"What is the best colour pallette to use for colour blind observers?","blue-orange. Avoid Red."
"What is descriptive statistics?","Describing and summarizing data using tabular, visual and quatitative techniques."
"What is a relative frequency distribution?","The frequency of each category is expressed as a fraction of the whole."
"What is a histogram?","Like a bar chart but represents the distribution of numerical values. Each bar groups numbers into ranges. Bar charts are for categorical variables, histograms are for quantitative variables."
"How do you absolutely reference a cell in an excel formula?","Prefix the row, column or both with `$`"
"What are the components of business analytics?","BI / IS, statistics, modelling and optimization"
"What is descriptive analytics?","formatting data for understanding. Creating information from historical data."
"What is predictive analytics?","using data to predict the future"
"What is discovery analytics?","exploring data to find interesting insights"
"What is prescriptive analytics?","Using data to maximize or minimize some value. Using data to facilitate decision making."
"What is experimental analytics?","Where prescriptive analytics uses models and simulations, experimental analytics uses hypotheses and live experiments in the field. Experiments are conducted on a subset of targets and may test multiple alternatives."
"What is price elasticity?","The extent to which price affects demand."
"What is a model?","Abstraction that captures the most important features of a system and presents them in a form that is easy to interpret. "
"What is a decision model?","A model used to help make decisions"
"In a decision model, what is an uncontrollable variable?","An input that we do not control. E.g. stock price"
"In a decision model, what is an decision variable?","An input that we do control and are trying to determine. E.g. production quantity, pricing"
"What is an objective function?","The function (of data and decision variables) that it is desired to maximize or minimize. E.g. $$profit = quantity * 14.55$$"
"What is a search algorithm?","Algorithm that finds an approximate solution."
"What is a stochastic model?","Model in which some inputs are uncertain (expressed as frequency distribution or probability). E.g. weather model. Climate change model"
"What is operations research?","The analysis and solution of complex decision problems."