DataScienceExam1

Data set

A collection of data.

Discrete Metric

A metric derived from counting something.

Measurement

The act of obtaining data associated with a metric.

Data science is a trending topic with upcoming job opening. True or False?

True

What should be ordered for next years ski outfits (size, color, trends, etc.) is an example of Prescriptive data. True or False?

True

Database

A collection of related files containing records on people, places, or things.

Decision Support Systems (DSS)

A combination of business intelligence concepts and OR\MS models to create analytical-based computer systems to support decision making.

Predictive Analytics

A component of business analytics that seeks to predict the future by examining historical data, detecting patterns or relationships in these data, and then extrapolating these relationships forward in time.

Prescriptive Analytics

A component of business analytics that uses optimization to identify the best alternatives to minimize or maximize some objective.

Decision Model

A logical or mathematical representation of a problem or business situation that can be used to understand, analyze, or facilitate making a decision.

Continuous Metrics

A metric that is based on a continuous scale of measurement.

Deterministic model

A prescriptive decision model in which all model input information is either known or assumed to be known with certainty.

Stochastic model

A prescriptive decision model in which some of the model input information is uncertain.

Data Mining

A rapidly rowing field of business analytics that is focused on better understanding characteristics and patterns among variables in large databases using a variety of statistical and analytical tools.

Reliability

A term that refers to accuracy and consistency of data.

Metric

A unit of measurement that provides a way to objectively quantify performance.

Influence diagram

A visual representation that describes how various elements of a model influence, or relate to, others.

A trader who wants to predict short-term movements in stock prices is likely to use ___________ analytics? A. Predictive B. Descriptive C. Normative D. Prescrptive

A. Predictive

Model

An abstraction or representation of a real system, idea, or object.

Validity

An estimate of whether the data correctly measure what they are supposed to measure.

Optimal solution

Any set of decision variables that optimizes the objective function.

Which of the following is an advantage of ordinal data? A. They bear no relationship to one another B. They have no fixed units of measurement C. They have no natural zero D. They are not comparable with each other

B. They have no fixed units of measurement

A manager at Gampco Inc. wishes to know the company's revenue and profit in its previous quarter. Which of the following business analytics will help the manager? A. Prescriptive Analytics B. Normative Analytics C. Descriptive Analytics D. Predictive Analytics

C. Descriptive Analytics

In a database, information is stored and maintained in ____________? A. Fields B. Measurements C. Entities D. Attributes

C. Entities

Following are the components of a data set containing purchase details of a shoe manufacturing company. Identify the ratio data. A. Item number B. Rank of suppliers C. Item cost D. Arrival date

C. Item cost

Which of the following allow meaningful comparison of ranges, averages, and other statistics? A. Interval data B. Categorical data C. Ratio data D. Ordinal data

C. Ration data

When data is classified by the type of measurement scale, which is the strongest form of measurement? A. Nominal B. Interval C. Ordinal D. Ratio

D. Ratio

Ratio data

Data that are continuous and have a natural zero.

Interval data

Data that are ordinal but have constant differences between observations and have arbitrary zero points.

Categorical (nominal) data

Data that are sorted into categories according to specified characteristics.

Ordinal data

Data that can be ordered or ranked according to some relationship to one another.

Prescriptive decision models

Help decision makers identify the best solution

Uncertainty

Imperfect knowledge of what will happen.

Constraints

Limitations, requirements, or other restrictions that are imposed on any solution, either from practical or technological considerations or by management policy.

Big Data

Massive amounts of business data from a wide variety of sources, much of which is available in real time and much of which is uncertain or unpredictable.

Measure

Numerical value associated with a metric.

Modeling and Optimization

Techniques for translating real problems into mathematics, spreadsheets, or other computer languages, and using them to find the best ("optimal") solutions and decisions.

Operations Research/Management Science (OR/MS)

The analysis and solution of complex decision problems using mathematical or computer-based models.

Business Intelligence (BI)

The collection, management, analysis, and reporting of data.

Risk

The likelihood of an undesirable outcome.

Information Systems (IS)

The modern discipline evolved from business intelligence.

Visualization

The most useful component of business analytics that is truly unique.

Optimization

The process of finding a set of values for decision variables that minimize or maximize some quantity of interest and the most important tool for prescriptive analytics.

Objective Function

The quantity that is to be minimized or maximized.

Price elasticity

The ratio of the percentage change in demand to the percentage change in price.

Statistics

The science of uncertainty and the technology of extracting information from data.

Descriptive Analytics

The use of data to understand past and current business performance and make informed decisions.

Business Analytics (Analytics)

The use of data, information technology, statistical analysis, quantitative methods, and mathematical or computer-based models to help managers gain improved insight about their business operations and make better, fact-based decisions.

Big data is unstructured data. True or False?

True

Descriptive Analytics: Insight into the past True or False?

True

In descriptive statistics, we simply state what the data shows and tells us. True or False?

True

Predictive Analytics: Understanding the future True or False?

True

Predictive analytics turns data into valuable, actionable information. Predictive analytics uses data to determine the probable future outcome of an event or a likelihood of a situation occurring. True or False?

True

Prescriptive Analytics: Advise on possible outcomes True or False?

True

Prescriptive analytics goes beyond predicting future outcomes by also suggesting actions to benefit from the predictions and showing the decision maker the implications of each decision option. True or False?

True

Ratio Data can be described as Numeric data similar to interval, but the 0 is meaningful. For example, if you have nothing in your shopping basket, it means you have 0 items of that type. True or False?

True

Temperature degrees F/C (no absolute zero) would be considered interval data. True or False?

True