QMB 3600 Exam 1 Questions and Answers Already Passed Rated A+

QMB 3600 Exam 1 Questions and Answers Already Passed Rated A+ Descriptive analytics - AnswersRefers to gathering, organizing, tabulating, and visualizing data to summarize "what has happened?" In reports, tables, graphs, and maps Predictive analysis - AnswersRefers to using historical data to protect "what could happen in the future?" Identifying customers who are most likely to respond to specific marketing campaigns Prescriptive analysis - AnswersRefers to using optimization and simulation algorithms to provide advice on "what should we do?" Provides advice on scheduling employees work hours in order to meet demand Population - AnswersConsists of all observations or items of interest in an analysis Sample - AnswersSubset of the population Cross sectional - AnswersRefer to data collected by recording a characteristic of many subjects at the same point in time, or without regard to differences in time DMAIC - AnswersDefine, Measure, Analyze, Improve, Control Define - AnswersA question or statement that calls for a solution Measure - AnswersData is collected to establish process performance Analyze - AnswersHelps to identify, validate, and select the roof cause of the problem that needs to be eliminated. Focus shafts from the effects of the problem to its cause Improve - AnswersReady to generate solutions to the problem. Critical thinking techniques, shift from basic techniques to variations of brainstorming Control - AnswersDeals with necessary steps required to maintain the profits made by solving a problem Thematic analysis - AnswersA method of analyzing qualitative data Random data - AnswersA subset of a population selected by a process that makes all samples of a specific size equally likely to occur Value - AnswersMythological plan for formulating questions, curating the right data, and unlocking hidden potential Variety - AnswersAll types, forms, granularity, structure or unstructured Volume - AnswersImmense amount of data compiled for single or multiple sources Velocity - AnswersGenerated at a rapid speed, management is a critical issue Veracity - AnswersCredibility and quality of the data, reliability Ratio (numerical) - AnswersMost sophisticated, a true zero point, reflects absence of characteristic, ratios are meaningful. Example is profits Interval - AnswersNumerical. Categorize and rank, differences are meaningful. Zero value is arbitrary and does not reflect absence of characteristic. Ratios are not meaningful. Example is temperature Ordinal - AnswersCategorial. Reflect labels her name, but can be ranked. Cannot interpret the difference between the ranked values. Example is reviews, 1 star to 5 star Nominal - AnswersCategorical. Least sophisticated. Values differ by label or name. Example is marital status. Types of Scales - AnswersRatio Interval