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Data-Driven Decision Making > Overview of All > Flashcards

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
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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
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3
Q

Advantages of Balanced Scorecards (4)

A
  1. Improved organizational alignment
  2. Improved internal and external communication
  3. Links company Operations and Strategy
  4. Emphasis on strategy and organizational results
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4
Q

5 Disadvantages of Balanced Scorecards

A
  1. Time and effort
  2. No full picture of company performance, especially financial data
  3. Sometimes difficult to maintain momentum
  4. wide-cross section on the organizations departments
  5. May not encourage desired behavior changes
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5
Q

7 Basic Quality Tools

A 
Run Chart
Control Chart
Cause and Effect
Flow Chart 
Check Sheet
Histogram
Pareto 
Scatter Diagram
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6
Q

Normal Distribution/Bell-Curve

A
  1. 3% data within 1 St. dev of the mean
  2. 4% of data within 2
  3. 7% within 3
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7
Q

Keywords for PROBABILITY

A
  1. And, Both, All, Every, In a Row
    • Prob Princ = Intersection
    • Rule to use = Multiplic Action
  2. Or, Either, Other
    • Prob Prin = Union
    • Rule = Addition
  3. Given that
    • Prob Prin = Bayes
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8
Q

T-Test

A

Difference among TWO

Bar Chart

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9
Q

ANOVA

A

Difference among THREE or more

Bar Chart

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10
Q

Cross-Over

A

Options and Volume

P-Value SMALLER than .05 it is Significant

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11
Q

Pareto Chart

A

Order from Highest to Lowest frequencies to show importance

Form natural groupings/cluster

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12
Q

Liner PrograMMing

A

Mix, Minimize, Maximize, optiMize

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13
Q

Logistic Regression

A

dependent variable is BINARY (Yes/NO or On/Off)

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14
Q

Regression (remember the R)

A

Relationship

coRRelation

R-square

scatteR plot

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15
Q

Balanced Score Card (keywords)

A 
FLIC
F - Financial
L - Learning/innovation
I - Internal business processes
C - Customer
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16
Q

Simple Index Number

A

Today on Top/Base on Bottom X 100

OR

Presents a Before and After

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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

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18
Q

Z-Score - how to calculate

A
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19
Q

Linear Regression Equation

A
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20
Q

Simple Probability

A
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21
Q

Simple Index

A
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22
Q

Mean, Median, Mode

A
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23
Q

Interquartile Range (Image)

A
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24
Q

Net Promoter Score - how to calculate

A
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25
Q

Nominal

A

Categorical
Gender
Hair
Color

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26
Q

ORDINAL

A

Order
Organizational rank
Yes, Maybe, No
Likert

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27
Q

Interval

A

Equal Distance
Temperature
Dates

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28
Q

RATIO

A

Unique Zero Point (indicates absence)
Money
Height
Weight

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29
Q

St. Deviation

A

Low = most very CLOSE to the average

High = spread out

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30
Q

Regression

A

IS there Significant relationship and/or TREND?

Do you want to forecast or PREDICT some value?

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31
Q

ONE independent variable

A

Linear regression

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32
Q

More the ONE independent variable

A

Multiple Regression

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33
Q

Regression where DEPENDENT variable is BINARY

yes/no; treated/not treated

A

Logistic Regression

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34
Q

Are there significant PATTERNS/differences among FREQUENCY data

A

Chi-Square

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35
Q

Strategic teams that are striving for alignment to corporate goals by applying management concepts to performance improvement would be using what METHOD?

A

Balanced Scorecard

36
Q

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?

A

Results Based Management

37
Q

Want to determine how training course hours AFFECT individual performance..Which tool do you use?

A

Scatter Plot

38
Q

Bank has broadly identified problems with current software and wants to determine how these problems are DISTRIBUTED across departments…

A

Histogram

39
Q

Which Statistics measure the SPREAD (more than one) of dataset?

A

IQR
Range
Variance

40
Q

Want to VIEW time it takes to wait on customers along with sales per day.. Which MEASURE is best?

A

KPI Dashboard

41
Q

Which statistic could help directly assess RISK for portfolio?

A

Variance

Uncertainty introduces level of risk to decision-making problems.

42
Q

Ad campaign with BOGO coupons. Want to see if sales are going up as coupon mailings increase. Which technique? (sales VS coupon)

A

Regression

can draw line through scatter to show relationships or correlations between variables

43
Q

What statistical rule can be used to determine potential voting outcomes?

A

Combination (‘potential outcomes”)

44
Q

Probability principle that tells us the students checks out a work of fiction WITH non-fiction..

A

Multiplication

45
Q

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?

A

T-test

significant difference between A VS B

46
Q

Which is best statistic to use to measure the TYPICAL income of residents?

A

Mode

47
Q

In order to be a statistically valid sample, the sample must be:

A

appropriate size

and

random

48
Q

This error repeats itself

A

systematic (skewed results)

49
Q

error that fix itself over time

A

random

50
Q

Personality type, social class, or communication style are what type of variable

A

Qualitative

51
Q

Describes characteristics of a dataset. Mean, median, mode, variation, standard deviation, range….

A

Descriptive Analytics

52
Q

If we move to six appointments an hour we can increase revenue 2%. Which form of analytics is this?

A

Prescriptive - specific course of action

53
Q

Which level of measurement can be multiplied and divided?

A

RATIO

54
Q

Lemonade sales increase when it is warmer than 75 degrees. Weather and lemonade are _________

A

Correlated

55
Q

We should not use this measure of central tendency alone for decisions because it includes outliers

A

MEAN

56
Q

The best measure of central tendency when making decisions

A

Median

57
Q

What are the three probabilities of the bell curve?

A
  1. 2
  2. 4
  3. 7
58
Q

can be used to differentiate between two samples with the same mean.

A

Variation

59
Q

measurement can tell us where a single data point is on the bell curve

A

z-score

60
Q

Multiply Key Words:

Intersection

A

AND

ALL

Both

61
Q

Addition KEY WORDS

UNION

A

OR

Either

62
Q

A relationship is stronger when r is closer to what number?

A

1

63
Q

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.

A

Chi-square. The # of times is a frequency, not an average. This is nominal data.

64
Q

Your reject the null hypothesis. Did you find significance?

A

YES!

65
Q

A local grocer datamines to target customers who use gas points so they can market other products. Which tool is this?

A

Cluster

66
Q

Based on the limited storage tanks and pumps, a gas station determines the right “mix” of gasoline and diesel to carry each month.

A

Linear Programming

67
Q

Regression determines the

A

Relationship between 2 data sets

68
Q

GOODNESS of Fit determined by….

A

R-squared

How much of the dependent variable can be determined by the independent variable?

69
Q

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?

A

Dependent.

The dependent is always what we are trying to predict.

70
Q

Linear regression is often referred to as

A

Ordinary Least Squares (OLS) Regression

71
Q

Multiple regression uses more than one _____ variable.

A

INDEPENDENT

72
Q

Occurs when a given data point on a time series analysis is affected by a previous data point for that time series.

A

Autocorrelation

73
Q

The random variables have an unequal spread of variances

A

Heteroscedasticity

74
Q

We use the amount of snow fall in inches to predict if Suzie calls off work. Which regression is this?

A

Logistic. Calling off work is binary. Yes or no.

75
Q

We use the amount of snow fall in inches monthly to predict employee call-off rates. Which regression is this

A

Linear or Least Squares regression. Call-off rates are numbers.

76
Q

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?

A

Multiple. We have more than one independent variable

77
Q

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 ______.

A

Autocorrelation.

Whenever time is an independent variable, you can may this.

78
Q

Providing a high-level view of the complete process

A

SIPOC

79
Q

What types of variation will a control chart display?

A

Special cause and Common cause variation

80
Q

Name two quality tools to identify process problems

A

Flow Chart (Where)

and

Cause and Effect Diagram (Why)

81
Q

Measures how continuous data is distributed over various ranges

A

Histogram

82
Q

Compares one individual’s performance to other individuals

A

Norm Referenced

83
Q

Compare individual’s performance to a standard score

A

Criterion referenced

84
Q

Three characteristics of RBM:

A
  1. Life cycle approach
  2. Team based (include everyone with influence on outcome)
  3. Focused on long-term impact (Results driven)
85
Q

Where is cost-benefit analysis needed rather than a break even..

A

Public, non-profit

86
Q

What does a balanced scorecard measure?

A

CLIF

C
L
I
F

Data-Driven Decision Making (13 decks)

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