Exploring Explanatory Variables
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Questions and Answers

Which step should be taken first in data analytics?

  • Investigating the relationship between X and y
  • Obtaining a deeper understanding of the past (correct)
  • Forecasting the future
  • Selecting from a large collection of variables

    • What is the purpose of distinguishing between the signal and the noise?

  • To understand the past
  • To forecast the future (correct)
  • To identify the underlying variables
  • To collect auction data

    • How does Lego behave in terms of its value?

  • It loses value with age
  • It behaves like a commodity (correct)
  • Its value is determined by the data generating process
  • Its price is attached to its weight

    • What can be used to collect auction data for Lego?

    <p>EBay</p> Signup and view all the answers

    When will forecasting the future work in practice?

    <p>When the signal is distinguishable from the noise</p> Signup and view all the answers

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