VPC2Data-Driven Decision MakingC207 Questions and Answers
Which element of an experimental study is described as the procedures applied to each subject?
A retail manager collected the following sales-receipt totals from the store’s cashiers:
$25, $22, $48, $42, $32, $28, $24, $54, $34, $41, $48
What is the median of this sales-receipt data?
A company runs a regression analysis to determine sales based on advertising expenditures, which can be shown in a linear equation as y = 2x + 25,000. The company plans to spend $20,000 on advertising.
Which sales figure should the company expect to generate based on the given equation?
A researcher seeks to pass a bond issue and asks a sample of respondents who have a bachelor’s degree if they are voting in favor of the bond because it would be beneficial to the county.
Which type of error does this represent?
An entrepreneur wants to start a boutique cupcake business based on family recipes shared for three generations. The entrepreneur knows the required costs associated with rent, supplies, utilities, and hourly wages and wants to determine how many cupcakes they need to sell to generate a profit.
Which technique should be used to analyze this data?
Which tool sorts data into categories to help teams identify the most significant factors that contribute the most to problems?
What is a disadvantage of using a balanced scorecard?
A county government must increase trust among voters that their tallying machines are accurately calibrated to count their votes. Each department is tasked with creating an online marketing campaign; however, the budget for these campaigns is limited.
How can the county apply data analytic approaches to allocate funds to each department?
Why is choosing appropriate performance indicators important for data-driven decision-making?
A financial analyst theorizes that commute times increase as the percentage of land availability for homes in a city decreases. To test this hypothesis, the analyst uses a regression analysis to explore how land availability predicts commute time.
What does land availability represent in this regression?
An organization develops a new strategic plan and seeks ways to improve process performance by reducing variation to only 3.4 defects per million process outputs.
Which tool can the organization use to meet this goal?
Which graphical representation depicts the steps that compose a process?
What classifies analytics as descriptive, predictive, or prescriptive?
The daily sales from a salon are normally distributed with a mean of $1,500 and a standard deviation of $250. The salon owner notices that sales were $750 on a particular day.
Why should the owner be concerned about sales based on this scenario?
What is the purpose of the quality management principle of dedication to fact-based decision-making?
A county government is creating a budget for the next fiscal year. They wish to use analytics to guide their decisions about costs.
Which analytic method can the county apply to this issue?
In an experimental study, researchers are testing a new flea preventive medication on dogs using a blind study. Dogs are treated with the new medication or with a placebo.
Who should know which dogs are given the medication or the placebo for this blind study?
What is an appropriate management use of statistics?
Which type of study is also known as a quasi-experimental study?
Which type of analysis determines whether there was a significant difference in the average donor solicitation amount between three nonprofit hospital events?
A hospital hires a third-party company to train its surgery team on the latest techniques and assess the team’s current procedures in the operating room.
Which results-based management (RBM) stage is represented in this scenario?