - answ✔️💜💜✔️-Often used to represent probabilities of continuous data, a probability density function (pdf) gives the probability that a continuous random variable is equal to the area below it

Probability distributions - answ✔️💜💜✔️-A set of probabilities that are attached to the different possible outcomes in a survey, experiment, or procedure

Probability mass function - answ✔️💜💜✔️-Often used to represent probabilities of discrete data, a probability mass function (pmf) gives the probability that a discrete random variable is exactly equal to some value

Promoter - answ✔️💜💜✔️-A category of customer used in the calculation of the Net Promoter Score that indicates a loyal and enthusiastic customer.

Proportion - answ✔️💜💜✔️-a ratio in which a part of a group is compared to the whole group

R-squared - answ✔️💜💜✔️-The measure of the "goodness of fit" of the regression line and the percentage of variation in the dependent variable that is explained by the independent variable

Random Errors - answ✔️💜💜✔️-Errors in measurement caused by unpredictable statistical fluctuations

Random Variation - answ✔️💜💜✔️-The variability of a process which might be caused by irregular fluctuations due to chance that cannot be anticipated, detected, or eliminated

Range - answ✔️💜💜✔️-The difference between the minimum and maximum value in a given measurable set

Rate - answ✔️💜💜✔️-measure of an event occurring over a period of time

Ratio - answ✔️💜💜✔️-measures one quantity in relation to another quantity

Ratio Data - answ✔️💜💜✔️-Similar to interval data in that the data that is ordered within a range and with each data point being an equal interval apart, also has a natural zero point which indicates none of the given quality.

Regression Analysis - answ✔️💜💜✔️-A statistical analysis tool that quantifies the relationship between a dependent variable and one or more independent variables

Relational Database - answ✔️💜💜✔️-A database structured to recognize relations among stored items of information.

Reliable Data - answ✔️💜💜✔️-Data that is consistent and repeatable

Results-base Management (RBM) - answ✔️💜💜✔️-a management strategy that uses results as the central measurement of performance

Return on Investment (ROI) - answ✔️💜💜✔️-The ratio of income earned on the investment to the investment made to earn that income.

Run chart - answ✔️💜💜✔️-A line chart that shows performance measurements over time; run charts help to uncover trends or aberrations in processes

Sampling with replacement - answ✔️💜💜✔️-When a piece of the population can be selected more than once

Sampling without replacement - answ✔️💜💜✔️-When a piece of the population cannot be selected more than once

Scatter diagram - answ✔️💜💜✔️-A graphic that uses dots to show relationships or correlations between variables

Significance level - answ✔️💜💜✔️-A number that is used as the cutoff for how statistically meaningful a probability, equal to or more extreme than what was observed, is

Simple Composite Index - answ✔️💜💜✔️-created when a researcher gathers data from many different sources without weighing any data more significantly than any other data

Simple Index Number - answ✔️💜💜✔️-shows the change in price or quantity of a single good or service over time

Simple Linear Regression - answ✔️💜💜✔️-A form of regression analysis with only one independent variable

Specification limits - answ✔️💜💜✔️-The area, on either side of the centerline, or mean, of data plotted on a control chart that meets the customer's requirements for a product or service. This area may be greater than or less than the area defined by the control limits

Standard deviation - answ✔️💜💜✔️-The square root of the variance, a measure of how spread out the numbers are

Standard Error (SE) of Estimate - answ✔️💜💜✔️-The "average" deviation of the data points from the regression line or curve

Standard score - answ✔️💜💜✔️-Also Z-scores, measure the distance from a piece of data from the mean compared to the entire population; method to compare two data sets together with different scales.

Statistics - answ✔️💜💜✔️-The science that deals with the interpretation of numerical facts or data through theories of probability. Also, the numerical facts or data themselves.

Systematic Errors - answ✔️💜💜✔️-Errors in measurement that are constant within a data set, sometimes caused by faulty equipment or bias

test statistic - answ✔️💜💜✔️-One value used to test the hypothesis, it is a numerical summary of the data set

The Result Chain - answ✔️💜💜✔️-1) Resources - inputs and activities 2) Results - outputs then outcomes then impact

Time Series Analysis - answ✔️💜💜✔️-Regression analysis that uses time as the independent variable

Trend - answ✔️💜💜✔️-In data analysis, a general slope upward or downward over a long period of time

Trial - answ✔️💜💜✔️-An experiment, a test of the performance or qualities of something or someone

Triple Blind Study - answ✔️💜💜✔️-A study performed where neither the treatment allocator nor the participant nor the response gatherer knows which group the participant is in

True Score Model - answ✔️💜💜✔️-average score an individual would achieve if he or she were to take the test infinite times; observed score is the true score plus random error

Upper control limit - answ✔️💜💜✔️-The maximum value on a control chart that a process should not exceed

Valid Data - answ✔️💜💜✔️-Data resulting from a test that accurately measures what it is intended to measure

Variance - answ✔️💜💜✔️-The average of the squared differences from the mean of the related sample

Weighted Composite Index - answ✔️💜💜✔️-created when a researcher applies more weight to certain goods or services than others as they are calculating the index number

Z-score - answ✔️💜💜✔️-A statistical measure that indicates the number of standard deviations a data point is from its mean

Pareto chart - answ✔️💜💜✔️-A bar chart that sorts data into categories, then prioritizes those categories to help project teams identify the most significant factors or the biggest contributors to problems.

80/20 rule - answ✔️💜💜✔️-states that 80% of quality management problems are the result of a small number - about 20% - of causes

expected value - answ✔️💜💜✔️-a random variable is intuitively the long-run average value of repetitions of the experiment it represents

cohort study - answ✔️💜💜✔️-A study that observes and follows people moving forward in time from the time of their entry into the study.

linear programming - answ✔️💜💜✔️-A mathematical tool used to optimize a function (the objective function) subject to various constraints, all of which are linear. Often used to find the combination of products that will maximize profits or minimize costs.

correlation - answ✔️💜💜✔️-The extent or degree of statistical association among two or more variables.

response bias - answ✔️💜💜✔️-This misuse occurs when the respondents to a survey say what they believe the questioner wants to hear. This bias can occur as a result of the wording of a question.

Association and causality - answ✔️💜💜✔️-This statistical misuse occurs when a researcher notices a relationship between two variables and assumes that one variable is the cause of the other. In reality, these variables might both be caused by a separate variable. In this case, they would merely be correlated, which means they show up together. Or there might be no relationship at all.

operationalization - answ✔️💜💜✔️-refers to the development of specific research procedures that allow for observation and measurement of abstract concepts

conscious bias - answ✔️💜💜✔️-occurs when the surveyor is actively seeking a certain response to support his or her theory or cause

Bayes' Theorem - answ✔️💜💜✔️-A formula that calculates conditional probabilities, important in understanding how new information affects the probabilities of different outcomes.

conditional probability - answ✔️💜💜✔️-the probability of an event occurring given that another event has occurred

Chi-square test - answ✔️💜💜✔️-any statistical hypothesis test in which the sampling distribution of the test statistic is a chi-square distribution when the null hypothesis is true

Plan Do Check Act Cycle - answ✔️💜💜✔️-A four-step method that practitioners use to create plans to solve a problem (Plan), run an experiment to see if the plan will work (Do), check the experiment results (Check), and implement changes to processes or policies (Act)

SIPOC diagram - answ✔️💜💜✔️-A diagram that defines the boundaries of a process and shows how its Suppliers, Inputs, Processes, Outputs, and Customers affect process quality.

Ishikawa - 7 Basic Tools of Quality - answ✔️💜💜✔️-1) Run Chart 2) Check sheet 3) Cause and effect diagram (fishbone diagram) 4) Histogram 5) Flow Chart 6) Scatter Diagram 7) Pareto chart

Six Sigma - answ✔️💜💜✔️-A highly disciplined, data-driven approach that uses statistical analysis to measure and improve a company's operational performance by identifying and eliminating defects in manufacturing and service processes; the term itself is commonly defined as 3.4 defects per million opportunities.

lean operations - answ✔️💜💜✔️-Popularized by Six Sigma, business practices that use as little time, inventory, supplies and work as possible to create a dependable product or service. The less that is used, the less waste occurs, and the more money the business saves. Accuracy is also very important in POS (Point of Sale) systems, and the most accurate systems produce products and services without flaws, so nothing needs to be thrown away.

International Organization for Standardization (ISO) - answ✔️💜💜✔️-Established a certification program that guarantees that an organization is dedicated to quality concepts and is continually working to ensure that it is producing highest level of quality possible. The certification shows that an organization has a quality management system in place to monitor and control quality issues and is continuing to meet the needs of customers and stakeholders with high-quality products and services.

Statistics - answ✔️💜💜✔️-Collection of methods for planning experiments, obtaining data, organizing, summarizing, presenting, analyzing, interpreting, and drawing conclusions based on data.

Analytics - answ✔️💜💜✔️-A term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.

descriptive analytics - answ✔️💜💜✔️-statistical procedures used to describe characteristics and responses of groups of subjects

Descriptive and Predictive - answ✔️💜💜✔️-Use past data to project trends

Prescriptive - answ✔️💜💜✔️-Use current and future projected data

Predictive Analytics - answ✔️💜💜✔️-inferring future values based on historical data

Prescriptive Analytics - answ✔️💜💜✔️-identify the best alternatives to minimize or maximize some objective

Big Data - answ✔️💜💜✔️-a broad term for datasets so large or complex that traditional data processing applications are inadequate.

data mining - answ✔️💜💜✔️-the use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables

Davenport-Kim Three-Stage Model - answ✔️💜💜✔️-A decision-making model that consists of three stages: framing the problem, solving the problem, and communicating results

continuous data - answ✔️💜💜✔️-Data that can take on any value. There is no space between data values for a given domain. Graphs are represented by solid lines.

Discrete Data - answ✔️💜💜✔️-Data that can only take on whole values and has clear boundaries

Nominal Data - answ✔️💜💜✔️-Data which consists of names, labels, or categories.

ordinal data - answ✔️💜💜✔️-Places objects in order according to some quality (third degree black belt)

Interval Data - answ✔️💜💜✔️-has order and specific numeric distance between variables. Zero does not represent absence of the property being measured. (Temp, time)

Ratio Data - answ✔️💜💜✔️-continuous and have a natural zero (income, stock prices)

Reliable Data - answ✔️💜💜✔️-Data that is consistent and repeatable

Valid data - answ✔️💜💜✔️-Data resulting from a test that accurately measures what it is intended to measure

random error - answ✔️💜💜✔️-Should cancel themselves out over a large number of measurements

systemic error - answ✔️💜💜✔️-Errors not due to chance. Harder to find.

measurement bias - answ✔️💜💜✔️-Must be a sufficiently random sample to prevent this kind of bias

Information Bias - answ✔️💜💜✔️-A prejudice in the data that results when either the respondent or the interviewer has an agenda and is not presenting impartial questions or responding with truly honest responses, respectively

Data Quality Assurance (DQA) - answ✔️💜💜✔️-Process of verifying the reliability and effectiveness of data

Data Quality Cycle - answ✔️💜💜✔️-1. Definition of the data needed 2. The use of the data where analysis is performed 3. Validation of the data 4. Making Improvements in the data set

observational study (quasi-experiment study) - answ✔️💜💜✔️-Studies conducted in a natural environment where the variables are not completely controlled.

prospective cohort study - answ✔️💜💜✔️-Subjects are classified according to their exposure to a factor of interest and then are observed over time to document the occurrence of new cases (incidence) of disease or other health events.

experimental studies - answ✔️💜💜✔️-studies in which the independent variables are directly manipulated and the effects on the dependent variable are examined

Construct - answ✔️💜💜✔️-Take an abstract concept and make it quantifiable variable or operationalize it

construct validity - answ✔️💜💜✔️-The construct has been generally accepted in the field

Content validity - answ✔️💜💜✔️-Whether the construct measures what it claims to measure

Internal validity - answ✔️💜💜✔️-Occurs when the only variable influencing the results of a study is the one being tested by the researcher

statistical validity - answ✔️💜💜✔️-whether a statistical study is able to draw conclusions that are in agreement with statistical and scientific laws

response bias - answ✔️💜💜✔️-tendency of subjects to systematically respond to a stimulus in a particular way due to nonsensory factors

conscious bias - answ✔️💜💜✔️-occurs when the surveyor is actively seeking a certain response to support his or her theory or cause

Association and causality - answ✔️💜💜✔️-This statistical misuse occurs when a researcher notices a relationship between two variables and assumes that one variable is the cause of the other. In reality, these variables might both be caused by a separate variable. In this case, they would merely be correlated, which means they show up together. Or there might be no relationship at all.

Training and test data misuse - answ✔️💜💜✔️-When the same data that's used to form a hypothesis is then used to test the hypothesis.

trend analysis - answ✔️💜💜✔️-Identifies reliable patterns in past data to predict what might happen going forward

Task sales forecasting - answ✔️💜💜✔️-Review sales volumes over past periods, and use that as a model to predict what might happen in the future

inferential statistics - answ✔️💜💜✔️-numerical data that allow one to generalize- to infer from sample data the probability of something being true of a population

descriptive statistics - answ✔️💜💜✔️-numerical data used to measure and describe characteristics of groups. Includes measures of central tendency and measures of variation.

mean - answ✔️💜💜✔️-Sum divided by the number of points

Median - answ✔️💜💜✔️-Middle number

Conditional Probability - answ✔️💜💜✔️-the probability that one event happens given that another event is already known to have happened

complementary events - answ✔️💜💜✔️-two outcomes of an event that are the only two possible outcomes

Permutations - answ✔️💜💜✔️-The number of unique ordered possibilities for a certain situation

combinations - answ✔️💜💜✔️-Sample in which order doesn't matter

Bayes' Theorem - answ✔️💜💜✔️-The probability of an event occurring based upon other event probabilities.

Mode - answ✔️💜💜✔️-the most frequently occurring score(s) in a distribution

deviation score - answ✔️💜💜✔️-the difference between a raw score and the mean

standard deviation - answ✔️💜💜✔️-a measure of variability that describes an average distance of every score from the mean

normal distribution - answ✔️💜💜✔️-a bell-shaped curve, describing the spread of a characteristic throughout a population

z-score - answ✔️💜💜✔️-a measure of how many standard deviations you are away from the norm (average or mean)

Range - answ✔️💜💜✔️-the difference between the highest and lowest scores in a distribution

Percentile - answ✔️💜💜✔️-Specific point in a distribution of data that has a given percentage of cases below it.

inter-quartile range - answ✔️💜💜✔️-Q3-Q1

weak correlation - answ✔️💜💜✔️-Correlation closer to 0

strong correlation - answ✔️💜💜✔️-Correlation coefficients with an absolute value greater than 0.75.

Cause - answ✔️💜💜✔️-Correlation is not ___________

Multiply (MI) - answ✔️💜💜✔️-Intersection. Probability key words: and, all, both, every, in a row.

Addition (AU) - answ✔️💜💜✔️-Calculating union. Probability key words: or, either, other

Bayes' Theorem - answ✔️💜💜✔️-Probability that states "given that" Working with combined probabilities

One Sample T-test - answ✔️💜💜✔️-Compares 1 mean to a standard

2 Sample T-test - answ✔️💜💜✔️-Compares 2 means

ANOVA - answ✔️💜💜✔️-Comparing 3 or more means

Regression - answ✔️💜💜✔️-Is there a relationship or trend?

Do you want to forecast or predict?

Independent and dependent variable

Logistic Regression - answ✔️💜💜✔️-regression with a binary dependent variable (yes/no, treated/nontreated)

Break Even Analysis - answ✔️💜💜✔️-a method of determining what sales volume must be reached before total revenue equals total costs

Cross over analysis - answ✔️💜💜✔️-Compares volume At what volume does our delivery Seevice become optimal?

Linear programming - answ✔️💜💜✔️-Product mix (hamburgers and hotdogs)

Regression Formation - answ✔️💜💜✔️-Y=Mx+b

cluster analysis - answ✔️💜💜✔️-Groups form naturally

T stat - answ✔️💜💜✔️-T test gives us what statistic?

F stat - answ✔️💜💜✔️-ANOVA gives us what statistic?

R-squared - answ✔️💜💜✔️-Regression gives us what statistic?

The International Organization for Standardization (ISO) - answ✔️💜💜✔️-Developed quality management principles to guide practices

Lean processes - answ✔️💜💜✔️-Focus on eliminating anything that does not add value to customers or satisfy their needs

Attribute data - answ✔️💜💜✔️-Data that shows whether a result meets a requirement or not (yes/no, pass/fail).

Variable data - answ✔️💜💜✔️-Data that shows how well a result meets a requirement, often shown on a scale or as a rating.

Common Cause Variation - answ✔️💜💜✔️-Variation that occurs as a natural part of a process.

Special Cause Variation - answ✔️💜💜✔️-Refers to variation in a process which is sporadic and nonrandom.

Run chart - answ✔️💜💜✔️-tool for tracking results over a period of time

Control chart - answ✔️💜💜✔️-A graphic display of process data over time and against established control limits

cause and effect diagram - answ✔️💜💜✔️-Process identification (why).

Flowchart - answ✔️💜💜✔️-Process identification (where)

Check sheet - answ✔️💜💜✔️-collects data

Histogram - answ✔️💜💜✔️-a bar graph depicting a frequency distribution (centered)

Pareto Chart - answ✔️💜💜✔️-Distribution (highest to lowest)

Scatter diagram - answ✔️💜💜✔️-shows the relationship between two variables

Six Sigma - answ✔️💜💜✔️-a rigorous statistical analysis process that reduces defects in manufacturing and service-related processes

Simple Index Number - answ✔️💜💜✔️-shows the change in price or quantity of a single good or service over time

Simple Composite Index - answ✔️💜💜✔️-Data gathered from many different sources without any data weighing more significantly than any other data.

Prevalence - answ✔️💜💜✔️-Counts all existing cases of a disease

Incidence - answ✔️💜💜✔️-Only counts new cases of a disease

cumulative incidence - answ✔️💜💜✔️-Proportion that measures the number of new cases that arise in a particular time period compared to the population

Incidence rate - answ✔️💜💜✔️-Includes person-time units

norm-referenced tests - answ✔️💜💜✔️-Tests where a student's performance is compared to another induvidual

criterion-referenced test - answ✔️💜💜✔️-Student's performances are compared to a criterion, or standard.

Observed score - answ✔️💜💜✔️-The score that is actually achieved on a test

True score - answ✔️💜💜✔️-the score the student would get if they took the test an infinite number of times

True Score Theory - answ✔️💜💜✔️-In a test without systematic error, the observed score is the true score plus random error

Item Response Theory (IRT) - answ✔️💜💜✔️-model of designing, analyzing and scoring tests

Index - answ✔️💜💜✔️-Current price/before price X100

True score + random error - answ✔️💜💜✔️-Observed score equals

True score + random error + systematic error - answ✔️💜💜✔️-Observed score Also equals

cost-benefit analysis, benchmarking, payback period - answ✔️💜💜✔️-Ways performance can be measured in govt/public sector

Cost-effectiveness of initiates, benchmarking - answ✔️💜💜✔️-Ways performance is assessed for Non-profits?

%promoters - %detractors - answ✔️💜💜✔️-NPS

Prescriptive - answ✔️💜💜✔️-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

Relatively lower cost of computer storage Higher computer processing power - answ✔️💜💜✔️-What are two reasons for the increasing use of analytics in organizational decision making?

Choose 2 answers

By quantifying risk - answ✔️💜💜✔️-In what way does probability theory inform decision-making for managers?

Ordinal data - answ✔️💜💜✔️-Which type of data are the Olympic medals of gold, silver, and bronze examples of?

It reduces the amount of incomplete data.

It cleans data. - answ✔️💜💜✔️-What are some of the aspects of data quality management?

Choose 2 answers

Missing data Misspelled data - answ✔️💜💜✔️-Which two attributes indicate potential data quality issues when evaluating a set of nominal data?

Choose 2 answers

Systematic error - answ✔️💜💜✔️-When conducting a study that measures an individual's weight, all scales are calibrated prior to use in measurement.

Which type of error should this procedure significantly reduce?

The response variable - answ✔️💜💜✔️-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?

Cohort study - answ✔️💜💜✔️-A healthcare study follows a particular sample over time to identify how the health habits of teenagers impact their likelihood of acquiring various diseases later in their life in the hope that the healthcare organization will be able to create early prevention programs.

Which type of research design does this study describe?

Systematic error Omission error - answ✔️💜💜✔️-Several missing values in a particular field in a dataset were observed. The likelihood of a record having a missing value is correlated to another variable in the dataset.

Which two types of error might be introduced into the dataset if the removed record included missing values?

Choose 2 answers

Number of purchases per e-mail Cost per e-mail - answ✔️💜💜✔️-A company is trying to increase its online sales revenue by improving its e-mail advertising campaign for repeat customers as well as new customers.

Which two variables would be used in determining a campaign to maximize revenue gain?

Choose 2 answers

Compare outcomes of different drug testing results ANOVA

Understand effective marketing to spend advertising dollars efficiently Correlation

Monitor production process Control charts - answ✔️💜💜✔️-Match each action with the appropriate statistical procedure.

Answer options may be used more than once or not at all. (3)

Confusion of association and causality - answ✔️💜💜✔️-A researcher concludes that bananas create healthy children because the researcher's notes indicate that children who eat a banana every day are healthy.

Which misuse of statistics would this study be an example of if these children also eat a balanced diet and exercise daily?

Does a causal relationship truly exist? - answ✔️💜💜✔️-In the month of December, there is a strong positive correlation between airline ticket sales and retail sales.

Which question should the researcher consider before concluding that the correlation statistic implies that airline sales drive retail sales?

Intersection Multiplication principle - answ✔️💜💜✔️-A medical care provider determines the probability that a patient needs treatment for a broken bone, the probability that a patient needs treatment for a concussion, and the probability that a patient needs treatment for both a broken bone and a concussion.

Which two techniques apply in finding the probability that a patient needs treatment for a broken bone and a concussion?

Choose 2 answers

Bayes' Theorem - answ✔️💜💜✔️-A hardware store has found that there is a 0.25 probability that a customer buys an electrical product, a 0.45 probability that a customer buys a plumbing product, and a 0.10 probability that a customer buys an electrical part if they purchase a plumbing part.

Given this information, 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?

12 - answ✔️💜💜✔️-Given the following data set:

9 12 14 10 8 11 12

What is the mode?

Scatterplot - answ✔️💜💜✔️-Which graphical tool is used to illustrate a possible relationship or correlation between two variables?

The data point is two standard deviations less than the mean of the data set - answ✔️💜💜✔️-What does it mean when an individual data point has a z-score of -2?

The advertisement was effective in building brand awareness. - answ✔️💜💜✔️-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 with 95% confidence.

What can be concluded from this study?

Median - answ✔️💜💜✔️-A manager is analyzing a dataset that includes information on individual incomes. The manager knows that the dataset is fairly representative of the general population and includes several millionaires.

Based on this dataset, which measure of central tendency best represents the middle of the distribution?

Standard deviation - answ✔️💜💜✔️-After evaluating manufacturing times for a particular product, a manager determines that the times are spread out across the distribution. The manager has been asked to determine how far, on average, the time is from the mean.

Which statistic roughly measures the average distance of a data point from the mean of the distribution?

97.5% - answ✔️💜💜✔️-The number of customers that an automobile service shop receives on any given day is normally distributed with a mean of 75 and a standard deviation of 25. On a given day, 125 oil changes are performed.

What is the probability on a given day of 125 or fewer oil changes performed?

ANOVA - answ✔️💜💜✔️-A nonprofit organization ran an e-mail 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?

Standard deviation Mean - answ✔️💜💜✔️-A manager of a call center is in charge of creating a staffing plan. The number of calls received per day is normally distributed.

Which two statistics would be needed in order to estimate the number of calls that would be received 95% of the time?

Choose 2 answers

picture of a hill - answ✔️💜💜✔️-A hospital gathers the blood pressure readings of a sample of patients. They find that mean, median and mode of this data set are all nearly equal and that 50% of the blood pressure readings are less than the mean and 50% are greater than the mean.

Which histogram would correctly graph this data set? (hill)

68.2% - answ✔️💜💜✔️-A normally distributed data set has a mean of 10 and a standard deviation of 2.

What is the probability that a randomly selected event from the data set will be between 8 and 12?

The dependent variable - answ✔️💜💜✔️-A manager uses a linear regression to examine how the store's retail sales are predicted by advertising expenditures.

What will retail sales represent in this regression?

Sales of $45,432 - answ✔️💜💜✔️-An analyst used multiple linear regression to explore how Store A's sales ( y) are predicted by Store A's advertising expenditure dollars (variable x1) and the advertising expenditure dollars of Store A's competitor (variable x2).

The estimated regression is y = 532 + 80.5 x1 - 35.6 x2.

Which scenario would be predicted if x1 is $1,000 and x2 is also $1,000?

R-squared - answ✔️💜💜✔️-A company decides to auction excess inventory on an auction website.

They have performed a regression analysis to identify how the length of the auction impacts the final price.

Which statistic indicates the strength of the relationship between the length of auctions and final price?

Autocorrelation - answ✔️💜💜✔️-A researcher looks at moving average data on store sales and wishes to perform a multiple regression of interest rates and disposable income.

What is a particular concern when performing time series multiple regression?

Seasonality - answ✔️💜💜✔️-A retail store notices a spike in turkey sales every November.

Which time series pattern are turkey sales likely to exhibit?

Ordinary least squares regression - answ✔️💜💜✔️-A researcher wants to predict test scores based upon hours spent studying.

Which type of regression would be more appropriate?

To measure the spread of the data - answ✔️💜💜✔️-A doctoral student is surveying chief executive officers (CEOs) to understand their relationships with their governing boards. The student receives responses to a survey with ten questions that rates the respective relationships.

Why would the student measure the standard deviation of responses?

Scatter plot - answ✔️💜💜✔️-A doctoral student is surveying chief executive officers (CEOs) to understand their relationships with their governing boards. The student determines the years of business experience for each CEO as well as their rating, on a 10-point scale, of satisfaction with the governing board.

Which statistical approach should be used to display the data for analysis?

Decisions reduce external bias.

Decisions foster trust in plans. - answ✔️💜💜✔️-Which two decision considerations describe factbased decision making, according to the quality management principles?

Choose 2 answers

Plan - answ✔️💜💜✔️-An organization is concerned about whether quality control standards are being met and develops a strategy to test quality control metrics.

Which step does this represent in the Plan-Do-Check-Act cycle?

Focuses on training - answ✔️💜💜✔️-Which phrase is a description of quality assurance?

It provides a holistic view of the entire operation. - answ✔️💜💜✔️-A joint venture is established between two firms to use their core competencies to increase their market share.

How would a SIPOC (suppliers, inputs, process, outputs, and customers) diagram benefit the joint venture?

Attribute data - answ✔️💜💜✔️-In a statistical process control analysis, sample data are collected from an assembly line and measured to see if they fall within a tolerated measurement range. If an observation does fall within the range, a "yes" is recorded, and if it falls outside the range, a "no" is recorded.

Which kind of data do the "yes" and "no" represent?

Special cause variation - answ✔️💜💜✔️-A soft-drink manufacturer performs a control chart analysis and the results indicate that the soft-drink bottles are consistently under-filled by a large amount according to specifications. The system was evaluated three months prior and was determined to be stable and filling bottles within accepted limits.

What is this consistent under-filling an example of?

Increases in advertising expenditures are associated with increases in retail sales. - answ✔️💜💜✔️What does this scatter diagram of an organization's retail sales and advertising expenditures indicate?

Pareto chart - answ✔️💜💜✔️-A college is reviewing statistics concerning student retention. The college would like to determine the most important factors that cause students to leave and asks the researcher to display this information using one of the Seven Basic Tools of Quality.

Which tool should be used in this case?

Construct a Pareto chart - answ✔️💜💜✔️-A check sheet indicates that of 100 returned items, 50 were damaged upon delivery, 30 were the wrong size, 10 were of poor quality, 5 were a mistaken order, and 5 were returned due to the customer no longer wanting the item.

What is the appropriate way to represent these data?

Flowchart - answ✔️💜💜✔️-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?

Lean Operations - answ✔️💜💜✔️-Which approach focuses on eliminating activities that do not add value or satisfy customers?

ISO - answ✔️💜💜✔️-An organization develops a new strategic plan and seeks ways to measure its performance over a specific period of time.

Which system enables the organization to measure performance based upon established global standards?

Balanced scorecard - answ✔️💜💜✔️-Which approach uses financial, customer, internal business processes, and innovation/learning measures?

Define resources Study the long-term effects of the output - answ✔️💜💜✔️-Which two items represent steps of results-based management?

Choose two answers

It discovers patterns or trends in large data sets - answ✔️💜💜✔️-What is a description of data mining?

Simple composite index - answ✔️💜💜✔️-Which common analytic measure is used to improve business performance?

Developing a decision tree - answ✔️💜💜✔️-A national manufacturer is building an overseas factory to be closer to one of its largest markets.

Which analysis technique would be appropriate when evaluating location options under risk in order to strengthen the firm's competitiveness in the new market?

Incidence accounting for all new cases - answ✔️💜💜✔️-What is the most important analytic to determine the success or failure of a particular year's flu vaccine?

There is a strong positive relationship for a cosmetic surgery program as a function of income, and this program should be developed in high income areas. - answ✔️💜💜✔️-The management for Hospital A conducted a survey of its patients' opinions including gathering demographic data to determine which programs should be pursued during the upcoming fiscal year. Upon analyzing the response on the need for a cosmetic surgery program for the hospital, it was found that there was an r score of 0.75, and a p of 0.03 between a patient's income level and support for the creation of a cosmetic surgery department.

Which statement provides an effective strategic decision based on an analysis of the given information?

The observed score is the true score plus random error. - answ✔️💜💜✔️-What does True Score Theory state about a test without systematic error?

Z-score - answ✔️💜💜✔️-The average test score of students taking an exam was 70% with a standard deviation of 8.5%.

Which tool should be used to compare a student's score to the group average?

It analyzes the cost of achieving a quantifiable goal. - answ✔️💜💜✔️-What is true of cost-effective analysis?

By benchmarking like strategies of successful counties - answ✔️💜💜✔️-A county government must reduce spending. It wishes to eliminate incremental budgeting and align budget allocations with each of its units' strategic business objectives.

How can the county apply data analytic approaches to attain this goal?

By estimating the payback period - answ✔️💜💜✔️-A county government wishes to convert government vehicles from gasoline to natural gas.

How can the county evaluate the effectiveness of the conversion?

By establishing a balanced scorecard - answ✔️💜💜✔️-How can organizations implement an effective performance management evaluation system?

Surveying customer satisfaction upon checkout - answ✔️💜💜✔️-Which key performance indicator can a hotel chain use to measure its ability to meet client tastes and preferences?

They require significant ongoing maintenance. - answ✔️💜💜✔️-What is a significant disadvantage of KPIs?

It requires significant time and effort to establish a meaningful scorecard. - answ✔️💜💜✔️-What is a disadvantage of a balanced scorecard?

They are visual representations of key areas of focus.

They show trends that represent organizational results over time. - answ✔️💜💜✔️-In what two ways are KPI dashboards useful in performance assessment? Choose 2 answers

Net promoter score - answ✔️💜💜✔️-A professional services firm is undergoing a business process improvement exercise to improve productivity, staff morale, and client satisfaction.

Which technique might the firm use to evaluate the strength of customer service relations?

Results-based management - answ✔️💜💜✔️-A professional services firm wants to track and monitor important financial performance measures of the company (e.g., year-over-year change in revenues and profits).

Which performance approach would best meet the company's objective?