Wgu Data Driven Decision Making Study Guide Graded A+

Prescriptive analytics {Ans: Include experimental design and optimization to suggest a course of action}Correlation {Ans: The extent or degree of statistical association among 2 or more variables. (CMA)}Cumulative Distribution {Ans: The probability that a variable falls in a range less than, or equal to, a designated point.}Optimization {Ans: Prescriptive analytic that seeks to maximize a certain variable in relation to another.}Decision Analysis {Ans: The process of weighing all outcomes of a decision to determine the best course of action}Bayes' Theorem {Ans: A formula that calculates conditional probabilities, important in understanding how new information affects the probabilities of different outcomes. The following is Bayes' Theorem: P(A|B) = P(B|A)*P(A) / P(B) P(A|B) = Probability that event A will happen, knowing that event B has happened}