Data-Driven Decision Making

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SIPOC

A ___ is a high-level review process. It establishes standards for Suppliers Inputs Process Outputs and Customers

decision

A ___ problem is characterized by decision alternatives (possible decisions that we could make), states of nature (we can't control), and resulting payoffs.

Empirical

According to The ___ Rule, approximately 2/3 of the data points in a dataset will be within 1 standard deviation of the mean. • Approximately 95% of the data points will be within 2 standard deviations of the mean. • Almost all (99%) of the data points will be within 3 standard deviations of the mean.

Insight why will

Analytics - Turning Information into ____ and then into foresight Descriptive Analytics - what happened? Diagnostic analytics - __ did it happen? Predictive Analytics - What ___ happen? Prescriptive Analytics - how can we make it happen?

large

Analytics encompasses: Typically implies the analysis of very __ data sets Statistics or the study of data analysis Management science or the study of model building, optimization and decision making Turning information into insight

Breakeven Crossover

Breakeven and Crossover Used to analyze trends to determine when two characteristics are equal • ___ usually used with profits, and therefore includes revenues and costs • ___ usually looks at various options to determine when a particular option is most attractive and when another option is better

Index

Business Improvement Analytics • __ numbers are a common analytic for business improvement • These commonly represent the change in price or quantity over time for goods and/or services • e.g., Consumer Price Index • "basket" of assorted consumer goods and services that are purchased by a common household • watched closely because considered a main measure of inflation

Regression outliers

Forecasting Technique ___ analysis: Find a best-fit line through data points that most closely matches those data points. Excel uses regression to draw the bestfit line on your graphs Also called linear regression Benefits : - Allows sophisticated analysis of cost behavior and sales forecasts - Provides objective benchmarks for evaluation of reliability of estimates Shortcomings : - Requires 15 or more data points for accuracy - Can be influenced by ___ (unusual data points) - Requires informed analysis

Time

Forecasting Technique ___ series analysis Use past results to predict events that will occur in the future Benefits : - Aids decision making by finding patterns in data, such as sales trends - Allows performance and productivity evaluation Shortcomings : - Assumes past data patterns will repeat in future, which may not be true - Key variables may not be captured

Decision

Forecasting Technique ___ analysis Organized analysis of a series of decisions, events, and the value of those outcomes to determine the decision most likely to give us the best outcome. A Decision Tree is one example. Benefits : - Determines the decision with the greatest value - Produces a value under certainty, uncertainty, and risk Shortcomings : - Quality of decision is limited to the amount of data available - Does not emphasize the risk of the worst case scenario

Cluster

Forecasting Technique ___ analysis Plot a series of data points and look for trends or patterns that increase our understanding Benefits : - Sorts individual data points into different groups - Helps determine target markets - Identifies successful and unsuccessful habits and systems Shortcomings : - Long and expensive process - There are hundreds of potential approaches to take, each specific to a certain situation

Tendency outliers

Measures of Central __ - Mean, Median, Mode Dramatically different data points are - ___ (only occurs once) Median - Middle, midpoint - include outliers, but not largely influenced by outliers Mean - Average, largely influenced by outliers Mode - what occurs the most (multiple times) - not influenced by outliers (which only happen once) Variance - measures how different each data point is in our data set, from the mean - influenced by outliers Range - distance from lowest data point to highest data point

framing solving communication

Models of Quantitative Decision Making ___ the problem : Defining the problem, review what has happened in the past, type of analysis, what data and how to collect ___ the problem : specific question to analyze, type of data collection and data error, analysis technique and analysis ____ results : Presentation of analysis output, recommendation

Indicators

Performance Measures • Performance ___ - virtually anything that can be tracked and quantified, such as • Financial performance • Customer satisfaction • Quality of programs or services • Employee retention • Safety statistics • Energy consumption

Interval

Predictive and Prescriptive ___ Data • ___ data has an order to it and all the objects are an equal interval apart, so in interval data the difference between two values is meaningful. Interval data does not have a natural zero point and zero does not represent absence of the property being measured. • The Fahrenheit and Celsius scales of temperatures are both examples of data at the ___ level of measurement. You can talk about 30 degrees being 60 degrees less than 90 degrees, so differences do make sense. However 0 degrees (in both scales) cold as it may be does not represent the total absence of temperature. • Data at the ___ level can be used in calculations.

QC QA QC QA QA QC

QC vs QA Uncover defects so they can be fixed : ___ Prevent Defects from Occurring : __ Inspection and Repair : Design and Training : Proactive - take action before the problem can occur : __ Reactive - take action once the problem has occurred

Assurance Control

Quality ___ An overall management plan to guarantee the integrity of data (The "system") Quality ____ A series of analytical measurements used to assess the quality of the analytical data (The "tools")

Qualitative Quantitative

Research Design • ___ data • Data that are not characterized by numbers but rather are textual, visual, or oral. • Focus is on stories, visual portrayals, meaningful characterizations, interpretations, and other expressive descriptions. • ___ data • Represent phenomena by assigning numbers in an ordered and meaningful way • Measurement

PDCA

Stewharts ____ Model Plan. identify pattern and make plan Do. test plan Check. is it working? Act. Implement plan document

Variance

Tells you how different each week sales (unit or data point) is from the mean. (Data point - mean value)^2 Sum these values up and divide by the amount of data points added up. It's squared to make each value positive.

Normal

The ___ Distribution One common graph of random events, centered around the middle (Mean) event • The higher the curve at any point, the more likely that event will happen • The Mean (average) is the most likely outcome of the "Bell Curve" • The Standard Deviation is the distance around the mean where 2/3 of events happen

Empirical

The ___ Rule, which is also known as the three-sigma rule or the 68-95-99.7 rule, represents a high-level guide that can be used to estimate the proportion of a normal distribution that can be found within 1, 2, or 3 standard deviations of the mean.

Range

The difference between the smallest and largest value. The spread of the data set. "Sales ___ over a $4,500 spectrum."

data

Business decisions are no better than the ___ on which they're based. Reliable, relevant, and complete data supports organizational efficiency and is a cornerstone of sound decision-making. • Complete: All relevant data —such as accounts, addresses and relationships for a given customer—is linked. • Accurate: Common data problems like misspellings, typos, and random abbreviations have been cleaned up. • Available: Required data is accessible on demand; users do not need to search manually for the information. • Timely: Up-to-date information is readily available to support decisions.

Causality two

Causality - association vs causation Did our internet marketing campaign cause our sales to go up? (if they went up during our internet campaign). Correlation is not "cause" Relationship is not "cause" After discovering correlation : test for ____ - by making sure you understand every variable that effected the sales without assuming it was the internet campaign. Stay away from causality when comparing just __ variables.

sub

Consequences of __-par data quality • Wasted money. Studies indicate that from 16% to 18% of business budgets are eaten up because of poor data quality. • Bad or delayed decisions. If you suspect you're dealing with unreliable or incomplete data, you might delay even making your decision in the first place. • Mistrust. Poor data quality often breeds mistrust among internal departments or externally with customers and can lead to lost production or lost sales.

Attributes c

Control Charts for ___ For variables that are categorical Good/bad, yes/no, acceptable/unacceptable Measurement is typically counting defectives Charts may measure Percent defective (p-chart) Number of defects (__-chart)

management

Data ___ - Process by which the required data is acquired, validated, stored, protected, and processed and by which it's accessibility, reliability and timeliness is ensured. • Includes the cleaning, organizing and storage of collected data

Ordinal

Descriptive The ____ level of measurement places data objects into an order according to some quality. As with the nominal level, data at the ___ level should not be used in calculations. • An example of ___ data would be a list of the top ten cities in which to live. The data, ten cities, are ranked from one to ten, but differences between the cities don't make much sense. There's no way from looking at just the rankings to know how much better life is in city number 1 than city number 2.

Nominal

Descriptive • The ___ level of measurement is the lowest of the four ways to characterize data. Nominal data deals with names, categories, or labels. Data at the ___ level is qualitative. Colors of eyes, yes or no responses to a survey, and favorite breakfast cereal all deal with the nominal level of measurement. • Data at this level can't be ordered in a meaningful way, and it makes no sense to calculate things such as means and standard deviations.

Optimization

Descriptive Analytics Predictive Analytics Prescriptive Analytics As you go from one to the other - the difficulty of this kind of insight increases, but the value increases as well. Moving from information to ____.

cobines

Descriptive analytics ___ descriptive and diagnostic analysis

EV

Expected Value Approach • If probabilistic information regarding the states of nature is available, one may use the expected value (___) approach. • Here the expected return for each decision is calculated by summing the products of the payoff under each state of nature and the probability of the respective state of nature occurring. • The decision yielding the best expected return is chosen Choose the decision alternative with the largest EV. Build the large complex.

SPC x R

For ___ Variables For variables that have continuous dimensions Weight, speed, length, etc. __-charts are to control the central tendency of the process _-charts are to control the dispersion of the process Attributes Defect-related characteristics Classify products as either good or bad or count defects Categorical or discrete random variables

large

When the standard deviation is __ , the curve is short and wide. • This curve represents a process that is highly variable. • For example, fall temperatures in Utah vary between 40 and 80 degrees.

small variance

When the standard deviation is ___ , the curve is tall and narrow. • This curve represents a process that is highly uniform. • For example, Summer temperatures in Hawaii are nearly always in the 80s. Tall and skinny means small ___

Homo Hetero

___scedasticity: The Variability of the data is similar for all values of the variables ____scedasticity: The Variability of the data changes as we move through different values of the variables.

Standardization environment

International Organization for ___ (ISO)- mission is to promote the development of standardized products to facilitate trade and cooperation across national borders. Representatives from more than 146 nations. ISO 9000 series of standards sets requirements for quality processes. Nearly half a million ISO 9000 certificates have been awarded to companies around the world. ISO 14000 series also sets standards for operations that minimize harm to the ___ .

4 Forecasting Techniques:

4 ___Techniques: Regression Analysis Time series Analysis Cluster Analysis Decision Analysis

deviation

Standard ___ is a measure of variance, or how spread out the data is. • The standard ___ determines (describes) the height and width of the graph

JIT

Just-In-Time (__) • Powerful strategy for improving operations • Materials arrive where they are needed when they are needed • Identifying problems and driving out waste reduces costs and variability and improves throughput • Requires a meaningful buyer-supplier relationship

Ratio

Predictive and Prescriptive ___ Data • ___ data is similar to interval data, but ___ data has a unique zero point. With ___ data, numbers can be compared as multiples of one another. • At the ___ level of measurement, not only can sums and differences be calculated, but also ratios. One measurement can be divided by any nonzero measurement, and a meaningful number will result. • In business, __ data is common. For example, income, stock price, amount of inventory, and number of repeat customers are all examples of ___ data. These each have a unique zero point and data within each of these groups can be compared through multiplication.

Customer

Principle 1 - ___ focus Organizations depend on their customers and therefore should understand current and future customer needs, should meet customer requirements and strive to exceed customer expectations. • Benefits • Increased revenue and market share obtained through flexible and fast responses to market opportunities • Increased effectiveness in the use of the organization's resources to enhance customer satisfaction • Improved customer loyalty leading to repeat business.

Leadership

Principle 2 - ___ Leaders establish unity of purpose and direction of the organization. They should create and maintain the internal environment in which people can become fully involved in achieving the organization's objectives. • Benefits • People will understand and be motivated towards the organization's goals and objectives • Activities are evaluated, aligned and implemented in a unified way • Miscommunication between levels of an organization will be minimized.

people

Principle 3 - Involvement of ___ People at all levels are the essence of an organization and their full involvement enables their abilities to be used for the organization's benefit. • Benefits • Motivated, committed and involved people within the organization • Innovation and creativity in furthering the organization's objectives • People being accountable for their own performance • People eager to participate in and contribute to continual improvement.

Process

Principle 4 - ___ approach A desired result is achieved more efficiently when activities and related resources are managed as a process. • Benefits • Lower costs and shorter cycle times through effective use of resources • Improved, consistent and predictable results • Focused and prioritized improvement opportunities.

System

Principle 5 - ___ approach to management Identifying, understanding and managing interrelated processes as a system contributes to the organization's effectiveness and efficiency in achieving its objectives. Benefits • Integration and alignment of the processes that will best achieve the desired results • Ability to focus effort on the key processes • Providing confidence to interested parties as to the consistency, effectiveness and efficiency of the organization

Continual

Principle 6 - ___ improvement Continual improvement of the organization's overall performance should be a permanent objective of the organization. • Benefits • Performance advantage through improved organizational capabilities • Alignment of improvement activities at all levels to an organization's strategic intent • Flexibility to react quickly to opportunities.

Factual

Principle 7 - ___ approach to decision making Effective decisions are based on the analysis of data and information • Benefits • Informed decisions • An increased ability to demonstrate the effectiveness of past decisions through reference to factual records • Increased ability to review, challenge and change opinions and decisions.

Mutually

Principle 8 - ___ beneficial supplier relationships An organization and its suppliers are interdependent and a mutually beneficial relationship enhances the ability of both to create value • Benefits • Increased ability to create value for both parties • Flexibility and speed of joint responses to changing market or customer needs and expectations • Optimization of costs and resources.

Time-Series Forecasting

Set of evenly spaced numerical data • Obtained by observing response variable at regular time periods • Forecast based only on past values, no other variables important • Assumes that factors influencing past and present will continue influence in future Main Components Trend - increase or decrease in sales Cyclical - economy effects on each quarter, etc. Seasonal - calendar based Random - Occurences

Check Scatter Effect Flowchart Histogram Pareto Control

Seven Basic Tools of TQM (a) ___ Sheet: An organized method of recording data (b) ___ Diagram: A graph of the value of one variable vs. another variable (c) Cause-and-__ Diagram: A tool that identifies process elements (causes) that might effect an outcome (e) ___ (Process Diagram): A chart that describes the steps in a process (f) ___ : A distribution showing the frequency of occurrences of a variable - Bar graph (d) ___ Chart: A graph to identify and plot problems or defects in descending order of frequency (g) Statistical Process ___Chart: A chart with time on the horizontal axis to plot values of a statistic

Bias Measurement Information

Skewness (___) - is a measure of the degree to which data "leans" toward one side ___ Bias - Prejudice in data that results when the sample is not representative of the sample. • To produce unbiased results the sample tested must be sufficiently random. • ___ Bias - A prejudice in data that results when either the respondent or interviewer has an agenda, is not impartial or truly honest. • Response Bias - respondents say what they believe the questioner wants to hear. This bias can also occur as a result of the wording of a question. • Conscious Bias - occurs when the surveyor is actively seeking a certain response

zero one

The standard normal distribution is the normal distribution that has a mean of ___ and a standard deviation of ___. • We translate the MEAN to be ZERO, and all results are above or below zero. • We measure in units of Standard Deviations above or below zero.

Multiplication Addition

Three principles of probability ___ Rule *AND* *BOTH* *ALL* - Times the two probabilities together to find these key word problems ___ Rule *OR* *EITHER* - combine them together to find these key words

Analytics

Turning information into insight and developing conclusive fact-based strategies to gain a competitive edge.

Chi-Square Test

Used with frequency of events • The number of events, not percentages • Event counts for each cell must be greater than 5 - requires many test data points • Compare our statistical test results with target number in a Chi-Square table • Many online calculators available to do math

Standard Deviation

Variance Square Rooted = ___ ___. +/- 1 : 68.2% - the range that 68.2% of sales will fall in to is the range that makes up the standard deviation added to the mean one time, and subtracted from the mean one time. +/- 2 : 95.4% - the range that 95.4% of sales will fall in to is the range that makes up the standard deviation added to the mean twice, and subtracted from the mean twice. +/- 3 : 99.7% - the range that 99.7% of sales will fall in to is the range that makes up the standard deviation added to the mean three, and subtracted from the mean three.

Normal

_____ Distribution means symmetrical. 50% of your data points are on each side of the bell-curve. We cannot assume that a sample is evenly distributed if we do have a sample size of less than 30 - we need a true representative sample.

Deviations

Z-statistic is defined as the number of Standard ___ above or below the mean. Once we know the Z-statistic we can calculate the Probability of events at <70mph

TQM

__ • Encompasses entire organization, from supplier to customer • Stresses a commitment by management to have a continuing, companywide drive toward excellence in all aspects of products and services that are important to the customer • Continuous improvement • Statistical Quality Control • Employee empowerment • Benchmarking • Just-in-time (JIT) • Knowledge of TQM tools

Bayes

__ Theorem v: Using a given probability to predict another probability "given that.." "what's the probability that xyz" outcome divided by all of the probabilities

Lean Six

__ __ Sigma • __ __ Sigma is a combination of the two methodologies listed above. It combines the streamlining and waste-elimination concepts of Lean practices with the variation- and qualitycontrol ideas of Six Sigma. • Combining Lean's focus on enhancing customer value with Six Sigma's optimization of process work, Lean Six Sigma simultaneously reduces inefficiency, accelerates production, and increases quality.

Big Data structured unstructured

__ ___ refers to both structured and unstructured data in large volumes. An example of ___ data would be credit card transactions through a website. Examples of ___ data would be Word documents or the bodies of emails or videos from a traffic accident site—data that doesn't reside in a traditional row-column database format. Cannot be analyzed with traditional spreadsheets

Forecasting

__ is attempting to predict the future: • Events that will happen in the future • Events that will happen in a different situation • Making the best possible decision

T 0.05 ALT

__-Test : Comparing the averages of two groups to find a significant difference. T-Stat : What was actually scored T-Critical is what you have to score to pass the test (or find a significant difference) P-Value is tested at a 95% confidence that we're correct. There's a 5% chance that we're wrong. The P-Value must be less than __ or a 95% confidence level was not achieved. In order to reject the NULL (or state that a significant difference was found - accept the ___): T-Stat has to be greater than the T-Critical OR It must be less than (-) t-critical AND P-value must be less than 0.05

Z-Score Higher Lower

__-____ : One data point different from the mean. Locates where a specific data set is located on the curve. (Data point - mean) / Standard Deviation The closer the Z score is to 0 the closer you are to the average. The further the Z score is from the 0 the further you are from the average. If you're a positive Z-score, you're __ than the average. If you're a negative Z-score, you're __ than the average.

Six

__Sigma Two meanings Statistical definition of a process that is 99.9997% capable, 3.4 defects per million opportunities (DPMO) A program designed to reduce defects, lower costs, and improve customer satisfaction

Reliability

___ • Generally defined as the ability of a product to perform as expected over time • Formally defined as the probability that a product, piece of equipment, or system performs its intended function for a stated period of time under specified operating conditions

ANOVA

___ : Analysis of Variance A statistical analysis to determine whether separate data sets are different from each other, or whether they are really too similar to be different. • FOR EXAMPLE: Four different elementary schools have standard math test for 3rd graders. Are the results from any school different than the other three? - more than two sets of data

Prescriptive

___ Analytics : Decision models that indicate the best course of action to take. Optimization models - best decision subject to constraints. Maximize profits while balancing constraints of resources and manpower Simulation - combine probability and statistics to model uncertainty in highly complex and uncertain settings Decision analysis : decision trees based on decision makers attitude towards risk, loss and other factors

ISO

___ Certification • The International Organization for Standardization (ISO) established a certification program to guarantee that organizations are dedicated to quality concepts and are continually working to ensure the highest level of quality possible. • The certification shows that an organization has a quality management system in place to monitor and control quality issues and is continuing to meet the needs of customers and stakeholders with highquality products and services.

Null

___ Hypothesis : No significant difference - no discovery made. Alternative = There is a significant difference. One or the other can be true NULL or ALT.

Performance

___ Measures • Used to measure results, effectiveness, and/or efficiency of an individual, group or the entire company • Answer such questions as: • How are we doing? • What do we need to do to improve? • Where is problem solving needed? • Should be linked to a company's goals and/or strategy e.g., goal is to gain market share by improving customer satisfaction from 70% to 80%

Breakeven Crossover

____ or Crossover Analysis : Analyze trends to determine when two characteristics are equal • When will profits be at a break-even point? • With current assumptions, at what volume will revenues and costs be equal? • At what volumes are two approaches equal? • If we have fixed and variable costs of two types of equipment, at what volume are the total costs equal and when is one better than the other? Break-even has revenues __ is just costs.

Lean

___ Operations externally focused on the customer Emphasis on understanding the customer and what the customer wants Optimizes the entire process from the customer's perspective Lean classifies every activity that we do into three types: • Value Add - activities that a customer would be willing to pay for which help create the final form or function of the finished article • Non Value-Add, but essential - things that need to be done, but that don't bring any value to the finished article (e.g. waiting for a document to print, the time it takes for paint to dry etc.) • Waste - actions that bring no value to the article and are therefore unnecessary

Statistical Control variation

___ Process ___ (SPC) Uses statistics and control charts to tell when to take corrective action Drives process improvement Four key steps Measure the process When a change is indicated, find the assignable cause Eliminate or incorporate the cause Restart the revised process Variability is inherent in every process Natural or common causes Special or assignable causes Provides a statistical signal when assignable causes are present Detect and eliminate assignable causes of ___

Qualitative

___ Research - primarily exploratory research. It is used to gain an understanding of underlying reasons, opinions, and motivations. It provides insights into the problem or helps to develop ideas or hypotheses for potential quantitative research. • Observational Studies - used because it is impractical or impossible to control the conditions of the study. • Response variables can be observed within their natural environment, giving the sense that they haven't been artificially constrained. • Generally considered weaker in terms of statistical inference.

Results Based

___ ___ Management (RBM) • RBM uses results as the central measure of performance • translates goals into results • clearly defined accountability of results • requires monitoring and self-assessment • Takes a life-cycle approach • continuous measurement and performance evaluation • must be measureable using data • RBM requires... • partnerships and inclusiveness • shared expectations • transparency, simplicity, and flexibility

Predictive

___ analysis - consists of models constructed from past data to predict the future or ascertain the impact of one variable on another. Models and Simulations are used to illustrate.

Analytics

___ is the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and add value.

Autocorrelation

___ occurs when a given data point on a time series analysis is affected by a previous data point for that time series. • In an ordinary regression analysis we assume that errors are independent from one another. • An example could be measuring the likelihood of snow on a given day. If the previous day was sunny and hot, it is not very likely it will snow that day. It is more likely if there was snow on the previous day. • Autoregressive Error Correction produces a superior regression analysis compared to ordinary regression analysis because it takes ____ into account.

Random

___ sample : each participant (data point) has an equal opportunity to be selected. (ex: putting all names in a hat and pulling one, or lottery) Need to be the right size and accurately represent your population Not having a ___ sample is a common misuse of statistics - makes your data unreliable and biased.

Time associative

___-series models 1. Moving average 2. Weighted Moving averages 3. Exponential smoothing 4. Trend projection 5. Linear regression - __ model

Blinding

____ : removes previous experiences or perceptions - removes bias The lack of ___ - adds the bias to the experiment. (blind coke vs. pepsi tasting for example)

Response Conscious

____ Bias : When you the responder feels persuaded by the the way the question is worded. Or when you feel you only have one answer. -Suggesting how you may be viewed in the way the question is phrased. ___ Bias : The "agree with me" approach The researcher creates bias in question phrasing. Lawyers call it "leading". ... wouldn't you? ... don't you? The researchers are doing this on purpose.

Confidence

____ Interval : understand which range the mean might fall into. 95% Confident = Z-score of 1.96 99% Confident = Z-score of 2.575

Linear Programming

____ ____ : The maximization or minimization of some quantity is the objective in all ___ ____ problems. • All LP problems have constraints that limit the degree to which the objective can be pursued. • A feasible solution satisfies all the problem's constraints. • An optimal solution is a feasible solution that results in the largest possible objective function value when maximizing (or smallest when minimizing). • A graphical solution method can be used to solve a linear program with two variables.

Decision risk

____ analysis can be used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain or risk-filled pattern of future events. • Even when a careful decision analysis has been conducted, the uncertain future events make the final consequence uncertain. • The risk associated with any decision alternative is a direct result of the uncertainty associated with the final consequence. • A good decision analysis includes ___ analysis that provides probability information about the favorable as well as the unfavorable consequences that may occur.

Cluster

____ analysis, also known as segmentation, is the process of arranging terms or values based on different variables into "natural" groups. • Most often with ___ analysis, these terms or values are survey responses from people. • There are hundreds of approaches to ___ analysis, and it is used in many different fields to have a better understanding of an industry's environment.

Marketing

____ analytics : A better understanding of consumer behavior through the use of scanner data and data generated from social media has led to an increased interest in ___ analytics.

Quality

____ management : Ensure that quality efforts are effective in delivering quality goods and services that satisfy customer needs. ISO has developed quality principles

Descriptive lowest

____/Diagnostic analytics : what has happened in the past. - __ form of analytics (least difficulty, least value) Graphical analysis of what has occurred. - histograms, charts, scatter diagrams, etc. Discovery of Patterns - averages, sums, percentages

Random large Systematic constant Omission Outliers

• All measurements contain some degree of error • __ Error - Random errors in experimental measurements are caused by unknown and unpredictable changes in the experiment. • These changes may occur in the measuring instruments or in the environmental conditions • Should cancel themselves out over a ___ number of measurements. • ___ Error - Systematic errors in experimental observations usually come from the measuring instruments or experimental design. • Measurement errors that are __ within a data set. • ___ Error • An error that occurs when action has not been taken or when something has been left out. • ___ • Observation points (numbers) that are distant from other observations.

Inherent Achieved

• Types of Reliability • __ reliability - predicted by product design (robust design) • ___reliability - observed during use

Quantitative

• ___ Research - used to quantify the problem by generating numerical data that can be transformed into useable statistics. • Experimental Studies - In this design all variable measurements and manipulations are under the researcher's control • Three elements to an experimental study: • Experimental Units - the subjects or objects under observation • Treatments - the procedures applied to each subject • Responses - the effects of the experimental treatments

Indices

• ___ are usually relative to a base period that is represented as a value of 100 • This graphs shows the "average CPI" (blue line) relative to the base period 1982-1984

Analytics

• ___ is "turning information into insight and developing conclusive fact-based strategies to gain a competitive edge."


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