WGU C207 DATA DRIVEN DECISION MAKING OBJECTIVE ASSESSMENT (VERIFIED DETAILED SOLUTIONS) GRADED A What is a description of data mining? Answer-It discovers patterns or trends in large data sets. Which common analytic measure is used to improve busines

WGU C207 DATA DRIVEN DECISION MAKING OBJECTIVE ASSESSMENT (VERIFIED DETAILED SOLUTIONS) GRADED A What is a description of data mining? Answer-It discovers patterns or trends in large data sets. Which common analytic measure is used to improve business performance? Answer-Simple composite 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? Answer-Developing a decision tree What is the most important analytic to determine the success or failure of a particular year's flu vaccine? Answer-Incidence accounting for all new cases The management for Hospital A conducted a survey of it 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 of0.75, 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? Answer-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. What does Ture Score Theory state about a test without systematic error? Answer-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? Answer-Z-score What is true of cost-effective analysis? Answer-It analyzes the cost of achieving a quantifiable goal. Analytics is a broad term that refers to a variety of tools that inform managerial decisions. Answer-Prescriptive What are two reasons for the increasing use of analytics in organizational decision making? Answer-Relatively lower cost of computer storage Higher computer processing power In what way does probability theory inform decisionmaking for managers? Answer-By quantifying risk Which type of data are the Olympic medals of gold, silver, and bronze examples of? Answer-Ordinal data What are some of the aspects of data quality management? Answer-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? Answer-Missing data Misspelled data