Data Science Principles and Processes
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Data Science Principles and Processes

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What is the ultimate goal of data science according to the text?

  • Understanding phenomena
  • Automated analysis of data
  • Processes and techniques
  • Improving decision making (correct)
  • How is data-driven decision-making (DDD) defined in the context of the text?

  • Basing decisions purely on intuition
  • Not engaging in DDD to a greater or lesser degree
  • Using DDD as an all-or-nothing practice
  • Basing decisions on a combination of experience and data analysis (correct)
  • According to the text, what distinguishes data science from other aspects of data processing in the organization?

  • Understanding phenomena
  • Processes and techniques
  • Automated analysis of data
  • Improving decision making (correct)
  • What did Erik Brynjolfsson and his colleagues study according to the text?

    <p>How DDD affects firm performance</p> Signup and view all the answers

    In the context of the text, what could a marketer use to select advertisements?

    <p>Data analysis regarding consumer reactions</p> Signup and view all the answers

    According to the text, which aspect of data science is gaining increasing attention in business?

    <p>Automated analysis of data</p> Signup and view all the answers

    What is the relationship between a firm's data-driven decision-making (DDD) and its productivity?

    <p>A higher level of DDD is associated with a 4%–6% increase in productivity</p> Signup and view all the answers

    What type of decision-making problem does the Walmart example illustrate?

    <p>Type 1: Decisions for which discoveries need to be made within data</p> Signup and view all the answers

    What did Target discover about consumer behavior that influenced their decision-making?

    <p>The arrival of a new baby in a family significantly changes consumers' shopping habits</p> Signup and view all the answers

    What was Target interested in predicting about consumers?

    <p>Their likelihood of changing shopping habits due to major life events</p> Signup and view all the answers

    How did Target gain an advantage over its competitors?

    <p>By predicting which consumers were expecting a baby and making offers before their competitors</p> Signup and view all the answers

    What kind of indicators did Target use to predict which consumers were pregnant?

    <p>Changes in consumers' diets, wardrobes, and vitamin regimens</p> Signup and view all the answers

    What kind of decision-making problem does the Target case represent?

    <p>Decisions for which 'discoveries' need to be made within data</p> Signup and view all the answers

    What competitive advantage did Target seek by using data science?

    <p>To increase the efficiency of their marketing campaigns</p> Signup and view all the answers

    Which of the following is NOT mentioned as a factor correlated with higher DDD?

    <p>Market share</p> Signup and view all the answers

    What type of problem is highlighted by the use of predictive models in the Target case?

    <p>Type 1: Decisions for which discoveries need to be made within data</p> Signup and view all the answers

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