WPC 300 Midterm 1 correctly answered
to pass
Heuristic - correct answer ✔✔Learns by acting, uses trial and error, values experience, relies on common
sense, seeks satisfying solutions
Analytic - correct answer ✔✔Learns by analyzing, uses step by step procedure, values quantitative and
models, builds mathematical models, seeks optimal solution
Data extraction - correct answer ✔✔Extract data from primary/secondary source
Data transformation - correct answer ✔✔Transform/clean data into proper format or structure for the
purpose of querying and analysis
Data load - correct answer ✔✔Load data into final target database, more specifically as operational data
store, data mart or data warehouse
Descriptive Modeling - correct answer ✔✔Basic plots of variables
Find patterns in data
Descriptive statistics
Correlations
Outliers
Sampling
Some data mining techniques - clustering
Explanatory modeling - correct answer ✔✔Develop model to understand a (causal) relationship
Predictive analysis - correct answer ✔✔Linear regression
Data mining
Classification
, Decision tree
Association rule (market basket analysis)
Text mining
Simulation
Problem Framing - correct answer ✔✔Tell an interesting and complete story, find an appropriate
solution framework, routinize the procedure
Agile - correct answer ✔✔Empirical process control
Waterfall - correct answer ✔✔Defined process control
Hypothesis - correct answer ✔✔Educated Guess
Data - correct answer ✔✔Discrete, unorganized, raw facts
Information - correct answer ✔✔the transformation of those facts into meaning
Primary Data - correct answer ✔✔Survey, Interviews (marketing firm's telephone interviews), Used a lot
in marketing research
Secondary Data - correct answer ✔✔Firm's proprietary database, Internet data (crawlers) [scarpy,
beautifulsoup], Stock/capital market data (compustat, CRSP), Accounting disclosure data (from 10k, 10Q)
Simulated Data - correct answer ✔✔Data based on assumption and simulation, Used a lot in scheduling,
routing and queuing
Descriptive Data Analysis - correct answer ✔✔What happened? Why is it happening?, outcomes are
well-defined business problems and opportunities
to pass
Heuristic - correct answer ✔✔Learns by acting, uses trial and error, values experience, relies on common
sense, seeks satisfying solutions
Analytic - correct answer ✔✔Learns by analyzing, uses step by step procedure, values quantitative and
models, builds mathematical models, seeks optimal solution
Data extraction - correct answer ✔✔Extract data from primary/secondary source
Data transformation - correct answer ✔✔Transform/clean data into proper format or structure for the
purpose of querying and analysis
Data load - correct answer ✔✔Load data into final target database, more specifically as operational data
store, data mart or data warehouse
Descriptive Modeling - correct answer ✔✔Basic plots of variables
Find patterns in data
Descriptive statistics
Correlations
Outliers
Sampling
Some data mining techniques - clustering
Explanatory modeling - correct answer ✔✔Develop model to understand a (causal) relationship
Predictive analysis - correct answer ✔✔Linear regression
Data mining
Classification
, Decision tree
Association rule (market basket analysis)
Text mining
Simulation
Problem Framing - correct answer ✔✔Tell an interesting and complete story, find an appropriate
solution framework, routinize the procedure
Agile - correct answer ✔✔Empirical process control
Waterfall - correct answer ✔✔Defined process control
Hypothesis - correct answer ✔✔Educated Guess
Data - correct answer ✔✔Discrete, unorganized, raw facts
Information - correct answer ✔✔the transformation of those facts into meaning
Primary Data - correct answer ✔✔Survey, Interviews (marketing firm's telephone interviews), Used a lot
in marketing research
Secondary Data - correct answer ✔✔Firm's proprietary database, Internet data (crawlers) [scarpy,
beautifulsoup], Stock/capital market data (compustat, CRSP), Accounting disclosure data (from 10k, 10Q)
Simulated Data - correct answer ✔✔Data based on assumption and simulation, Used a lot in scheduling,
routing and queuing
Descriptive Data Analysis - correct answer ✔✔What happened? Why is it happening?, outcomes are
well-defined business problems and opportunities
