WPC 300

WPC 300 Questions with Complete Solutions

Heuristics correct answer: • Experience • Intuition • Rules of thumb • Think fast Analytics correct answer: the process of developing actionable decisions or recommendations for actions based on insights generated from historical data • Observe what has worked • Experimentation • Collect data and analyze data • Find patterns • Boundary and Generalizability • Think slow A Scientific Perspective to Problem Solving correct answer: - Heuristics vs Analytics ...

Anchoring bias correct answer: Over-reliant on the first piece of information is called Gamblers' fallacy is ____________. correct answer: a clustering illusion Which of the following is an example of secondary data? correct answer: Firm's proprietary data In an agile approach of analytics what is the first step of the process? correct answer: perform business discovery Predictive analytics may be applied to __________, which is a set of techniques that use descriptive data and...

WPC 300 Final| 136 Questions| With Complete Solutions Extract, Transform, and Load (ETL) correct answer: Allows you to convert various data formats and types to adhere to one consistent system and migrate data into data warehouse a predefined process for accessing and manipulating the source data in loading it into a target database Requirements for an ETL architecture correct answer: specific business requirements data compliance data security data integration end user delivery i...

what makes analytics science correct answer: Analytics is science because Data analytics means Applying scientific methods to the collections and analyses of data, using appropriate methodology, to reveal previously-unknown information and this process is science. characteristics of science correct answer: Questioning, exploring, observing, comparing, measuring, experimenting, discovering Science correct answer: The intellectual and practical activity encompassing the systematic study o...

In an agile approach of analytics what is the first step of the process correct answer: Perform Business Discovery In an ETL process, data is loaded into a final target database such as correct answer: Data Warehouse 4 types of Data Analytical method correct answer: Descriptive, Explanatory, Predictive, and Prescriptive Example of secondary data correct answer: Firm's proprietary data What data analysis models use optimization techniques? correct answer: Prescriptive analytics ...

For a normal distribution mean is _______ to median. -not equal -greater than -equal -less than correct answer: equal Which of the following describes a positively skewed histogram? -a histogram with large kurtosis -a histogram for which mean and mode values are the same. -a histogram that tails off towards the right -a histogram that has no fluctuation in mass correct answer: -a histogram that tails off towards the right Which of the following describes the standard deviation? ...

Heuristic correct answer: Learns by acting Uses trial and error Values experience, effort reduction Relies on common sense Seeks satisficing solution Fast and frugal May lead to decision biases! analytics correct answer: developing actionable decisions or rec for action based on insights from histroical data -combo of computer tech, mgt sci techniques, and states to solve real problems -sports analytics, tinder descriptive correct answer: preliminary stage, create summar...

Which of the following is NOT a principle of problem facing correct answer: routinize the procedure finding patterns in data in an example of _____ modeling correct answer: explanatory (patterns and features) Which of the following analytic techniques can be used to find out "which month had the highest sales year" correct answer: descriptive Which of the following analysis can be used to understand a casual relationship? correct answer: explanatory The process of analytics ca...

Explanatory Statistics correct answer: Name this statistic... EX: "Does the email campaign work? Does smoking cause cancer? Does fake news spread faster than authentic news? ** A is causing B Predictive Statistics correct answer: Name this statistic... EX: "Predict the NFL/NBA championship? What are expected cost? What is likely to happen? What could happen? Why is this actually happened?" ** If A happens, B might happen next Prescriptive Statistics correct answer: Name this statisti...