Certified Analytics Professional
BPMS - Answer- Business process management system.
Utility function - Answer- Utility is value. PU + (1-P) L > u; U is value of good outcome; L is value of
poor outcome; u is value of present source (no change)
stratified random sampling - Answer- selecting elements from an accessible population that has
been divided into groups or strata
Design of experiments - Answer- Design of any information gathering exercise where variation is
present, whether under the control of the experimenter or not.
Response surface modeling - Answer- (Regression) specify the value of interest as a function of
the covariates.
ratio scale - Answer- Any scale of measurement possessing magnitude, equal intervals, and an
absolute zeros.
Discrete event simulation - Answer- A simulation methodology that is often used to understand
bottlenecks, handles cases not handled by queuing theory, uses multistage process modeling with
variations in arrival and service time and utilizing shared resources to perform multiple operations.
Queuing model - Answer- Designed to identify the most efficient pathway to solution. Ie number of
bank tellers to satisfy customers in given amount of time in a waiting queue.
Monte Carlo Simulation - Answer- Queuing model is not needed. Used to estimate dependent
variable randomness. Necessary when distributions of the input variables are not necessarily
normally distributed and the relationship to estimate the dependent variable is not simple.
Agent based modeling (Abm) - Answer- A system modeled (simulated) as a collection of
autonomous decision-making entities called agents that are used to discover emergent behavior
that is hard to predict without simulating it.
System dynamics - Answer- A simulation approach used to understanding the interactions of a
complex system over time.
Game theory - Answer- Study of strategic decision-making processes through competition and
collaboration
Probabilities - Answer- The likelihood of a particular event occurring expressed as a percentage to
make decisions under chosen risk or tolerance. Bayesian and conditional probabilities are widely
used in analytics.
confidence interval - Answer- the range of values within which a population parameter is estimated
to lie.
BPMS - Answer- Business process management system.
Utility function - Answer- Utility is value. PU + (1-P) L > u; U is value of good outcome; L is value of
poor outcome; u is value of present source (no change)
stratified random sampling - Answer- selecting elements from an accessible population that has
been divided into groups or strata
Design of experiments - Answer- Design of any information gathering exercise where variation is
present, whether under the control of the experimenter or not.
Response surface modeling - Answer- (Regression) specify the value of interest as a function of
the covariates.
ratio scale - Answer- Any scale of measurement possessing magnitude, equal intervals, and an
absolute zeros.
Discrete event simulation - Answer- A simulation methodology that is often used to understand
bottlenecks, handles cases not handled by queuing theory, uses multistage process modeling with
variations in arrival and service time and utilizing shared resources to perform multiple operations.
Queuing model - Answer- Designed to identify the most efficient pathway to solution. Ie number of
bank tellers to satisfy customers in given amount of time in a waiting queue.
Monte Carlo Simulation - Answer- Queuing model is not needed. Used to estimate dependent
variable randomness. Necessary when distributions of the input variables are not necessarily
normally distributed and the relationship to estimate the dependent variable is not simple.
Agent based modeling (Abm) - Answer- A system modeled (simulated) as a collection of
autonomous decision-making entities called agents that are used to discover emergent behavior
that is hard to predict without simulating it.
System dynamics - Answer- A simulation approach used to understanding the interactions of a
complex system over time.
Game theory - Answer- Study of strategic decision-making processes through competition and
collaboration
Probabilities - Answer- The likelihood of a particular event occurring expressed as a percentage to
make decisions under chosen risk or tolerance. Bayesian and conditional probabilities are widely
used in analytics.
confidence interval - Answer- the range of values within which a population parameter is estimated
to lie.
