what makes analytics science - Answer-Analytics is science because Data analytics means Applying scientific methods to the collections and analyses of data, using appropriate methodology, to reveal previously-unknown information and this process is science.
characteristics of science - Answer-Qu...
WPC 300 Exam 1, STATA Questions and
Answers
what makes analytics science - Answer-Analytics is science because Data analytics
means Applying scientific methods to the collections and analyses of data, using
appropriate methodology, to reveal previously-unknown information and this process is
science.
Science - Answer-The intellectual and practical activity encompassing the systematic
study of the structure and behavior of the physical and natural world through
observation and experiments.
Hypothesis - Answer-Proposed explanation for a phenomenon/Educated guess based
on an observation or anecdote
Theory - Answer-Generalizable explanations/Supported by repeated tests/Testable and
can be refuted or falsified/Considered valid as long as there is no evidence to dispute
it/Has a boundary
Facts (evidence) - Answer-How much evidence and what kinds of evidence do we need
before we accept or reject a hypothesis?
Ex: Effectiveness of penicillin, Buy One Get One off vs. 50% off, The concept of
statistical confidence
Falsification - Answer-the view, associated with philosopher Karl Popper, that: Science
begins with problems
*Conjecture (hypothesis) and refutation of null hypothesis
*Science comprises testable yet unfalsified theories
*Scientific ideas can only be tested through falsification, but not through a search for
supporting evidence.
*Irrefutable theories are not scientific
Parsimony/Occam's razor - Answer-idea that, all other things being equal, we should
prefer a simpler explanation over a more complex one.
Heurestics - Answer-when we can answer a question fast without much thinking
because our answer is a result of experience and intuition
, Analytics - Answer-We think slow to answer questions involving analytics because it
involves Observing what's worked, experimentation, collecting and analyzing data,
finding patterns, boundary and generalizability
Pseudo-science - Answer-the view that theory/hypothesis can be confirmed
Empiricism - Answer-set of philosophical approaches to building knowledge that
emphasizes the importance of observable evidence from the natural world.
Data analytics - Answer-Applying scientific methods to the collections and analyses of
data, using appropriate methodology, to reveal previously-unknown information and this
process is science
Descriptive - Answer-What do we have, What happened? When? What types of
customers do we have?
Useful for customer profiling, visualizations, operational reports/dashboards
Predictive - Answer-What is likely to happen? What are expected costs?
Useful for linear regression, data mining, simulation
Used in: Fraud detection, fantasy football analytics, demand forecasting, weather
forecasting
Explanatory - Answer-Does smoking cause cancer? Does fake news spread faster than
real news?
Useful for trying to understand a causal relationship, T-tests, regression analysis,
finding correlation
Ex: Does paying for reviews make the reviews biased
Prescriptive - Answer-Recommended actions and timing, possible automation of actions
Useful for linear optimization (programming) and integer optimization
Used in: medical devices, price optimization, scheduling, self-driving cars
To design an experiment - Answer-
Gold standard in experiments - Answer-Double blind randomized experiment
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