Bual 2650 exam 1 Questions and
Answers
Analytics model - -State business problem, give descriptive quantitative
data, give a prediction statement using 2 quantitative variables, and ask the
next question
- business problem - -State a question to solve
- descriptive data - -Past data known up to this point
- Predictive data - -I would use _____ (explanatory quantitative) to predict
___ (predictive quantitative) needed.
- Next question - -Build off of what you have already asked
- Data sourcing methods - -POS, clickstream, social media, sensor data
- Point of sale systems (pos) - -Capture transactions at register, data from
receipts
- click stream data - -Amazon, searching internet
- Social media - -Facebook, Twitter, linked in
- Sensor data - -Device has hardware/software (chip pets, driverless cars,
parking spots behind Lowder)
- Confidential - -Your information is protected but it is still known to some
people- coded, so only some people know what information is whose
- Anonymous - -No information at all is given or would lead back to you
- Explain the relationship between 2 variables - correlation coefficient, r - -
The strength of relationship is measured by the correlation existing between
them.
Perfect negative relationship: -1
Perfect positive relationship: 1
Correlation coefficient varies between -1 and 1 inclusive, depending on the
amount of association between the 2 variables being measured
- Explain the coefficient of determination, r^2 (goodness of fit) - -How much
variance is accounted for by x? Used to analyze differences in one variable
Answers
Analytics model - -State business problem, give descriptive quantitative
data, give a prediction statement using 2 quantitative variables, and ask the
next question
- business problem - -State a question to solve
- descriptive data - -Past data known up to this point
- Predictive data - -I would use _____ (explanatory quantitative) to predict
___ (predictive quantitative) needed.
- Next question - -Build off of what you have already asked
- Data sourcing methods - -POS, clickstream, social media, sensor data
- Point of sale systems (pos) - -Capture transactions at register, data from
receipts
- click stream data - -Amazon, searching internet
- Social media - -Facebook, Twitter, linked in
- Sensor data - -Device has hardware/software (chip pets, driverless cars,
parking spots behind Lowder)
- Confidential - -Your information is protected but it is still known to some
people- coded, so only some people know what information is whose
- Anonymous - -No information at all is given or would lead back to you
- Explain the relationship between 2 variables - correlation coefficient, r - -
The strength of relationship is measured by the correlation existing between
them.
Perfect negative relationship: -1
Perfect positive relationship: 1
Correlation coefficient varies between -1 and 1 inclusive, depending on the
amount of association between the 2 variables being measured
- Explain the coefficient of determination, r^2 (goodness of fit) - -How much
variance is accounted for by x? Used to analyze differences in one variable
