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Descriptive, Predictive, and Prescriptive Analytics: Mastering Data Analysis, Exams of Computer Science

Chamberlain College of NursingComputer Science

A comprehensive overview of the key concepts and techniques in data analytics, covering descriptive, predictive, and prescriptive analytics. It delves into the characteristics of big data, including volume, variety, velocity, and veracity, and explores the different data types, such as categorical, ordinal, interval, and ratio data. The document also discusses measures of central tendency (mode, median, mean) and dispersion (range, interquartile range, variance, standard deviation), as well as the importance of standardized values (z-scores) and the properties of skewness and kurtosis. Additionally, it covers various sampling methods, the central limit theorem, and the concepts of type i and type ii errors, beta, alpha, and statistical power. This document serves as a valuable resource for students and professionals seeking to deepen their understanding of data analysis and its applications in business decision-making.

Typology: Exams

2024/2025

Available from 10/08/2024

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MIT 5742 Exam 1 with complete
solutions 2024/2025
descriptive analytics - ANSWER-the use of data to understand past and current
business performance and make informed decisions.
predictive analytics - ANSWER-predict the future by examining historical data,
detecting patterns or relationships in these data, and then extrapolating these
relationships forward in time.
prescriptive analytics - ANSWER-identify the best alternatives to minimize or
maximize some objective.
big data, volume, variety, velocity, veracity - ANSWER-_______ ______ refers to
massive amounts of business data (_______) from a wide variety of sources
(_______), and much of which is available in real time (______), and much of
which is uncertain and unpredictable (_______).
Categorical (nominal) data - ANSWER-sorted into categories according to
specified characteristics.
ex. male, female
temp: low, medium, high
ordinal data - ANSWER-can be ordered or ranked according to some relationship
to one another.
ex.
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MIT 5742 Exam 1 with complete

solutions 2024/

descriptive analytics - ANSWER-the use of data to understand past and current business performance and make informed decisions. predictive analytics - ANSWER-predict the future by examining historical data, detecting patterns or relationships in these data, and then extrapolating these relationships forward in time. prescriptive analytics - ANSWER-identify the best alternatives to minimize or maximize some objective. big data, volume, variety, velocity, veracity - ANSWER-_______ ______ refers to massive amounts of business data (_______) from a wide variety of sources (_______), and much of which is available in real time (______), and much of which is uncertain and unpredictable (_______). Categorical (nominal) data - ANSWER-sorted into categories according to specified characteristics. ex. male, female temp: low, medium, high ordinal data - ANSWER-can be ordered or ranked according to some relationship to one another. ex.

excellent= very good= good= interval data - ANSWER-ordinal, but have constant differences between observations and have arbitrary zero points. ex. temperature ratio data - ANSWER-continuous and have a natural zero ex. weight population - ANSWER-all items of interest for a particular decision or investigation. ex. -all married drivers over 25 years old. -all subscribers to Netflix. sample - ANSWER-a subset of the population. ex. -a list of individuals who rented a comedy from Netflix in the past year. sampling - ANSWER-the purpose of a _____________ is to obtain sufficient information to draw a valid inference about a population. mode, median, mean - ANSWER-measures of central tendency are _______ the most frequent value. _______ the middle number in an ordered data set. _______ the sum of all values divided by the total number of values. median - ANSWER-the ________ specifies the middle value when the data are arranged from least to greatest. mode - ANSWER-the _________ is the observation that occurs most frequently.

skewness - ANSWER-_________ describes the lack of symmetry of data positively skewed - ANSWER- negativly skewed - ANSWER- kurtosis - ANSWER-______ refers to the peakedness (i.e., high, narrow) or flatness (i.e., short-topped) of the histogram. +/- 2.00 - ANSWER-skewness and kurtosis values under __________ are unlikely to disrupt parametric analysis. standard normal distribution - ANSWER-a _____ ______ _______ is a normal distribution with a mean of 0 and standard deviation of 1. t distribution - ANSWER-the __________ is a family of distributions that look almost identical to the normal distribution curve, only a bit shorter and fatter. This is used instead of a normal distribution when you have small samples. judgment sampling - ANSWER-________ _______- expert judgment is used to select the sample. convenience sampling - ANSWER-__________ __________- samples are selected based on the ease with which the data can be collected. simple random sampling - ANSWER-________ ________ ________ involves selecting items from a population so that every subset of a given size has an equal chance of being selected. stratified sampling - ANSWER-_____ _______ applies to populations that are divided into natural subsets (called strata) and allocates the appropriate proportion of samples to each stratum. cluster sampling - ANSWER-________ ________ based on dividing a population into subgroups (clusters), sampling a set of clusters, and (usually) conducting a complete census within the clusters sampled. Central Limit Theorem (CLT) - ANSWER-________ _______ ________

  1. If the sample size is large enough, then the sampling distribution of the mean is

-approximately normally distributed regardless of the population. -has mean equal to the population mean.

  1. If the population is normally distributed, then the sampling distribution is also normally distributed for any sample size. Type 1 - ANSWER-when Ho is true and the test incorrectly rejects Ho it is what type of error? Type 2 - ANSWER-when Ho is false and the test incorrectly fails to reject Ho it is what type of error? beta - ANSWER-the probability of making a type 2 error? alpha - ANSWER-the probability of making a type 1 error? power - ANSWER-the value of 1-beta is called the? ________