WPC 300 Final Exam (practice questions and answers) A-Graded 2024/2025

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 assumption and simulation importance of data visualization - CORRECT ANSWER-1. visual elements allow us to see and understand trends, outliers, & patterns in data 2. can comprehend difficult concepts or identify new patterns more easily 3. humans LOVE visuals 3 main principles of data visualization - CORRECT ANSWER-1. chart should tell a story / yield insight beyond text 2. chart should have graphical integrity (Tufte's "Lie" factor) 3. chart should min graphical complexity (Tufte's "data ink" ratio) statistics - CORRECT ANSWER-science concerned with developing and studying methods for collecting, analyzing, interpreting, and presenting empirical data to assist in making effective decisions descriptive statistic - CORRECT ANSWER-study data in entirety 3 principles of describing data: center, spread, shape inferential statistics - CORRECT ANSWER-utilize random sample of data taken from population to describe and make INFERENCES about the population - reliability of conclusion dependent on CL 3 principles of descriptive statistics - CORRECT ANSWER-1. Data centrality (mean, median, mode) 2Data spread / variability (range, MAD, variance, stdv) 3. Data shape (kurtosis) kurtosis - CORRECT ANSWER-measure of whether the data are peaked or flat relative to a normal distribution High kurtosis = data is peaked near mean, declines rather rapidly, and has heavy tails Low kurtosis = data is flat near