C207 OA STUDY GUIDE

c207 OA STUDY GUIDE 5.0 (10 reviews) Students also studied Terms in this set (40) Western Governors UniversityC 202 Save c207 Data-Driven Decision Making ...81 terms afeminelli3Preview C207 Study Guide 191 terms ikaika99Preview WGU C211 - Global Economics for M...136 terms jasonmcnearPreview WGU C 94 terms lcha Practice questions for this set Learn1 / 7Study using Learn Composes or puts together data from many different sources with no weighing NominalJust Names that can be counted Whole number, count, or total (color of eyes, type of vehicle) OrdinalNames that can be placed in an order and then counted Whole number, count, or total (top 10 football teams, satisfaction levels) Choose an answer 1Consumer Price index2Weighted Composite index 3Simple Composite index4Linear scale Don't know?

IntervalNumbers that have equal intervals and an order, but no true zero Can be added and subtracted (NOT multiplied/divided) (shirt size, dates, times) RatioNumbers that have equal intervals and an order, but also have a true zero Can be added, subtracted, multiplied, divided, and ratioed (percentages, money, rates) Normal Distribution/Bell Curve68.3 % of data within 1 σ of the mean 95.4 % of data within 2 σ of the mean 99.7 % of data within 3 σ of the mean Intersection"And, Both, All, Every, In a row"

MULTIPLICATION

Union"Or, Either, Other"

ADDITION

Bayes"Given that" A, B =events P (A|B) =probability of A given B is true P (B|A) =probability of B given A is true P(A), P(B) =the independent probabilities of A and B

Regression Keywords:Relationship, correlation, R-Square, scatter plot

R-square (Goodness of fit) Keywords:strength of the relationship; 0 Weaker to 1 Stronger relationship

Logistic Regression:The dependent variable is binary (Yes/NO or On/Off)

Linear Programming:Uses Constraints and keywords that are associated with the letter “M”. Mix, minimize, maximize, optimize 2-Sample T-Test:Difference among 2 data sets that measure the same thing; use a bar chart ANOVA:Difference among three or more (Another) that measure the same thing; use a bar chart

Chi-Square:Difference in Counts/frequency of Categorical data

Cross-OVer:Options and Volume

If p-Value is Smaller than 0.05, then...Significant Pareto Chartorders from highest to lowest frequencies to show importance

Cluster ChartForm natural groupings/cluster Balanced Scorecard keywords:FLIC = Financial, Learning/Innovation, Internal Business Processes, and Customer

Decision tree:risk and options

Simple Composite indexComposes or puts together data from many different sources with no weighing Weighted Composite indexApplies a weight to some of the data

Run Chart Keyword:Over time

Control Chart Keyword:In limits

Cause and Effect Keyword:Process identification (why)

Flow Chart Keyword:Process identification (where)

Check Sheet Keyword:Collect

Histogram Keyword:Distribution (centered)

Pareto Keyword:Distribution (highest to lowest)

Scatter Diagram Keyword:Relationship

Advantages of KPI's:Educate management on company performance

Can be used as a tool across the entire organization Data-driven results make it easier to quantify performance If used over time, can create an internal benchmarking system

Disadvantages of KPI's:Can be expensive and time-consuming to set up and use

Requires frequent, even ongoing, maintenance and monitoring Small changes in KPIs may be viewed as meaningful, but may not be statistically significant Results are often only rough guides rather than a concrete measurement Once designed and set up, difficult to change

Advantages of Balanced Scorecards:Better organization alignment

Better internal and external communication *links operations with company strategy Emphasizes strategy and organizational results Disadvantages of Balanced Scorecards:Requires time and effort to establish a meaningful scorecard Does not illustrate a full picture of the company's performance, particularly financial data Difficult to maintain momentum Requires a wide cross-section of the organization's departments in developing the system May not encourage desired behavior changes

Advantages of Net Promoter Scores:Creates an easily understood metric for customer perceptions Holds employees accountable for their treatment of individual customers Allows companies to benchmark against industry leaders Relatively low maintenance if deployed electronically Disadvantages of Net Promoter Scores:Does not provide in-depth customer perception data Requires customers who are willing to respond to the question Some argue the 11-point scale is not as predictive as the 7-point scale Some argue it fails to predict loyalty behaviors Can be difficult to capture the precise area of dissatisfaction MeanAverage of all values MedianMidpoint of the sorted distribution ModeMost frequent number (typical)