descriptive analytics - answer-focuses on what happened in the past and aims to "describe" or explain the observed trends by identifying the relationships between different variables in the data
predictive analytics - answer-focuses on what will happen in the future and is concerned with making ...
SOA Exam PA (April 2024)
descriptive analytics - answer-focuses on what happened in the past and aims to
"describe" or explain the observed trends by identifying the relationships between
different variables in the data
predictive analytics - answer-focuses on what will happen in the future and is concerned
with making accurate "predictions"
prescriptive analytics - answer-uses a combination of optimization and simulation to
investigate and quantify the impact of different "prescribed" actions in different
scenarios
numeric variables - answer-take the form of numbers, with a well-defined order (i.e. 1
must be less than 2) and an associated range
discrete variables - answer-are restricted to only certain numeric value within the
associated range
continuous variables - answer-can assume any value in a continuum (at least in theory!)
categorical variables - answer-take predefined values in a countable collection of
"categories", which often have no numeric order, called levels or classes for the variable
binary variables - answer-can only take two possible levels, indicating whether an event
has taken place or whether a characteristic is present (often yes or no)
supervised learning problems - answer-there is a target variable "supervising" or guiding
the analysis, and the goal is to understand the relationship between the target variable
and the predictors, and/or make accurate predications for the target based on the
predictors
unsupervised learning problems - answer-there is no target variable supervising the
analysis, and the goal is to extract relationships and structures between different
variables in the data
regression problems - answer-supervised learning problems with a numeric target
variable
classification problems - answer-when the target variable is categorical in nature - often
involved "classifying" its observations to a certain level called a classifier
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