Data-Driven Decision Making - C207 |199 Questions| With Correct Answers.

Reliable {Ans: dependable}Outlier {Ans: A value that "lies outside" (is much smaller or larger than) most of the other values in a set of data.}Median {Ans: The middle number, if there is no exact two middle number then take the average of the two numbers in the middle Note: Skewness does not affect the median}Lean Operations {Ans: Eliminates waste through continuous improvement and focus on exactly what the customer wants}Linear programming {Ans: A technique used to minimize total cost or maximize profit.}Define analytics {Ans: Turning information into knowledge and developing fact based strategies to gain a competitive edge.}What is item response theory? {Ans: It is a Model of designing, analyzing, and scoring tests Example: SAT and GMAT, some exam questions are more difficult and they are given different weights.}PDCA model {Ans: Plan, Do, Check, Act Key words: develop and implementation of a new procedure.}Null hypothesis {Ans: No significant difference}What is a true score? {Ans: The observed score of an assessment without error (random or systematic)}What does probability theory do? {Ans: It quantifies risk.}What is Big Data? {Ans: Very large data sets It is BOTH unstructured and structured data.}Interval