WGU Data Driven Decision Making - C207

WGU Data Driven Decision Making - C207 11 studiers today 4.7 (34 reviews) Students also studied Terms in this set (146) Western Governors UniversityC 207 Save WGU C207 Data Driven Decision Ma...76 terms Isabel_Flores52 Preview

C207 Pre-Assessment: Data-Driven ...

73 terms nmjohnson1987 Preview C207 Data Driven Decision Making Teacher 240 terms Calise_Brogdon3 Preview Data-D Teacher spe Practice questions for this set Learn1 / 7Study using Learn refers to the development of specific research procedures that allow for observation and measurement of abstract concepts Activities (RBM stage)second step involves the process that converts inputs to outputs (actions necessary to produces results - training, evaluating, developing) Alternative hypothesisThe argument that either a sample is not equal to, greater than, or less than the hypothesized null sample Choose an answer 1discovery2trial 3structuring4operationalization Don't know?

Analysis of Variance (ANOVA)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 AnalyticsThe discovery, analysis, and communication of meaningful patterns in data.AutocorrelationA relationship between two variables that is inherently non-linear Balanced ScorecardAn 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 chartA graph that measures the distribution of data over discrete groups or categories.BenchmarksStandards or points of reference for an industry or sector that can be used for comparison and evaluation.Big Datavery 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 StudyA study performed where the participants are not told if they are in the treatment group or control group body mass index (BMI)A measure, based on a person's weight and height, that is used to classify people as underweight or overweight.Business processA sequence of logically related and time based work activities to provide a specific output for a customer.Central Limit TheoremA 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 AnalysisThe process of arranging terms or values based on different variables into "natural" groups CointegrationOccurs when two time series are moving with a common pattern due to a connection between the two time series CombinationThe number of different unordered possibilities for a certain situation.ComplementThe occurrence of an event not happening, the opposite Confidence intervalAn interval estimate used to indicate reliability Continuous DataData that can lay along any point in a range of data

Control chartA 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 limitsThe 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 testcompare an individual to certain defined standards Critical Success FactorsThe important things an entity must do to be successful, such as quality measures, customer service, or efficiency.Cumulative Average-Time Learning ModelA 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 distributionsThe probability that a random variable will be found at a value less than or equal to a given number Customer satisfactionA measure of the extent to which customers are satisfied with the products and related services they received from a supplier.Cycle timeThe 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.CyclicalityRepetition of up (peaks) or down movements (troughs) that follow or counteract a business cycle that can last several years Data ManagementThe management, including cleaning and storage, of collected data.Data Miningthe process of discovering patterns in large data sets; performed on big data to decipher patterns from these large databases Data SetA collection of related data records on a storage device.Davenport Kim Three Stage ModelA 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 VariableThe variable whose value depends on one or more variables in the equation; typically the cost or activity to be predicted DetractorA category of customer used in the calculation of the Net Promoter Score that indicates an unhappy customer.Discrete DataData that can only take on whole values and has clear boundaries Double Blind StudyA study performed where neither the treatment allocator nor the participant knows which group the participant is in

Economic Value Added (EVA)Net income (after taxes) earned in excess of the amount of net income required to earn the company's cost of capital.Epidemiologystudy of the incidence, distribution and possible control of diseases and other factors relating to health EventAn outcome that occurs Experience CurveA curve that shows the decline in cost per unit in various business functions of the value chain as the amount of these activities increases HeteroscedasticityA regression in which the variances in y for the values of x are not equal HistogramA graph that displays continuous data. This type of graph has vertical bars that show the counts or numbers in each range of data.HomoscedasticityA regression in which the variances in y for the values of x are equal or close to equal HypothesisA proposed explanation used as a starting point for future examination Impact (RBM stage)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) Incidencemeasures the number of new cases that arise in a population over the course of a designated time period Incremental Unit-Time Learning ModelA 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 VariableThe variable presumed to influence another variable (dependent variable); typically it is the level of activity or cost driver Information BiasA 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)the first step of RBM is to define the resources, human or financial, used by the RBM system (people, funds, information) Interquartile rangeThe difference, in value, between the bottom and top 25 percent of the sample or population Interval DataData that is ordered within a range and with each data point being an equal interval apart