Introduction

Question 1

define revenue management

Answer 1

changing prices based on forecasting

Question 2

define descriptive analytics

Answer 2

describing past behavior via queries, reports

Question 3

define data mining

Answer 3

analyzing patterns in large data sets

Question 4

define predictive analytics

Answer 4

using past data to predict the future

Question 5

define simulation

Answer 5

probability and stats to construct a model

Question 6

define prescriptive analytics

Answer 6

uses a rule to make a decision from forecasts

Question 7

define optimization models

Answer 7

uses historical data to manage risk

Question 8

define utility theory

Answer 8

assigns values to decision options for easier decision making

Question 9

4 V’s of big data

Answer 9

volume, velocity, variety, veracity. a.k.a. amount, speed, types, uncertainty

Question 10

popular big data handler

Answer 10

hadoop

Question 11

what can predictive and prescriptive analytics also known as

Answer 11

advanced analytics

Question 12

Define Marketing analytics

Answer 12

Analyzing consumer behavior

Question 13

define variance

Answer 13

difference in measured over observed

Question 14

define random variable

Answer 14

those variables outside of control

Question 15

define population

Answer 15

all data of interest

Question 16

define sample

Answer 16

A subset of data in interest

Question 17

define quantitative data

Answer 17

numeric, arithmetic operations

Question 18

define categorical data

Answer 18

cannot have arithmetic performed on it

Question 19

define cross sectional data

Answer 19

data from same point in time

Question 20

define time series

Answer 20

data from multiple time periods

Question 21

Manipulating data

Answer 21

formatting data, filtering, sorting

Question 22

define distribution

Answer 22

summarize characteristics of data

Question 23

excel function for frequency of words

Answer 23

countif

Question 24

what is relative frequency

Answer 24

frequency count/total count

Question 25

frequency function in excel

Answer 25

frequency

Question 26

how to return an array of values

Answer 26

ctrl+shift+enter

Question 27

geometric mean: how and when used

Answer 27

Multiply together and square root by nth. used for financial data growth rate