heuristic - Answer-learns by acting, uses trial and error, values experience, relies on common sense, seeks satisfying solution
analytics - Answer-the process of developing actionable decisions or recommendations for actions based on insights generated from historical data
analytic - Answer-l...
WPC 300 Final Exam Questions and
Answers
heuristic - Answer-learns by acting, uses trial and error, values experience, relies on
common sense, seeks satisfying solution
analytics - Answer-the process of developing actionable decisions or recommendations
for actions based on insights generated from historical data
analytic - Answer-learns by analyzing, uses step by step procedure, values quantitative
information and models, builds mathematical models and algorithms, seeks optimal
solution
descriptive analytics - Answer-preliminary stage of data processing that creates a
summary of historical data to yield useful information and possibly prepare the data for
further analysis; what happened? what is happening? standard reporting, dashboards,
visual analytics, well defined business problems and opportunities
explanatory analytics - Answer-looking into the past and determining why a certain thing
happened; why did it happen? how did it happen? inferential statistics, visual analytics,
discover/understand casual relationships of an outcome
predictive analytics - Answer-use of data, statistical algorithms and machine learning
techniques to identify the likelihood of future outcomes based on historical data; what
will happen? why will it happen? data mining, text mining, forecasting, accurate
projections of future outcomes and events
prescriptive analytics - Answer-answers the questions of what to do by providing
information on optimal decisions based on the predicted future scenarios; what should
be done about it? why should you do it? optimization, simulation, expert systems, best
possible business decision and outcome
data visualization - Answer-graphical representation of information and data
data visualization principle one - Answer-chart should minimize graphical complexity;
depictions should enable meaningful comparison; chart should yield insight beyond the
text
data visualization principle two - Answer-chart should have graphical integrity
tufte lie factor - Answer-size of effect shown in graphic / size of effect in data; should be
roughly equal to 1; lie factor > 1 is exaggerated effect; lie factor < 1 is understated effect
data visualization principle three - Answer-chart should minimize graphical complexity
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