Study for WPC 300 final exam Q&A

Study for WPC 300 final exam Q&A Heuristic - CORRECT 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 - CORRECT ANSWER-developing actionable decisions or rec for action based on insights from histroical data -combo of computer tech, mgt sci techniques, and states to solve real problems -sports analytics, tinder descriptive - CORRECT ANSWER-preliminary stage, create summary of histroical data to yield useful info and prep data for further analysis -what happened -std report, dashboard, visuals -defined business probelm and opportunity explanatory - CORRECT ANSWER-look into past and why is certain thing happened, working on a dashboard -why and how happened - inferential, visual -causal relation predictive - CORRECT ANSWER-use of data, algorithm, machine learning technique to identify liklihood of future outcomes based on list of hist data, what will happen -what and why happened next -data mine, text mine, FC -accurate projection of future prescriptive - CORRECT ANSWER-what to do by providing info on optimal decisions based on predictions, real time -what should by done and why -opt, sim, expert systems -best possible business decision Exploratory visual - CORRECT ANSWER-you have hist data and explore data to find out about it (tablaeu) confirmatory visual - CORRECT ANSWER-expect correlation and look at visual to confirm production visual - CORRECT ANSWER-know to look for because understand problem, usually used to find problems -dashboard spatial data visual - CORRECT ANSWER-color coded map dynamic visual - CORRECT ANSWER-graph video shows data changes through the years Tufte's principles of data visualization - CORRECT ANSWER--The chart should tell a story -The chart should have graphical integrity -The chart should minimize graphical complexity Lie Factor - CORRECT ANSWER-size of effect shown in graphic / size of effect in data should roughly equal 1 Lie Factor 1: Understated effect Lie Factor 1: Exaggerated effect Data-ink ratio - CORRECT ANSWER-(data-ink)/(total ink used to print the graphic) should roughly equal 1 DIR ≪ 1, more non-data related info present in chart DIR ≫ 1, less non-data related info present in chart DIR = 1, all ink devoted to present the data in chart chartjunk - CORRECT ANSWER-any unnecessary information or feature in a graph that detracts from a viewer's ability to understand the data -When the data-ink ratio is low, chartjunk is likely to