WPC 300 Midterm 1 Exam Questions
with Correct Answers
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 extraction - Answer-Extract data from primary/secondary source
Data transformation - Answer-Transform/clean data into proper format or structure for
the purpose of querying and analysis
Data load - Answer-Load data into final target database, more specifically as
operational data store, data mart or data warehouse
Descriptive Modeling - Answer-Basic plots of variables
Find patterns in data
Descriptive statistics
Correlations
Outliers
Sampling
Some data mining techniques - clustering
Explanatory modeling - Answer-Develop model to understand a (causal) relationship
Predictive analysis - Answer-Linear regression
Data mining
Classification
Decision tree
Association rule (market basket analysis)
Text mining
Simulation
Problem Framing - Answer-Tell an interesting and complete story, find an appropriate
solution framework, routinize the procedure
Agile - Answer-Empirical process control
Waterfall - Answer-Defined process control
Hypothesis - Answer-Educated Guess
, Data - Answer-Discrete, unorganized, raw facts
Information - Answer-the transformation of those facts into meaning
Primary Data - Answer-Survey, Interviews (marketing firm's telephone interviews), Used
a lot in marketing research
Secondary Data - Answer-Firm's proprietary database, Internet data (crawlers) [scarpy,
beautifulsoup], Stock/capital market data (compustat, CRSP), Accounting disclosure
data (from 10k, 10Q)
Simulated Data - Answer-Data based on assumption and simulation, Used a lot in
scheduling, routing and queuing
Descriptive Data Analysis - Answer-What happened? Why is it happening?, outcomes
are well-defined business problems and opportunities
predictive data analytics - Answer-What will happen? Why will it happen? Outcomes are
accurate projections of future events and outcomes
Prescriptive Data Analysis - Answer-What should I do and why? Outcomes are best
possible business decisions and actions
Explanatory Modeling - Answer-Develop model to understand a (causal) relationship
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
Social science - Answer-major category of academic disciplines, concerned with society
and relationships among individuals within a society
observational study - Answer-social scientists observe subjects and measure variables
of interest without assigning treatments to subjects
experimental study - Answer-you apply treatment to experimental units (people,
animals, hospitals etc.) and then observe the effects of the treatments on the
experimental units
Analytics - Answer-The discovery, interpretation, and communication of meaningful
patterns in data
Analytics 1.0 (Traditional Analytics) - Answer-Data sources relatively small and
structured, from internal systems, Majority of analytical activity was descriptive
analytics, or reporting, Creating analytical models was a time-consuming "batch"
process
with Correct Answers
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 extraction - Answer-Extract data from primary/secondary source
Data transformation - Answer-Transform/clean data into proper format or structure for
the purpose of querying and analysis
Data load - Answer-Load data into final target database, more specifically as
operational data store, data mart or data warehouse
Descriptive Modeling - Answer-Basic plots of variables
Find patterns in data
Descriptive statistics
Correlations
Outliers
Sampling
Some data mining techniques - clustering
Explanatory modeling - Answer-Develop model to understand a (causal) relationship
Predictive analysis - Answer-Linear regression
Data mining
Classification
Decision tree
Association rule (market basket analysis)
Text mining
Simulation
Problem Framing - Answer-Tell an interesting and complete story, find an appropriate
solution framework, routinize the procedure
Agile - Answer-Empirical process control
Waterfall - Answer-Defined process control
Hypothesis - Answer-Educated Guess
, Data - Answer-Discrete, unorganized, raw facts
Information - Answer-the transformation of those facts into meaning
Primary Data - Answer-Survey, Interviews (marketing firm's telephone interviews), Used
a lot in marketing research
Secondary Data - Answer-Firm's proprietary database, Internet data (crawlers) [scarpy,
beautifulsoup], Stock/capital market data (compustat, CRSP), Accounting disclosure
data (from 10k, 10Q)
Simulated Data - Answer-Data based on assumption and simulation, Used a lot in
scheduling, routing and queuing
Descriptive Data Analysis - Answer-What happened? Why is it happening?, outcomes
are well-defined business problems and opportunities
predictive data analytics - Answer-What will happen? Why will it happen? Outcomes are
accurate projections of future events and outcomes
Prescriptive Data Analysis - Answer-What should I do and why? Outcomes are best
possible business decisions and actions
Explanatory Modeling - Answer-Develop model to understand a (causal) relationship
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
Social science - Answer-major category of academic disciplines, concerned with society
and relationships among individuals within a society
observational study - Answer-social scientists observe subjects and measure variables
of interest without assigning treatments to subjects
experimental study - Answer-you apply treatment to experimental units (people,
animals, hospitals etc.) and then observe the effects of the treatments on the
experimental units
Analytics - Answer-The discovery, interpretation, and communication of meaningful
patterns in data
Analytics 1.0 (Traditional Analytics) - Answer-Data sources relatively small and
structured, from internal systems, Majority of analytical activity was descriptive
analytics, or reporting, Creating analytical models was a time-consuming "batch"
process
