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BUAN 6337 Exam 1 Questions with Correct Answers.
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BUAN 6337 Exam 1 Questions with Correct Answers.
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BUAN 6337 Exam 1 Questions with Correct AnswersT/F Over-fitting data means that a model is so specialized for in samples
data set, that it does not work for out-of-sample data in the real-world.
Correct Answer-TRUE
T/F Under-fitting data means that a model is so generalized for and in
sample data set, that it works for any out-of-sample data in the real-
world, and doesn't tell us anything valuable. Correct Answer-TRUE
T/F Inference or interpretation tends to focus on Slope B1 Correct
Answer-TRUE
T/F Prediction focuses on the Y variable? Correct Answer-TRUE
T/F Predictions are interested in minimizing R^2 Correct Answer-
FALSE Maximizing
T/F Inference / Interpretation is not interested in measuring p-values
Correct Answer-FALSE IS interested
Inference or Prediction is more important? Direct marketing campaign --
identify best customers who will positively respond to our campaign
Correct Answer-Prediction
, Inference or Prediction is more important? Imagine you need to run ads
and are considering 4 platforms: TV, radio, FB, and Snapchat. Which
media channel boosts sales the most? Correct Answer-Inference
Inference or Prediction is more important? Imagine consumer purchases
based on price, competitor's price, store location, advertising, etc. If we
lower our price by 5%, how will market share change? Correct Answer-
Inference
Inference or Prediction is more important? Values of homes are based on
the number of bedrooms and bathrooms, square footage, crime rate,
school districts, etc. If you renovate your home and add a bedroom, how
much increase in value can you expect? Correct Answer-Inference
Inference or Prediction is more important? Is your neighbor's house
under-valued or over-valued? Correct Answer-Prediction
T/F Inferential Model is used for understanding how / why certain
events occurred Correct Answer-TRUE
T/F Predictive Model is used to make predictions of "future" outcomes
Correct Answer-TRUE
T/F Predictive model valuation is based mainly on out-of-sample
predictive power (through cross-validation) Correct Answer-TRUE
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