Heuristics - Answer-• Experience
• Intuition
• Rules of thumb
• Think fast
Analytics - Answer-the process of developing actionable decisions or recommendations for actions based on insights generated from historical data
• Observe what has worked
• Experimentation
• Collect...
WPC 300 Midterm Exam Questions and
Answers
Heuristics - Answer-• Experience
• Intuition
• Rules of thumb
• Think fast
Analytics - Answer-the process of developing actionable decisions or recommendations
for actions based on insights generated from historical data
• Observe what has worked
• Experimentation
• Collect data and analyze data
• Find patterns
• Boundary and Generalizability
• Think slow
A Scientific Perspective to Problem Solving - Answer-- Heuristics vs Analytics
Decision Making Biases - Answer-- Understand situations where biases arise
- Based on a situation, you should be able to identify what kind of cognitive bias that is
- Differentiate the major kinds of biases discussed
Analytics Process - Answer-- Identify a problem
- Find dataset (Data collection)
- Prepare data (ETL)
- Analyze data with a data model (Descriptive, Explanatory, Predictive, and Prescriptive)
- Interpret Results
problem finding - Answer-1. Tell an interesting and complete story
• The problem you address should be meaningful
• Solution could be reused for related problems
• Assumptions, boundaries
2. Find an appropriate solution framework
• Break down the problem into pieces
• Iterative process (agile vs. waterfall)
3. Routinize the procedure
• Documentation
• Next similar question can be solved quickly
• Build a system (macros, codes, programs)
4 squares of data - Answer-collection
cleaning
communication
analyses
Primary data - Answer-• Surveys
• Interviews (marketing firm's telephone interviews)
• Used a lot in marketing research
Secondary data - Answer-• Firm's proprietary databases
• Internet data (crawlers)
-- https://scrapy.org/
-- Beautifulsoup
• Stock/capital markets data (Compustat, CRSP, etc.)
• Accounting disclosure data (Form 10K, 10Q)
Simulated data - Answer-• Data based on assumptions and simulations
• Used a lot in scheduling, routing, queuing
Survey Examples - Answer-Examples of quantitative research that use
survey methodology to answer questions
about a population
- Polls about public opinion
- Public-health surveys
- Market-research surveys
- Government surveys and censuses
Although censuses do not include a
"sample", they do include other aspects of
survey methodology, like questionnaires
and interviewers.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
