Wpc 300 exam - Study guides, Class notes & Summaries

Gamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias - Answer-A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ Endowment effect bias Sunk-cost fallacy Zero risk bias Availability heuristics bias - Answer-Sunk-cost fallacy ________ refers to a bias that causes an individual to value an owned object higher than it...

WPC 300 Exam 1 Questions With Solutions

Anchoring bias - ANSWER Over-reliant on the first piece of information is called Gamblers' fallacy is ____________. - ANSWER a clustering illusion Which of the following is an example of secondary data? - ANSWER Firm's proprietary data In an agile approach of analytics what is the first step of the process? - ANSWER perform business discovery Predictive analytics may be applied to __________, which is a set of techniques that use descriptive data and forecasts to identify the decis...

What step of the bullet proof problem solving helps avoid making common decision-making biases? - Answer-Step 4: Build a work plan and time table Primary focus of managerial skills in 1970's - Answer-Focus on strategy Problem solving technique used for prioritization - Answer-Pruning Steps of Bullet Proof Problem Solving - Answer-Define problem, Disaggregate, Prioritize, workplan, analyze, synthesize, communicate Five Whys Technique - Answer-A form of root cause analysis populariz...

WPC 300 EXAM/50 COMPLETE QUESTIONS WITH ANSWERS 2024

WPC 300 MIDTERMACTUAL EXAM 2024 QUESTIONS AND VERIFIED ANSWERS (GUARANTEED A+)

Which of the following is NOT a principle of problem facing correct answer: routinize the procedure finding patterns in data in an example of _____ modeling correct answer: explanatory (patterns and features) Which of the following analytic techniques can be used to find out "which month had the highest sales year" correct answer: descriptive Which of the following analysis can be used to understand a casual relationship? correct answer: explanatory The process of analytics ca...

WPC 300 FINAL ACTUAL EXAM 2024 QUESTIONS AND VERIFIED ANSWERS GUARANTEED A+

analytical modeling techniques - Answer-Predictive Explanatory Prescriptive Descriptive- - Answer-This is a preliminary stage of data processing that creates a summary of historical data to yield useful information and possibly prepare the data for further analysis. Ex.) What happened? Whats happening? Well defined business problems and opportunities. Predictive - Answer-Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelih...

Section A - Answer-Instructions: Use the following data file for this section Section A-Data [Dataset # 1]Preview the document Remember the honor code. This section is worth a total of 37.5 points. In addition to responding to multiple-choice questions, you need to submit an updated data file with your name appended to the front of the filename (e.g. firstname_lastname_filename). Create 2 new columns as follows: The first new column shows the outcome when you calculate the total sco...