WPC 300 final exam (100% correct answers)

Heuristic correct answers 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 answers 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 answers 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 answers look into past and why is certain thing happened, working on a dashboard -why and how happened - inferential, visual -causal relation predictive correct answers 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 answers 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 answers you have hist data and explore data to find out about it (tablaeu) confirmatory visual correct answers expect correlation and look at visual to confirm production visual correct answers know to look for because understand problem, usually used to find problems -dashboard