WPC 300 Study guides, Class notes & Summaries

In an agile approach of analytics, what is the first step of the process? Perform data discovery Perform business discovery Score and deploy Model data - CORRECT ANSWER-Perform business discovery In an ETL process, data is loaded into a final target database such as: Operational dashboard Public database Social media database Data warehouse - CORRECT ANSWER-Data warehouse What are the four types of data analytical method? Descriptive, explanatory, predictive and prescriptive Criti...

Principles of Problem Framing - CORRECT ANSWER-Tell, find and routinize Tell an interesting and complete story - CORRECT ANSWER-The problem you address should be meaningful Solution could be reused for related problems Assumptions, boundaries Find an appropriate solution framework - CORRECT ANSWER-Break down the problem into pieces Iterative process (agile vs waterfall) Identify appropriate analytical/modeling techniques Routinize the procedure - CORRECT ANSWER-Documentation Next simi...

QUIZ ONE - CORRECT ANSWERGamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias - CORRECT ANSWER-A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ Endowment effect bias Sunk-cost fallacy Zero risk bias Availability heuristics bias - CORRECT ANSWER-Sunk-cost fallacy ________ refers to a bias that causes an individual to ...

analytics - CORRECT ANSWER-the process of developing actionable decisions or recommendations for actions based upon insights generated from historical data primary data - CORRECT ANSWER-data collected specifically for the research problem at hand (ex: survey, interviews) secondary data - CORRECT ANSWER-data collected for some purpose other than the problem at hand (ex: firm's proprietary data, internet data, stock/capital market data) stimulated data - CORRECT ANSWER-data based on assu...

Data Variable Categories - CORRECT ANSWER-Qualitative and Quantitative Qualitative - CORRECT ANSWER-Is descriptive and conceptual and cannot be measured Quantitative - CORRECT ANSWER-Can be counted, measured, and expressed using numbers Quantitative Data Variables - CORRECT ANSWER-Numerical-interval, ratio Categorical-Nominal, ordinal (Quantitative Categorical) Nominal - CORRECT ANSWER-The numerical values just "name" the attribute uniquely Ex: Employment classification 1 for Educ...

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 What are the four types of data analytical method? - CORRECT ANSWER-Descriptive, explanatory, predictive and prescriptive Which of the following is an example of secondary data? - CORRECT ANSWER-Firm's proprietary data Which of the following data analysis models use...

perform business discovery - CORRECT ANSWER-In an agile approach of analytics what is the first step of the process? data warehouse - CORRECT ANSWER-In an ETL process, data is loaded into a final target database such as: prescriptive analytics - CORRECT ANSWER-Which of the following data analysis models use optimization techniques? Prescriptive Analytics - CORRECT ANSWER-Predictive analytics may be applied to __________, which is a set of techniques that use descriptive data and forec...

WPC 300 final Questions and answers 2024/2025 QUIZ ONE - CORRECT ANSWERGamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias - CORRECT ANSWER-A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ Endowment effect bias Sunk-cost fallacy Zero risk bias Availability heuristics bias - CORRECT ANSWER-Sunk-cost fallacy ______...

WPC 300 - Final Exam Review 2024/2025 latest Heuristics - CORRECT ANSWER-Experience, intuition, rules of thumb, think fast. Analytics - CORRECT ANSWER-• Observe what has worked • Experimentation • Collect data and analyze data • Find patterns • Boundary and Generalizability • Think slow 20% - CORRECT ANSWER-___ of our energy intake goes to the brain. Since slow thinking is expensive, the body is programmed to avoid it. statistical algorithm - CORRECT ANSWER-Our brains do ...