Coursera | Customer Analytics

Prescriptive Analytics Quiz

Prescriptive Analytics Quiz >> Customer Analytics

1. What is the goal of prescriptive analytics?

  • Make a recommendation on an action that will optimize a goal
  • Explain the relationship between actions and outcomes
  • Optimize a function
  • Develop a model to describe the data

2. When would descriptive and predictive results need additional analysis?

  • When there are multiple explanations to the same data we observe
  • When there is competition involved
  • When the firm can make a choice of different actions to take
  • All answers are correct
  • When there are strategic consumers involved

3. Which one of the following is an example of a goal/objective?

  • The shape of a product
  • The price of a product
  • The quantity of a product sold
  • The color of a product

4. What is an action? (Please check all that apply)

  • A part of the model under the direct control of the firm
  • A choice that impacts the goal
  • The price of a product

5. What does a model do?

  • Finds a goal
  • Tells us how to make the maximum profit
  • Explain the relationship between actions and parameters to the goal
  • Shows in a graph how price changes with quantity

6. When does maximizing revenue also maximize profit? (Please check all that apply)

  • When the marginal cost is zero
  • When the marginal revenue equals marginal cost
  • When there is no cost to the product

7. Why does it matter to know how a demand curve was generated?

  • We may give a different recommendation for different models
  • Knowing the truth always helps
  • Correlation does not imply causation
  • It helps find errors in the data

8. Which one of these is an example of a tradeoff?

  • Decreasing the cost of production increases profit
  • Showing more ads to consumers makes them buy more products
  • Increasing the quality of a product increases it sales
  • Discounts on a product brings more buyers now and makes buyers wait for discounts in the future

9. Why is it important to consider strategic interaction?

  • You need to ensure you are asking the right question
  • All of the above
  • Strategic interaction can affect the validity of your model
  • It can affect the recommendations you make

10. What does online retargeting do?

  • Shows ads to people after they visited a specific website
  • Show lots of ads to people
  • Tries to remind people to buy more
  • Targets consumers better with ads

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