Data Driven Decision Making - Module 3
(Answered)
Linear programming
mathematical technique used to find a maximum or minimum of linear equations
containing several variables
crossover analysis
allows a decision maker to identify the crossover point, which represents the point at
which we are indifferent between the plans
ANOVA
Analysis of Variance (ANOVA) is a technique used to determine if there is sufficient
evidence from sample data of three or more populations to conclude that the means of
the population are not all equal
Normal Distribution
When data tends to occur around a central value with no bias right or left
Judgmental forecasting
based on sales, consumer, or management input
Associative
based upon predictive or explanatory variables and includes regression
Decision analysis
the process of weighing all outcomes of a decision to determine the best course of
action
simulation
attempts to emulate a real process or system through an imitative model
Independent Variable
The variable presumed to influence another variable (dependent variable); typically it is
the level of activity or cost driver
Cluster Analysis
The process of arranging terms or values based on different variables into "natural"
groups
Multicollinearity
A multiple regression equation is flawed because two variables thought to be
independent are actually correlated to be independent
Regression Analysis
A statistical analysis tool that quantifies the relationship between a dependent variable
and one or more independent variables
Data Management
The management, including cleaning and storage, of collected data
Standard Error (SE) of Estimate
The "average" deviation of the data points from the regression line or curve
Cointegration
Occurs when two time series are moving with a common pattern due to a connection
between the two time series
Simple Linear Regression
(Answered)
Linear programming
mathematical technique used to find a maximum or minimum of linear equations
containing several variables
crossover analysis
allows a decision maker to identify the crossover point, which represents the point at
which we are indifferent between the plans
ANOVA
Analysis of Variance (ANOVA) is a technique used to determine if there is sufficient
evidence from sample data of three or more populations to conclude that the means of
the population are not all equal
Normal Distribution
When data tends to occur around a central value with no bias right or left
Judgmental forecasting
based on sales, consumer, or management input
Associative
based upon predictive or explanatory variables and includes regression
Decision analysis
the process of weighing all outcomes of a decision to determine the best course of
action
simulation
attempts to emulate a real process or system through an imitative model
Independent Variable
The variable presumed to influence another variable (dependent variable); typically it is
the level of activity or cost driver
Cluster Analysis
The process of arranging terms or values based on different variables into "natural"
groups
Multicollinearity
A multiple regression equation is flawed because two variables thought to be
independent are actually correlated to be independent
Regression Analysis
A statistical analysis tool that quantifies the relationship between a dependent variable
and one or more independent variables
Data Management
The management, including cleaning and storage, of collected data
Standard Error (SE) of Estimate
The "average" deviation of the data points from the regression line or curve
Cointegration
Occurs when two time series are moving with a common pattern due to a connection
between the two time series
Simple Linear Regression
