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Flashcards in Introduction Deck (27)
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1
Q

define revenue management

A

changing prices based on forecasting

2
Q

define descriptive analytics

A

describing past behavior via queries, reports

3
Q

define data mining

A

analyzing patterns in large data sets

4
Q

define predictive analytics

A

using past data to predict the future

5
Q

define simulation

A

probability and stats to construct a model

6
Q

define prescriptive analytics

A

uses a rule to make a decision from forecasts

7
Q

define optimization models

A

uses historical data to manage risk

8
Q

define utility theory

A

assigns values to decision options for easier decision making

9
Q

4 V’s of big data

A

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

10
Q

popular big data handler

A

hadoop

11
Q

what can predictive and prescriptive analytics also known as

A

advanced analytics

12
Q

Define Marketing analytics

A

Analyzing consumer behavior

13
Q

define variance

A

difference in measured over observed

14
Q

define random variable

A

those variables outside of control

15
Q

define population

A

all data of interest

16
Q

define sample

A

A subset of data in interest

17
Q

define quantitative data

A

numeric, arithmetic operations

18
Q

define categorical data

A

cannot have arithmetic performed on it

19
Q

define cross sectional data

A

data from same point in time

20
Q

define time series

A

data from multiple time periods

21
Q

Manipulating data

A

formatting data, filtering, sorting

22
Q

define distribution

A

summarize characteristics of data

23
Q

excel function for frequency of words

A

countif

24
Q

what is relative frequency

A

frequency count/total count

25
Q

frequency function in excel

A

frequency

26
Q

how to return an array of values

A

ctrl+shift+enter

27
Q

geometric mean: how and when used

A

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