Data driven organizations and the statistical learning for regression models

BACKGROUND
The purpose of this assignment is to understand the context of the data driven organizations and the statistical learning for regression models.

The maximum word limit per essay question is 500 words.
• Short essay questions will be checked for plagiarism using Turnitin software.

2. QUESTIONS

Short Essay Questions:

Question 1
Discuss how data driven can be used in organizations. Identify the stages of the Data Driven Making Process.
(20 points- 500 max word limit)

Question 2
Discuss the difference between Theory of change and Logic Model
(20 points- 500 max word limit)

Question 3
Identify the two-step-based approach for parametric models.

(10 points- 500 max word limit)

Question 4
Explain the meaning of terms Bias, Variance in regression analysis and what is the goal for the bias-variance trade-off.
(10 points- 500 max word limit)

Practice Exercises

Question 4: (30points)

We have two simulation results.

You need answer the following questions.

a. What is the meaning of Test MSE? (5pts)
b. What is the meaning of Training MSE? (5pts)
c. What means small MSE in our simulations? (5pts)
d. What represent the horizontal dotted line? (5pts)
e. Provide an interpretation of the two simulation figures. (10pts)

Question 5: (10points)

We have the following figure.

You need answer the following questions.

a. How is the green curve performance in terms of variance level? (5pts)
b. How is the orange curve performance in terms of variance level? (5 pts)

Sample Solution