Heuristics - Answer-Experience, intuition, rules of thumb, think fast.
Analytics - Answer-• Observe what has worked
• Experimentation
• Collect data and analyze data
• Find patterns
• Boundary and Generalizability
• Think slow
20% - Answer-___ of our energy intake goes to the...
WPC 300 - Final Exam Review Questions
and Answers
Heuristics - Answer-Experience, intuition, rules of thumb, think fast.
Analytics - Answer-• Observe what has worked
• Experimentation
• Collect data and analyze data
• Find patterns
• Boundary and Generalizability
• Think slow
20% - Answer-___ of our energy intake goes to the brain. Since slow thinking is
expensive, the body is programmed to avoid it.
statistical algorithm - Answer-Our brains do contain a _____________________, it is
not very accurate. It does not understand the normal distribution.
Data Analytics Process - Answer-1. Identify the main problem and questions
2. Obtain and collect data
3. Prepare the data, Explore the data, ETL
4. Identify Analytics and Techniques/model (Descriptive, Explanatory,
Predictive, Prescriptive)
5. Perform Analyses
6. Interpret findings to make conclusion
Descriptive - Answer-Explore the data
Find patterns in data, Descriptive statistics, Correlation, Outliers, Sampling, Data value
distribution, Visualization with dashboard.
Explanatory - Answer-Trying to understand a (causal) relationship
T-tests (experiments), ANNOVA test, Regression analyses
Predictive - Answer-Regression analysis
Prescriptive - Answer-Can be done with Linear optimization (programming) or Integer
optimization. Most time, it uses a combination of techniques and tools such as business
rules, algorithms, machine learning and computational modeling procedures.
Companies use this model to help them to recommend "what other items you will buy,
what other movies you will watch, etc." Self-driving car also applies this model.
Problem Framing - Answer-1. Tell an interesting and complete story
• The problem you address should be meaningful
• Solution could be reused for related problems
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