WPC 300 FINAL & ACTUAL EXAMS|| CORRECT QUESTIONS & SOLUTIONS|| 2024 LATEST UPDATE|| VERIFIED EXAM BUNDLE

Heuristic - ANSWER Learns by acting Uses trial and error Values experience, effort reduction Relies on common sense Seeks satisficing solution Fast and frugal May lead to decision biases! analytics - ANSWER developing actionable decisions or rec for action based on insights from his...

Which of the following describes the standard deviation? - ANSWER It is the square root of the variance. When two variables are highly positively correlated, the correlation coefficient will be _______. - ANSWER close to 1 According to statistical notation, what does ∑ stand for? - ANSWER to...

QUIZ ONE - ANSWER Gamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias - ANSWER A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______...

Data Variable Categories - ANSWER Qualitative and Quantitative Qualitative - ANSWER Is descriptive and conceptual and cannot be measured Quantitative - ANSWER Can be counted, measured, and expressed using numbers Quantitative Data Variables - ANSWER Numerical-interval, ratio Categorical-No...

Multicollinearity occurs when - ANSWER two independent variables in the regression model are highly correlated What would be an example of a null hypothesis when you are testing correlations between random variables x and y? - ANSWER there is no significant correlation between the variables x and...

Anchoring bias - ANSWER Over-reliant on the first piece of information is called Gamblers' fallacy is ____________. - ANSWER a clustering illusion Which of the following is an example of secondary data? - ANSWER Firm's proprietary data In an agile approach of analytics what is the first s...

The unexplained variance in the regression analysis is also known as: - ANSWER Residual variance Which of the following assumptions is not true for simple linear regression? - ANSWER Multicollinearity effect between independent variables

A market analyst is developing a regression model to predict monthly household expenditures on groceries as a function of family size, household income, and household neighborhood (urban, suburban, and rural). The "neighborhood" variable in this model is ________. - ANSWER an independent variable ...

Which of the following statements is true? a - experimentation is a way of analytical thinking b - analytical thinking is not based on facts c - using intuition is a way of

Which of the following is an example of association rule learning? - ANSWER How frequently an item set occurs in a transaction

Heuristics - ANSWER • Experience • Intuition • Rules of thumb • Think fast Analytics - ANSWER the process of developing actionable decisions or recommendations for actions based on insights generated from historical data • Observe what has worked • Experimentation • Collect ...

Heuristic - ANSWER Learns by acting, uses trial and error, values experiences, relies on common sense, seeks satisfying solutions Analytic - ANSWER Learns by analyzing, uses step by step procedure, values quantitative and models, builds mathematical models, seeks optimal solution Data extracti...