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 contain a _____________________, it is not very accurate. It does not understand the normal distribution. Data Analytics Process - CORRECT ANSWER-1. Identify the main problem and questions 2. Obtain and collect data 3. Prepare the data, Explore the data, ETL 4. Identify Analytics and Techniques/model (Descriptive, Explanatory, Predictive, Prescriptive) 5. Perform Analyses 6. Interpret findings to make conclusion Descriptive - CORRECT ANSWER-Explore the data Find patterns in data, Descriptive statistics, Correlation, Outliers, Sampling, Data value distribution, Visualization with dashboard. Explanatory - CORRECT ANSWER-Trying to understand a (causal) relationship T-tests (experiments), ANNOVA test, Regression analyses Predictive - CORRECT ANSWER-Regression analysis Prescriptive - CORRECT ANSWER-Can be done with Linear optimization (programming) or Integer optimization. Most time, it uses a combination of techniques and tools such as business rules, algorithms, machine learning and computational modeling procedures. Companies use this model to help them to recommend "what other items you will buy, what other movies you will watch, etc." Self-driving car also applies this model. Problem Framing - CORRECT ANSWER-1. Tell an interesting and complete story • The problem you address should be meaningful • Solution could be reused for related problems • Assumptions, boundarie