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What do descriptive questions ask? What happened? (e.g., which customers are most alike) What do predictive questions ask? What will happen? (e.g., what will Google's stock price be?) What do prescriptive questions ask? What action(s) would be best? (e.g., where to put traffic lights) What is a model? Real-life situation expressed as math.

Overfitting If you have less data than features, what is likely to occur? Fitting random effects What can too many factors lead to? Simple Models Reducing variables will result in Forbidden Factors Things that cannot be used due to legal requirements Exploration Gathering more data to develop a better model Exploitation Using data sooner to get less accurate, but more immediate results

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ISYE 6501 FINAL EXAM | ACTUAL QUESTIONS AND ANSWERS 1-norm - Similar to rectilinear distance; measures the straight-line length of a vector from the origin. If z=(z1,z2,...,zm) is a vector in an m-dimensional space, then it's 1-norm is square root(|

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