WPC 300 STUDY GUIDE 2026/2027 QUESTIONS AND
SOLUTIONS RATED A+
✔✔Science - ✔✔The intellectual and practical activity encompassing the systematic
study of the structure and behavior of the physical and natural world through
observation and experiments
✔✔Social science - ✔✔major category of academic disciplines, concerned with society
and relationships among individuals within a society
✔✔observational study - ✔✔social scientists observe subjects and measure variables of
interest without assigning treatments to subjects
✔✔experimental study - ✔✔you apply treatment to experimental units (people, animals,
hospitals etc.) and then observe the effects of the treatments on the experimental units
✔✔Analytics - ✔✔The discovery, interpretation, and communication of meaningful
patterns in data
✔✔Analytics 1.0 (Traditional Analytics) - ✔✔Data sources relatively small and
structured, from internal systems, Majority of analytical activity was descriptive
analytics, or reporting, Creating analytical models was a time-consuming "batch"
process
✔✔Analytics 2.0 (Data Environment) - ✔✔Complex, large, unstructured data sources,
New analytical and computational capabilities
✔✔Analytics 3.0 (Fast business impact for data economy) - ✔✔Analytics integral to
running the business; strategic asset, Rapid and agile insight delivery, Analytical tools
available at point of decision
✔✔Statistics - ✔✔The science concerned with developing and studying methods for
collecting, analyzing, interpreting and presenting empirical data to assist in making an
effective decision
✔✔Population - ✔✔the whole, a collection of persons, objects, or items under study
✔✔Census - ✔✔Gathering data from the entire population
✔✔Sample - ✔✔A portion of the whole/population. A subset of the population; must be
large enough to represent the whole
✔✔Measures of variability - ✔✔describe the spread or dispersion of a set of data
, ✔✔Range - ✔✔The difference between the largest and the smallest values in a set of
data
✔✔Interquartile Range - ✔✔Range of values between the 1st and 3rd quartiles, Range
of the middle 50% of the ordered data set, Less influenced by extremes, = Q1 - Q3
✔✔Mean Absolute Deviation (MAD) - ✔✔Average of the absolute deviations from the
mean
✔✔Variance - ✔✔For population: Average of the squared deviations from the arithmetic
mean
✔✔Standard Deviation - ✔✔Square root of the variance (population)
✔✔Coefficient of variation (CV) - ✔✔provides a relative measure of dispersion in data
relative to mean, = Standard deviation / mean
✔✔Discrete - ✔✔If a random variable can take only a finite number of distinct values,
then it is
✔✔Continuous - ✔✔If a random variable can take an infinite number of distinct values,
then it is
✔✔Independent variable - ✔✔the one that is changed by the scientist
✔✔Dependent variables - ✔✔the things that the scientist focuses his or her
observations on to see how they respond to the changes made to the independent
variables
✔✔Controlled variables - ✔✔quantities that a scientist want to remain constant
✔✔Covariance - ✔✔is a measure of the linear association between two variables, X and
Y. Like the variance, the different formulas are used for populations and samples
✔✔Correlation - ✔✔a measure of the linear relationship between two variables, X and
Y, which does not depend on the units of measurement
✔✔Random Sampling - ✔✔Select a group of subjects (a sample) for a study from a
larger group (a population)
✔✔Hypothesis testing - ✔✔a procedure based on sample evidence and probability,
used to test claims regarding a characteristic of one or more populations
SOLUTIONS RATED A+
✔✔Science - ✔✔The intellectual and practical activity encompassing the systematic
study of the structure and behavior of the physical and natural world through
observation and experiments
✔✔Social science - ✔✔major category of academic disciplines, concerned with society
and relationships among individuals within a society
✔✔observational study - ✔✔social scientists observe subjects and measure variables of
interest without assigning treatments to subjects
✔✔experimental study - ✔✔you apply treatment to experimental units (people, animals,
hospitals etc.) and then observe the effects of the treatments on the experimental units
✔✔Analytics - ✔✔The discovery, interpretation, and communication of meaningful
patterns in data
✔✔Analytics 1.0 (Traditional Analytics) - ✔✔Data sources relatively small and
structured, from internal systems, Majority of analytical activity was descriptive
analytics, or reporting, Creating analytical models was a time-consuming "batch"
process
✔✔Analytics 2.0 (Data Environment) - ✔✔Complex, large, unstructured data sources,
New analytical and computational capabilities
✔✔Analytics 3.0 (Fast business impact for data economy) - ✔✔Analytics integral to
running the business; strategic asset, Rapid and agile insight delivery, Analytical tools
available at point of decision
✔✔Statistics - ✔✔The science concerned with developing and studying methods for
collecting, analyzing, interpreting and presenting empirical data to assist in making an
effective decision
✔✔Population - ✔✔the whole, a collection of persons, objects, or items under study
✔✔Census - ✔✔Gathering data from the entire population
✔✔Sample - ✔✔A portion of the whole/population. A subset of the population; must be
large enough to represent the whole
✔✔Measures of variability - ✔✔describe the spread or dispersion of a set of data
, ✔✔Range - ✔✔The difference between the largest and the smallest values in a set of
data
✔✔Interquartile Range - ✔✔Range of values between the 1st and 3rd quartiles, Range
of the middle 50% of the ordered data set, Less influenced by extremes, = Q1 - Q3
✔✔Mean Absolute Deviation (MAD) - ✔✔Average of the absolute deviations from the
mean
✔✔Variance - ✔✔For population: Average of the squared deviations from the arithmetic
mean
✔✔Standard Deviation - ✔✔Square root of the variance (population)
✔✔Coefficient of variation (CV) - ✔✔provides a relative measure of dispersion in data
relative to mean, = Standard deviation / mean
✔✔Discrete - ✔✔If a random variable can take only a finite number of distinct values,
then it is
✔✔Continuous - ✔✔If a random variable can take an infinite number of distinct values,
then it is
✔✔Independent variable - ✔✔the one that is changed by the scientist
✔✔Dependent variables - ✔✔the things that the scientist focuses his or her
observations on to see how they respond to the changes made to the independent
variables
✔✔Controlled variables - ✔✔quantities that a scientist want to remain constant
✔✔Covariance - ✔✔is a measure of the linear association between two variables, X and
Y. Like the variance, the different formulas are used for populations and samples
✔✔Correlation - ✔✔a measure of the linear relationship between two variables, X and
Y, which does not depend on the units of measurement
✔✔Random Sampling - ✔✔Select a group of subjects (a sample) for a study from a
larger group (a population)
✔✔Hypothesis testing - ✔✔a procedure based on sample evidence and probability,
used to test claims regarding a characteristic of one or more populations
