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Exam (elaborations)

WPC 300 Midterm 1 UPDATED Questions and CORRECT Answers

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  • Course
  • WPC 300
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  • WPC 300

WPC 300 Midterm 1 UPDATED Questions and CORRECT Answers Heuristic - CORRECT ANSWER - Learns by acting, uses trial and error, values experiences, relies on common sense, seeks satisfying solutions Analytic - CORRECT ANSWER - Learns by analyzing, uses step by step procedure, values quantitati...

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  • December 27, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • WPC 300
  • WPC 300
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MGRADES
WPC 300 Midterm 1 UPDATED Questions
and CORRECT Answers
Heuristic - CORRECT ANSWER - Learns by acting, uses trial and error, values
experiences, relies on common sense, seeks satisfying solutions


Analytic - CORRECT ANSWER - Learns by analyzing, uses step by step procedure,
values quantitative and models, builds mathematical models, seeks optimal solution


Data extraction - CORRECT ANSWER - Extract data from primary/secondary source



Data transformation - CORRECT ANSWER - Transform/clean data into proper format or
structure for the purpose of querying and analysis


Data load - CORRECT ANSWER - Load data into final target database, more specifically
as operational data store, data mart or data warehouse


Descriptive Modeling - CORRECT ANSWER - Basic plots of variables
Find patterns in data
Descriptive statistics
Correlations
Outliers
Sampling
Some data mining techniques - clustering


Explanatory modeling - CORRECT ANSWER - Develop model to understand a (causal)
relationship


Predictive analysis - CORRECT ANSWER - Linear regression

, Data mining
Classification
Decision tree
Association rule (market basket analysis)
Text mining
Simulation


Problem Framing - CORRECT ANSWER - Tell an interesting and complete story, find an
appropriate solution framework, routinize the procedure


Agile - CORRECT ANSWER - Empirical process control



Waterfall - CORRECT ANSWER - Defined process control



Hypothesis - CORRECT ANSWER - Educated Guess



Data - CORRECT ANSWER - Discrete, unorganized, raw facts



Information - CORRECT ANSWER - the transformation of those facts into meaning



Primary Data - CORRECT ANSWER - Survey, Interviews (marketing firm's telephone
interviews), Used a lot in marketing research


Secondary Data - CORRECT ANSWER - Firm's proprietary database, Internet data
(crawlers) [scarpy, beautifulsoup], Stock/capital market data (compustat, CRSP), Accounting
disclosure data (from 10k, 10Q)


Simulated Data - CORRECT ANSWER - Data based on assumption and simulation, Used
a lot in scheduling, routing and queuing

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