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Data Science Principles and Processes

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Questions and Answers

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?

How DDD affects firm performance Signup and view all the answers

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

Data analysis regarding consumer reactions Signup and view all the answers

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

Automated analysis of data Signup and view all the answers

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

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

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

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

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

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

What was Target interested in predicting about consumers?

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

How did Target gain an advantage over its competitors?

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

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

Changes in consumers' diets, wardrobes, and vitamin regimens Signup and view all the answers

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

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

What competitive advantage did Target seek by using data science?

To increase the efficiency of their marketing campaigns Signup and view all the answers

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

Market share Signup and view all the answers

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