Module 1 Lesson 1

Question 1

It includes techniques by which data are
collected, organized, presented, analyzed
and interpreted in order to formulate
inferences. The focal point is the process
of decision making.

Answer 1

STATISTICS

Question 2

It is the science of analyzing raw data in
order to make conclusions about that
information. Many of the techniques and
processes of this have been
automated into mechanical processes
and algorithms that work over raw data.

Answer 2

ANALYTICS

Question 3

Summaries of samples from
populations; methods for analyzing
samples

Answer 3

Statistics

Question 4

Provides methods for designing
surveys and experiments, selecting
samples, and collecting data in a
representative manner.

Answer 4

Statistics

Question 5

Summaries of batches of data;
methods for discovering patterns in
data

Answer 5

Analytics

Question 6

Involves the use of tools and
techniques to gather, clean, and
preprocess large datasets efficiently.

Answer 6

Analytics

Question 7

Involves measures of central
tendency and measures of
variability to summarize and
describe the main features of a
dataset.

Answer 7

Statistics

Question 8

Utilizes summary statistics,
visualizations, and dashboards to
provide a comprehensive
understanding of the data.

Answer 8

Analytics

Question 9

Uses statistical inference to make
predictions or inferences about a
population based on a sample. This
includes hypothesis testing and
confidence intervals.

Answer 9

Statistics

Question 10

Utilizes regression models to
analyze relationships between
variables and make predictions.

Answer 10

Statistics

Question 11

Involves the use of tools and
techniques to gather, clean, and
preprocess large datasets efficiently.

Answer 11

Analytics

Question 12

Involves exploring data through
graphical representations
(histograms, scatter plots) and
numerical summaries.

Answer 12

Statistics

Question 13

Leverages exploratory data analysis
techniques to uncover patterns,
trends, and outliers.

Answer 13

Analytics

Question 14

Supply Chain Analytics: Maturity model stages

Answer 14

Descriptive
Diagnostic
Predictive
Prescriptive

Question 15

Based on live data, tells what’s happening in real time

Answer 15

Descriptive

Question 16

Accurate & Handy for operations management

Easy to visualize

Answer 16

Descriptive

Question 17

Automated RCA - root cause analysis

Answer 17

Diagnostic

Question 18

Explains why things are happening

Answer 18

Diagnostic

Question 19

Helps troubleshoot isseus

Answer 19

Diagnostic

Question 20

Tells what’s likely to happen

Answer 20

Predictive

Question 21

Based on historical data, and assumes a static business plan/model

Answer 21

Predictive

Question 22

Helps business decisions be automated using algorithms

Answer 22

Predicitve

Question 23

Defines future actions: what to do next

Answer 23

Prescriptive

Question 24

Based on current data analytics, predefined future plans, goals, and objectives

Answer 24

Prescriptive

Question 25

Advanced algorithms to test potential outcomes of each decision and recommends the best course of action

Answer 25

Prescriptive

Question 26

Modeling Purpose

Answer 26

Primarily aims to create a representation that captures essential aspects of a system to gain insights, analyze relationships, or facilitate decision- making.

Question 27

Modeling Output

Answer 27

Results in a conceptual or mathematical representation of a system, such as equations, diagrams, or graphical models.

Question 28

Simulation Purpose

Answer 28

Primarily aims to observe the dynamic behavior of a system under different conditions or scenarios to understand its performance, test hypotheses, or optimize processes.

Question 29

Simulation Output

Answer 29

Generates output based on the execution of a model, providing insights into the system's behavior over time. Output may include time-series data, statistics, or visual representations.

Question 30

Concerns about the collection, organization and presentation of information under studied

Answer 30

Descriptive Statistics

Question 31

Concerns about the analysis and interpretation of information under studied

Answer 31

Inferential Statistics

Question 32

The researcher tries to describe a situation under study

Answer 32

Descriptive Statistics

Question 33

This implies before carrying out an inference, appropriate and correct descriptive measures are employed to bring out good results

Answer 33

Inferential Statistics

Question 34

Measures the value or counts of data Answers the question, “how many or how much?”

Answer 34

Quantitative

Question 35

Describes the data as to categories or groups Answers the question, “what type?”

Answer 35

Qualitative

Question 36

Characterized by data that consist of names, labels or categories only.

Answer 36

NOMINAL

Question 37

Involves data that may be arranged in some order, but differences between data values either cannot be determined or are meaningless.

Answer 37

ORDINAL

Question 38

Like the ordinal, with the additional property that meaningful amounts of differences between data can be determined. However, no inherent zero starting point is used.

Answer 38

INTERVAL

Question 39

At this level, inherent zero starting point is important, and differences and ratios are meaningful.

Answer 39

RATIO

Question 40

The totality of all the objects of a certain class under consideration

Answer 40

Population

Question 41

A finite number of objects taken from the population

Answer 41

Sample

Question 42

A complete set of individuals, objects or measurements having some common observable characteristics.`

Answer 42

Population

Question 43

describes the whole population

Answer 43

PARAMETER

Question 44

describes a sample of a given population

Answer 44

STATISTIC

Question 45

is any quantity that make different values

Answer 45

Variable

Question 46

A characteristics of data observed or measured that may vary from person to person

Answer 46

Variable

Question 47

Classification of variables acc. to functional relationships

Answer 47

independent; dependent

Question 48

Classification of variables acc. to continuity of values

Answer 48

1. Continuous 2. Discrete