In the Cabela's Case Study, What Types of Models Helped

question 9

Multiple Choice

In the Cabela's case study, what types of models helped the company understand the value of customers, using a five-point scale?

• A) reporting and association models
• B) simulation and geographical models
• C) simulation and regression models
• D) clustering and association models

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Definitions:

Hindsight Bias

The tendency to report falsely, after the fact, that one has accurately predicted an outcome.

Selection Bias

The bias that occurs when the subjects or conditions chosen for a study do not represent the target population, affecting the validity of outcomes.

Intervention Bias

The tendency to intervene or take action when it might not be necessary, often influenced by the belief that doing something is better than doing nothing.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision.