heuristic - Answer-learns by acting, uses trial and error, values experience, relies on common sense, seeks satisfying solution
analytics - Answer-the process of developing actionable decisions or recommendations for actions based on insights generated from historical data
analytic - Answer-l...
WPC 300 Final Exam Questions and
Answers
heuristic - Answer-learns by acting, uses trial and error, values experience, relies on
common sense, seeks satisfying solution
analytics - Answer-the process of developing actionable decisions or recommendations
for actions based on insights generated from historical data
analytic - Answer-learns by analyzing, uses step by step procedure, values quantitative
information and models, builds mathematical models and algorithms, seeks optimal
solution
descriptive analytics - Answer-preliminary stage of data processing that creates a
summary of historical data to yield useful information and possibly prepare the data for
further analysis; what happened? what is happening? standard reporting, dashboards,
visual analytics, well defined business problems and opportunities
explanatory analytics - Answer-looking into the past and determining why a certain thing
happened; why did it happen? how did it happen? inferential statistics, visual analytics,
discover/understand casual relationships of an outcome
predictive analytics - Answer-use of data, statistical algorithms and machine learning
techniques to identify the likelihood of future outcomes based on historical data; what
will happen? why will it happen? data mining, text mining, forecasting, accurate
projections of future outcomes and events
prescriptive analytics - Answer-answers the questions of what to do by providing
information on optimal decisions based on the predicted future scenarios; what should
be done about it? why should you do it? optimization, simulation, expert systems, best
possible business decision and outcome
data visualization - Answer-graphical representation of information and data
data visualization principle one - Answer-chart should minimize graphical complexity;
depictions should enable meaningful comparison; chart should yield insight beyond the
text
data visualization principle two - Answer-chart should have graphical integrity
tufte lie factor - Answer-size of effect shown in graphic / size of effect in data; should be
roughly equal to 1; lie factor > 1 is exaggerated effect; lie factor < 1 is understated effect
data visualization principle three - Answer-chart should minimize graphical complexity
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
