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 ________ refers to a bias that causes an individual to value an owned object higher than its market value. Bandwagon effect Clustering illusion Endowment effect Anchoring bias - CORRECT ANSWER-Endowment effect 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 Which of the following is an example of primary data? Firm's proprietary data Data collected through censuses Interviews data Internet searchers - CORRECT ANSWER-Interviews data Predictive analytics may be applied to_______________, which is a set of techniques that use descriptive data and forecasts to identify the decisions most likely to result in the best performance. Prescriptive analytics Forecast analytics Explanatory analytics Descriptive analytics - CORRECT ANSWER-Prescriptive analytics In an agile approach of analytics, what is the last step of the process? Model data Score and deploy Perform business discovery Evaluate and Improve - CORRECT ANSWER-Evaluate and Improve Which of the following data analytics model use optimization techniques? Diagnostic analytics Prescriptive analytics Predictive analytics Descriptive analytics - CORRECT ANSWER-Prescriptive analytics Which of the following statements is true? Experimentation is a way of analytical thinking Heuristic thinking is slow Using intuition is a way of an