answers rated A+ 2025/2026
Statistics - correct answer ✔The science that deals with the interpretation of numerical facts or data
through theories of probability. Also, the numerical facts or data themselves
Analytics - correct answer ✔The discovery, analysis and communication of meaningful patterns in data
Three classifications of analytics - correct answer ✔Descriptive, predictive, or prescriptive
Descriptive and Predictive Data - correct answer ✔Descriptive and predictive analytics use past data to
project trends in the future
Prescriptive Data - correct answer ✔Prescriptive analytics uses current and future projected data to
make suggestions
Descriptive and Diagnostic Analytics - correct answer ✔Depict and then describe the characteristics of
what is being studied
Graphical analyses include: Scatter diagrams, Histograms, Praeto charts, Run Charts
Predictive Analytics - correct answer ✔Use data from the past to predict the future
What is involved in predictive analysis - correct answer ✔Involves the use of probability and statistics
to construct a computer model to study the impact of uncertainty on a decision
Predictive Analytic Models - correct answer ✔Models include: regression, time series, statistical quality
control
, Prescriptive Analytics - correct answer ✔Include experimental design and optimization to suggest a
course of action, include the use of optimization models
Optimization Models - correct answer ✔Models that give the best decision subject to constraints of the
situation
Decision Analysis - correct answer ✔Used to develop an optimal strategy when a decision maker is
faced with several alternatives and an uncertain set of future events.
It also employs utility theory, which assigns values to outcomes based on the decision maker's attitude
towards risk, loss, and other factors
Data ---> Measurement - correct answer ✔Ratio and interval {numerical (continuous)
Data ---> Counting - correct answer ✔Ordinal and nominal {Categorical (discrete)
Big Data - correct answer ✔A catch phrase that describes a massive volume of data that is so large that
it's difficult to process using traditional database and software techniques
Structured and Unstructured Data - correct answer ✔Structured Data: Credit card transactions
Unstructured Data: Word documents or bodies of email
Davenport-Kim three-stage model - correct answer ✔1. Framing the problem
2. Solving the problem
3. Communicating results