WGU D207 DATA DRIVEN DECISION MAKING OA EXAM
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 500
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED
A+
linear programming - ANSWER: math technique used to find the maximum or
minimum of linear equations containing several variables
profit formula - ANSWER: selling price - labor - materials
crossover analysis - ANSWER: allows a decision maker to identify the crossover point
breakeven formula - ANSWER: fixed cost/ contribution margin per unit
chi squared test - ANSWER: 1. state null hypothesis and alternative hypothesis
2. decide on significance level
3. compute value of test statistic
4.find critical value and compare it to the test statistic
ANOVA - ANSWER: analysis of variance
used to determine if there is a significant difference among 3 or more means
Regression analysis - ANSWER: measures how one variable relates to another
time series analysis - ANSWER: set of observations on a variable collected over
regular time periods
(e.g. sales, profits, cost, inventory, etc)
cluster analysis - ANSWER: arranging items or values based on different variables
into "natural" groups
decision analysis - ANSWER: process of weighing all outcomes of a decision to
determine the best course of action
quantitative decision tools - ANSWER: linear programming
break even formula
chi-squared test
ANOVA
differential statistic techniques - ANSWER: time series analysis
regression analysis
cluster analysis
decision analysis
, analytics - ANSWER: extensive use of data, statistical and quantitative analysis,
explanatory and predictive models, and fact based management to drive decisions
and add value
descriptive analytics - ANSWER: depict then describe characteristics of what is being
studied
use past data to project trends into the future
predictive analytics - ANSWER: use data from past to predict the future
prescriptive analytics - ANSWER: include experimental design and optimization to
suggest a course of action
synthesis - ANSWER: practice of marrying quantitative insight with old fashioned
subjective experience
Davenport-Kim 3 stage model - ANSWER: 1. framing problem
2. solve the problem
3. communicate results
problem recognition steps - ANSWER: 1. identify stakeholders
2. focus on decisions
3. identify the kind of story you are going to tell
4. determine the scope of the problem
5. get specific about what you are going to find out
continuous data - ANSWER: lay along any point in a range of data
( e.g. 22.67 years old)
discrete data - ANSWER: whole values with clear boundaries
(e.g. 4 cars)
nominal data - ANSWER: categorical data
ordinal data - ANSWER: places data objects in order according to some quality
interval data - ANSWER: has an order and all objects are an equal interval apart
(e.g. temperature)
ratio data - ANSWER: has a unique zero point
numbers compared as multiples of one another
reliable data - ANSWER: consistent and repeatable
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 500
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED
A+
linear programming - ANSWER: math technique used to find the maximum or
minimum of linear equations containing several variables
profit formula - ANSWER: selling price - labor - materials
crossover analysis - ANSWER: allows a decision maker to identify the crossover point
breakeven formula - ANSWER: fixed cost/ contribution margin per unit
chi squared test - ANSWER: 1. state null hypothesis and alternative hypothesis
2. decide on significance level
3. compute value of test statistic
4.find critical value and compare it to the test statistic
ANOVA - ANSWER: analysis of variance
used to determine if there is a significant difference among 3 or more means
Regression analysis - ANSWER: measures how one variable relates to another
time series analysis - ANSWER: set of observations on a variable collected over
regular time periods
(e.g. sales, profits, cost, inventory, etc)
cluster analysis - ANSWER: arranging items or values based on different variables
into "natural" groups
decision analysis - ANSWER: process of weighing all outcomes of a decision to
determine the best course of action
quantitative decision tools - ANSWER: linear programming
break even formula
chi-squared test
ANOVA
differential statistic techniques - ANSWER: time series analysis
regression analysis
cluster analysis
decision analysis
, analytics - ANSWER: extensive use of data, statistical and quantitative analysis,
explanatory and predictive models, and fact based management to drive decisions
and add value
descriptive analytics - ANSWER: depict then describe characteristics of what is being
studied
use past data to project trends into the future
predictive analytics - ANSWER: use data from past to predict the future
prescriptive analytics - ANSWER: include experimental design and optimization to
suggest a course of action
synthesis - ANSWER: practice of marrying quantitative insight with old fashioned
subjective experience
Davenport-Kim 3 stage model - ANSWER: 1. framing problem
2. solve the problem
3. communicate results
problem recognition steps - ANSWER: 1. identify stakeholders
2. focus on decisions
3. identify the kind of story you are going to tell
4. determine the scope of the problem
5. get specific about what you are going to find out
continuous data - ANSWER: lay along any point in a range of data
( e.g. 22.67 years old)
discrete data - ANSWER: whole values with clear boundaries
(e.g. 4 cars)
nominal data - ANSWER: categorical data
ordinal data - ANSWER: places data objects in order according to some quality
interval data - ANSWER: has an order and all objects are an equal interval apart
(e.g. temperature)
ratio data - ANSWER: has a unique zero point
numbers compared as multiples of one another
reliable data - ANSWER: consistent and repeatable
