Overview of All Flashcards
1
Q
4 Advantages of KPIs
A
- Educate management on performance
- Used across entire organization
- Data-driven results = quantify performance
- Use over time = internal benchmarking system
2
Q
5 Disadvantages of KPIs
A
- can be Expensive and Time-Consuming
- frequent maintenance and monitoring
- small changes can be viewed as meaningful BUT are not statistically significant
- results often = rough guide and NOT a concrete measure
- once set up and designed, difficult to change
3
Q
Advantages of Balanced Scorecards (4)
A
- Improved organizational alignment
- Improved internal and external communication
- Links company Operations and Strategy
- Emphasis on strategy and organizational results
4
Q
5 Disadvantages of Balanced Scorecards
A
- Time and effort
- No full picture of company performance, especially financial data
- Sometimes difficult to maintain momentum
- wide-cross section on the organizations departments
- May not encourage desired behavior changes
5
Q
7 Basic Quality Tools
A
Run Chart Control Chart Cause and Effect Flow Chart Check Sheet Histogram Pareto Scatter Diagram
6
Q
Normal Distribution/Bell-Curve
A
- 3% data within 1 St. dev of the mean
- 4% of data within 2
- 7% within 3
7
Q
Keywords for PROBABILITY
A
- And, Both, All, Every, In a Row
- Prob Princ = Intersection
- Rule to use = Multiplic Action
- Or, Either, Other
- Prob Prin = Union
- Rule = Addition
- Given that
- Prob Prin = Bayes
8
Q
T-Test
A
Difference among TWO
Bar Chart
9
Q
ANOVA
A
Difference among THREE or more
Bar Chart
10
Q
Cross-Over
A
Options and Volume
P-Value SMALLER than .05 it is Significant
11
Q
Pareto Chart
A
Order from Highest to Lowest frequencies to show importance
Form natural groupings/cluster
12
Q
Liner PrograMMing
A
Mix, Minimize, Maximize, optiMize
13
Q
Logistic Regression
A
dependent variable is BINARY (Yes/NO or On/Off)
14
Q
Regression (remember the R)
A
Relationship
coRRelation
R-square
scatteR plot
15
Q
Balanced Score Card (keywords)
A
FLIC F - Financial L - Learning/innovation I - Internal business processes C - Customer
16
Q
Simple Index Number
A
Today on Top/Base on Bottom X 100
OR
Presents a Before and After
17
Q
Simple Composite Index vs Weighted Composite
A
composes or puts together data from Many different sources with No Weighing
vs
Apply weight to SOME of the datas
18
Q
Z-Score - how to calculate
A
19
Q
Linear Regression Equation
A
20
Q
Simple Probability
A
21
Q
Simple Index
A
22
Q
Mean, Median, Mode
A
23
Q
Interquartile Range (Image)
A
24
Q
Net Promoter Score - how to calculate
A
25
Nominal
Categorical
Gender
Hair
Color
26
ORDINAL
Order
Organizational rank
Yes, Maybe, No
Likert
27
Interval
Equal Distance
Temperature
Dates
28
RATIO
Unique Zero Point (indicates absence)
Money
Height
Weight
29
St. Deviation
Low = most very CLOSE to the average
High = spread out
30
Regression
IS there Significant relationship and/or TREND?
Do you want to forecast or PREDICT some value?
31
ONE independent variable
Linear regression
32
More the ONE independent variable
Multiple Regression
33
Regression where DEPENDENT variable is BINARY
| yes/no; treated/not treated
Logistic Regression
34
Are there significant PATTERNS/differences among FREQUENCY data
Chi-Square
35
Strategic teams that are striving for alignment to corporate goals by applying management concepts to performance improvement would be using what METHOD?
Balanced Scorecard
36
Started business 5 years ago and need to grow revenue. Now that immediate focus of increasing sales is underway, you want to WORK WITH ALL departments and include them in having LONG TERM impact. Which IMPROVEMENT STRATEGY is this?
Results Based Management
37
Want to determine how training course hours AFFECT individual performance..Which tool do you use?
Scatter Plot
38
Bank has broadly identified problems with current software and wants to determine how these problems are DISTRIBUTED across departments...
Histogram
39
Which Statistics measure the SPREAD (more than one) of dataset?
IQR
Range
Variance
40
Want to VIEW time it takes to wait on customers along with sales per day.. Which MEASURE is best?
KPI Dashboard
41
Which statistic could help directly assess RISK for portfolio?
Variance
Uncertainty introduces level of risk to decision-making problems.
42
Ad campaign with BOGO coupons. Want to see if sales are going up as coupon mailings increase. Which technique? (sales VS coupon)
Regression
can draw line through scatter to show relationships or correlations between variables
43
What statistical rule can be used to determine potential voting outcomes?
Combination ('potential outcomes")
44
Probability principle that tells us the students checks out a work of fiction WITH non-fiction..
Multiplication
45
Which STATISTICAL TEST could be used to determine if there is a significant DIFFERENCE in the AVG overtime worked in machine shop vs the neighboring shop?
T-test
| significant difference between A VS B
46
Which is best statistic to use to measure the TYPICAL income of residents?
Mode
47
In order to be a statistically valid sample, the sample must be:
appropriate size
and
random
48
This error repeats itself
systematic (skewed results)
49
error that fix itself over time
random
50
Personality type, social class, or communication style are what type of variable
Qualitative
51
Describes characteristics of a dataset. Mean, median, mode, variation, standard deviation, range....
Descriptive Analytics
52
If we move to six appointments an hour we can increase revenue 2%. Which form of analytics is this?
Prescriptive - specific course of action
53
Which level of measurement can be multiplied and divided?
RATIO
54
Lemonade sales increase when it is warmer than 75 degrees. Weather and lemonade are _________
Correlated
55
We should not use this measure of central tendency alone for decisions because it includes outliers
MEAN
56
The best measure of central tendency when making decisions
Median
57
What are the three probabilities of the bell curve?
68. 2
95. 4
99. 7
58
can be used to differentiate between two samples with the same mean.
Variation
59
measurement can tell us where a single data point is on the bell curve
z-score
60
Multiply Key Words:
Intersection
AND
ALL
Both
61
Addition KEY WORDS
UNION
OR
Either
62
A relationship is stronger when r is closer to what number?
1
63
You want to compare the NUMBER OF TIMES the price per gallon at your neighborhood station and the Grocer station exceeds the budget price. Name your tool.
Chi-square. The # of times is a frequency, not an average. This is nominal data.
64
Your reject the null hypothesis. Did you find significance?
YES!
65
A local grocer datamines to target customers who use gas points so they can market other products. Which tool is this?
Cluster
66
Based on the limited storage tanks and pumps, a gas station determines the right "mix" of gasoline and diesel to carry each month.
Linear Programming
67
Regression determines the
Relationship between 2 data sets
68
GOODNESS of Fit determined by....
R-squared
How much of the dependent variable can be determined by the independent variable?
69
As a new manager, you analyze the number of clicks into your website each subscriber makes in a month to determine how much they spend. In this scenario, spending is which variable?
Dependent.
The dependent is always what we are trying to predict.
70
Linear regression is often referred to as
Ordinary Least Squares (OLS) Regression
71
Multiple regression uses more than one _____ variable.
INDEPENDENT
72
Occurs when a given data point on a time series analysis is affected by a previous data point for that time series.
Autocorrelation
73
The random variables have an unequal spread of variances
Heteroscedasticity
74
We use the amount of snow fall in inches to predict if Suzie calls off work. Which regression is this?
Logistic. Calling off work is binary. Yes or no.
75
We use the amount of snow fall in inches monthly to predict employee call-off rates. Which regression is this
Linear or Least Squares regression. Call-off rates are numbers.
76
We use the amount of snow fall in inches monthly and the employee's previous call off rates to predict call offs next month. Which regression is this?
Multiple. We have more than one independent variable
77
We use the amount of snow fall in inches monthly and the employee's previous call off rates to predict call offs next month. This analysis can be affected by ______.
Autocorrelation.
Whenever time is an independent variable, you can may this.
78
Providing a high-level view of the complete process
SIPOC
79
What types of variation will a control chart display?
Special cause and Common cause variation
80
Name two quality tools to identify process problems
Flow Chart (Where)
and
Cause and Effect Diagram (Why)
81
Measures how continuous data is distributed over various ranges
Histogram
82
Compares one individual’s performance to other individuals
Norm Referenced
83
Compare individual’s performance to a standard score
Criterion referenced
84
Three characteristics of RBM:
1. Life cycle approach
2. Team based (include everyone with influence on outcome)
3. Focused on long-term impact (Results driven)
85
Where is cost-benefit analysis needed rather than a break even..
Public, non-profit
86
What does a balanced scorecard measure?
CLIF
C
L
I
F
