Business Analytics

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Detects patterns in historical data and extrapolates them forward in time.

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Predictive Analytics

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Which of the following questions will prescriptive analytics help a company address

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What is the best way of shipping goods from their factories to minimize costs

Front 3

Following are the components of a data set containing purchase details of a shoe manufacturing company

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ITEM COST

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Describe relationships but do not tell a manager what to do

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descriptive decision models

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Which decision model incorporates the process optimization

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prescriptive

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Chart that provides a useful means for displaying data over time

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line chart

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observations consisting of pairs of variable data are required to construct a ________ Chart

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Scatter

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Chart show three dimensional data

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Surface

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Quickly create cross tabulations

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pivot table

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The ______ is the observation that occurs most frequently

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MODE

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If the process that generates the outcome is know probabilities can be deduced from theoretical arguments

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Probability

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What can limit the ability to predict uncertain events that may occur because potential values outside the range of the sample data

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sampel data

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It selects samples based on expert opinion

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judgement data

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A _____ Is a description of the approach that is used to obtain samples from a population prior to any data collection activity

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sampling plan

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regression models of _ data focus on predicting the future

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time series

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_ mathematical function used in predictive analytics models which define

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power functions

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In _ Functions represented by y=abx y rises or falls at a constantly increasing rates

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Exponential

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an _ is an extreme value that is different from the rest of that data

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outlier

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Uses measures that are believed to influence behavior of a variable that the researcher wishes to forecast

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delphi method

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Noted consumer response to similar products

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historical analogy

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_ is a description of the approach that is used to obtain samples from population prior to any data collection activity

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sampling plan

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It selects samples based on expert opinion

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judgement sampling

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it is sampling method based on selecting every nth item from population

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periodic sampling

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dividing pop into subgroups sampling a set and counting a complete census within the subgroups

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cluster sampling

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_ involves assessing the value of an unknown population parameter such as pop mean pop proportion or pop variance using sample data

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estimation

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value of the estimator said to be biased

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if the expected value of the estimator does not equal the pop parameter

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it is the mean distribution of any one sample from a group of samples of varying sizes from a population

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sampling distribution of the mean

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regression model with single independent variable

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simple regression

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regression models of _ data focus on predicting the future

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time series

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it is used when there is a steady decrease or increase over a range of a variable

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linear functions used in predictive analytical models

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Power functions are what

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math functions used in predictive analytics

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In _ functions represented by y = abs y rises or falls at constantly increasing rates

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exponential

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an _ is an extreme value that is different from the rest of the data

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outlier

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Uses a panel of experts whose identities are typically kept confidential from one another to respond to a sequence of questionnaires

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delphi method

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It is a single measure that weights multiple indicators and provides a measure of overall expectation

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forecasting

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what is a stream of historical data known as

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time series

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repeats at fixed intervals of time typically a year month week or day

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seasonal effect

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Data mining approach of data exploration and reduction

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identifying groups in which the elements of the groups are in some way similar

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Involves the developing of analytic models to describe the relationship between metrics that drive business performance like profitability customer sat or employee sat

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cause and effect modeling

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value of a customer V=RFM/D

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Customer defects a year

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It is the process of generating random values for uncertain inputs in a model and computing the output variables of interest

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monte carlo simulation

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if a simulation has multiple output variables that are related to one another the distributions of all output variables can be viewed on a single risk solver platform chart called__

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trend chart

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the risk solver platform_ feature allows you to superimpose the frequency distributions from selected forecasts on one chart in order to compare differences and similarities that might not be apparent

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overlay chart