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C207 Data-Driven Decision-Making > C207 Flashcards > Flashcards

C207 Flashcards

1
Q

There are two types of statistics
(Analytics)

A

Descriptive and Inferential

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2
Q

Descriptive statistics are used to ______.

A

Inform / Explanatory

Past Data

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3
Q

Inferential statistics are used to ______.

A

Predict / Trend

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4
Q

Name the 4 levels of measurement.

A

Nominal, Ordinal, Interval, Ratio

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5
Q

Continuous data with unique zero-point

A

Ratio

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6
Q

Orders data at equal distance apart

A

Interval

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7
Q

Place qualitative objects in some kind of
order

A

Ordinal

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8
Q

Identify, Group, or Categorize
Names/Labels

A

Nominal

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9
Q

Outliers create this type of error

A

Out-of-Range

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10
Q

Unpredictable error?

A

Random Error – No correlation

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11
Q

Error may occur from missing data.
(Example: Space not filled in)

A

Omission Error – Distorted results

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12
Q

This error repeats itself

A

Systematic Error – Skewed results

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13
Q

What is the process of quality control?

A

Reduce/ minimize errors

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14
Q

All variable measurements and
manipulations are under the
researcher’s control

A

Experimental study

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15
Q

Used when impractical or impossible to control the conditions of the study

A

Observational study

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16
Q

Participants are not told if they are in the treatment group or control group

A

Blind Study

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17
Q

The procedure the researcher applies to each subject

A

Treatments

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18
Q

Neither the treatment allocator nor the participants know who is in the
treatment group or control group

A

Double-blind study

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19
Q

Questions favor an outcome or the
interviewer asks questions that favor an outcome.

A

Information Bias

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20
Q

The average outcome (payoff) when the future includes scenarios that may or may not happen

A

Expected Monetary Value (EMV)

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21
Q

Observation points that are distant from other observations.

A

Outliers

Note: Can be included or excluded in analysis (causes skewness)

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22
Q

Bias that occurs from not selecting a random sample

A

Measurement bias

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23
Q

Bias introduced because respondents believe it will be beneficial if selected.

A

Conscious bias

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24
Q

Each of the four quartile groups a population can be divided into?

A

Quartiles

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25
Q

Measures the difference between the third and first quartile.

Q3 - Q1

A

IQR: Inter-quartile range

Note: Must be ordered in lowest to highest value

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26
Q

A chart used to study the composition of a data set and examine the distribution

A

Box Plot

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27
Q

There are six toll booths to enter the highway. What probability does each toll booth worker have of getting the next customer?

A

1 customer and 6 booths =
1/6 or 16.7%

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28
Q

The order you pick your sample in does not matter?

A

Combination

Picking employees for a shift. Order doesn’t matter.

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29
Q

When given P(A) given P(B), you can use this to find the P(B) given P(A). KEYWORD: GIVEN THAT

A

Bayes Theorem

You must know P(A), P(B), P(A) given B

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30
Q

Apply this rule when looking for two events occurring. KEYWORDS: AND, ALL, BOTH, EVERY, IN A ROW

A

Multiplication
Note: Multiply Principle calculates Intercepts

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31
Q

Use this rule when looking for one or the other event happening. KEYWORD: OR, EITHER, OTHER

A

Addition
Note: Addition Principle calculates a Union

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32
Q

A technique for minimize total cost or maximize profit based on constraints.

KEYWORD: Product Mix; Minimize; Maximize; Optimize

A

Linear programming

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33
Q

A technique using a single independent variable to predict a single dependent variable. KEYWORD: relationship; correlation; R-squared; scatter plot; Predict; Trend

A

Linear regression

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34
Q

A technique using more than one
independent variable to predict a single dependent variable

A

Multiple regression

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35
Q

Measures the strength of a linear
relationship

A

Correlation coefficient

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36
Q

Measures the goodness of fit in a
regression analysis.

KEYWORD: Goodness of Fit; 0 Weak Fit; 1 Strong Fit.

A

R-Square

37
Q

A simple regression using time as the independent variable.
KEYWORD: Time

A

Time series

38
Q

A general slope upward or downward over a period of time

A

Trend

39
Q

Unforeseen circumstances causing
random deviations

A

Irregularity

40
Q

Repetition in up and down patterns

A

Cyclicality

41
Q

Regular pattern within a single year

A

Seasonality

42
Q

Represents the probability that a variable falls with a certain range

A

Cumulative distribution

43
Q

A list of all the different probabilities of each outcome that can occur

A

Probability Distribution

44
Q

Measures of central tendency are
approximately equal (Mean and Median)

A

Normal Distribution

45
Q

Used to compare the mean of three or more groups. KEYWORD: Compare, Average, 3

A

ANOVA

46
Q

What test statistic does ANOVA use?

A

F-value

must be higher than critical value to reject the null

47
Q

T-test uses this test statistic. KEYWORD: 2, Average

A

T-value

must be higher than critical value to reject the null

48
Q

A correlation is weak if the coefficient is close to ____.

A

Zero

49
Q

A correlation is strong if the coefficient is close to ____.

A

1 or -1

50
Q

A chart that Illustrates performance measurements over a period of time

A

Run Chart

51
Q

A chart that Illustrates limits or constraints a process should not exceed. KEYWORD: In limits

A

Control Chart

52
Q

Assists in brainstorming issues that are causing a problem. KEYWORD: Process Identification (Why)

A

Cause and Effect Diagram

53
Q

A charts that uses a visual tool to understand a process. KEYWORD: Process Identification (Where)

A

Flowchart

54
Q

Easy tool to collect data to create other charts

A

Check Sheet

55
Q

Graphical display of a data set with one bar for each category

A

Histogram and Pareto

56
Q

A chart that has a Graphical display of data set centered. KEYWORD: Distribution (Centered)

A

Histogram

57
Q

Graphical display of data set in highest to lowest order. KEYWORD: Distribution (Highest to lowest)

A

Pareto

58
Q

A chart used for potential relationships and correlation between variables
KEYWORD: Relationship

A

Scatter diagram

59
Q

Can the seven tools be used independently?

A

Yes

60
Q

What percent of quality problems does Ishikawa claim the seven tools can solve?

A

90% - 95%

61
Q

Diagram demonstrating all of the
elements that can influence a process before it starts.

A

SIPOC (Supplier – Input – Process – Output – Customer)

62
Q

Manufacturing approach to improving processes.

A

Six Sigma

63
Q

In manufacturing, statistics is used for:

A

Quality Control

64
Q

Plan - Do – Study – Act
Which step is a response to analytical results?

A

Act

65
Q

Shows whether a result meets a
requirement or not

A

Attribute

66
Q

Shows how well a result meets the
requirement

A

Variable

67
Q

Variations accepted as the normal part of the process

A

Common cause variation

68
Q

Variation from an abnormality causing large discrepancy in results

A

Special cause variation

69
Q

Model of designing, analyzing, and
scoring tests

A

IRT: Item Response Theory

70
Q

How does the government differ than private sector cost-benefit analysis?

A

Government benefits aren’t always
money. Could be flood prevention or welfare.

71
Q

Compares one individual’s performance to other individuals

A

Norm Referenced

72
Q

Compare individual’s performance to a standard score (Example: Cut Score 64%)

A

Criterion referenced

73
Q

Management strategy that uses results as the central measurement of performance

A

RBM: Results Based Management

74
Q

What is Big Data?

A

Very large data sets

75
Q

Used to count ALL of the existing cases in a disease.

A

Prevalence

76
Q

Used to count only the NEW cases of a disease. KEYWORD: new case.

A

Incidence (Incident rate)

77
Q

Used to analyze if funding is worth the outcome of a project

A

Cost-benefit analysis

78
Q

Performance measure for one specific goal. KEYWORD: Performance

A

KPI – Key performance indicator

79
Q

What does a balanced scorecard measure?

A

CLIF – (customer, learning, internal
process, financial performance) Are we meeting the strategy?

80
Q

Advantage or Disadvantage of balanced score card? Requires time and effort to establish a meaningful scorecard l scorecard

A

Disadvantage

81
Q

Advantage or Disadvantage of balanced score card? Improves Internal and External Communication

A

Advantage

82
Q

Multiple KPIs are displayed for the big picture

A

KPI dashboard
More than one chart is needed

83
Q

Advantage or Disadvantage: Balanced Scorecard: Difficult to maintain momentum

A

Disadvantage

84
Q

Advantage or Disadvantage: Balanced Scorecard: Improves
organizational alignment

A

Advantage

85
Q

Advantage or Disadvantage: Balanced Scorecard: Links strategy to organizational results

A

Advantage

86
Q

Disadvantage or Advantage: KPI: Data driven results make it easier to quantify performance

A

Advantage

87
Q

Advantage or Disadvantage:
KPI: Data driven results make it easier to quantify performance

A

Advantage

88
Q

Advantage or Disadvantage:
KPI: Difficult to change once set up

A

Disadvantage

C207 Data-Driven Decision-Making (7 decks)

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