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WPC 300 Midterm 1 Exam Questions with Correct Answers
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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 extract...

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  • October 21, 2024
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  • 2024/2025
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  • wpc 300 midterm 1 exam questions with correct answ
  • heuristic answer learns by acting uses trial an

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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

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