Data Science for Business Test 1 2024 with verified Answers

Data science - Correct Answers involves principles, processes, and techniques for understanding phenomena via the (automated) analysis of data Data-driven decision-making (DDD) - Correct Answers refers to the practice of basing decisions on the analysis of data, rather than purely on intuition. Big data - Correct Answers means datasets that are too large for traditional data processing systems, and therefore require new processing technologies. big data technologies - Correct Answers are used for data processing in support of the data mining techniques and other data science activities Brynjolfsson's study - Correct Answers What demonstrated the benefits of data-driven decision-making? economist Prasanna Tambe of NYU's Stern School - Correct Answers Who's study examined the extent to which big data technologies seem to help firms? Web 1.0 - Correct Answers In ________, businesses busied themselves with getting the basic internet technologies in place, so that they could establish a web presence, build electronic commerce capability, and improve the efficiency of their operations. Web 2.0 - Correct Answers In ________, new systems and companies began taking advantage of the interactive nature of the Web. - Data, and the capability to extract useful knowledge from data, should be regarded as key strategic assets. - Extracting useful knowledge from data to solve business problems can be treated systematically by following a process with reasonably well-defined stages. - From a large mass of data, information technology can be used to find informative descriptive attributes of entities of interest. - If you look too hard at a set of data, you will find something—but it might not generalize beyond the data you're looking at. - Formulating data mining solutions and evaluating the results involves thinking carefully about the context in which they will be used. - Correct Answers Fundamental principles of data science Overfitting a dataset - Correct Answers If you look too hard at a set of data, you will find something—but it might not generalize beyond the data you're looking at. Classification - Correct Answers In _______, a model takes the instance and determines which class the instance belongs to. class probability estimation - Correct Answers In _______, or "scoring," a model is applied to the instance that produces a numbered score that represents the probability that the instance belongs to each class, rather than a binary target variable that is produced in classification. Regression - Correct Answers _______, or "value estimation," attempts to estimate or predict, for each individual, the numerical value of some variable for that individual. Similarity matching - Correct Answers _______ attempts to identify similar individuals based on data known about them. Clustering - Correct Answers _______ attempts to group individuals in a population together by their similarity, but not driven by any specific purpose. Co-occurrence grouping - Correct Answers _______, also known as frequent itemset mining, association rule discovery, and market-basket analysis) attempts to find associations between entities based on transactions involving them. Profiling - Correct Answers _______ (also known as behavior description) attempts to characterize the typical behavior of an individual, group, or population.