13: Data Analysis

Question 1

What is data and information?

Answer 1

Data is numbers etc that have been recorded but not yet processed

Info is data that’s been processed in a way that’s meaningful

Data + meaning = information

Question 2

Three reasons we need info?

Answer 2

Assist in planning

Assist in decision-making

Controlling day to day operations

Question 3

Four types of data?

Answer 3

Quantitative

Qualitative

Discrete - non-continuous
- counted

Continuous - unbroken with no gaps
- measured

Question 4

What are the sources of data?

Answer 4

Internal (from software etc)

External
- formally gathered (from research and specialists etc)
- informally gathered (ongoing basis)

Internet of things

Question 5

What are the ACCURATE qualities of good information?

Answer 5

Accurate
Complete
Cost-beneficial
User-targeted
Relevant
Authoritative
Timely
Easy to use

Question 6

What are the 5 stages of data analysis?

Answer 6

Identify the information needs

Collect the data

Analyse the data

Present the information

Use the information

Question 7

5 ways of analysing the data?

Answer 7

Inferential statistics
- random sample to make inferences

Exploratory data analysis
- pattern is identified in a set

Confirmatory data analysis
- confirms a hypothesis or not

Population

Sampling (Random, Systematic, Surveys, Stratified)

Question 8

What are 5 functions of spreadsheets?

Answer 8

What if analysis
Budgeting and forecasting
Reporting performance
Variance analysis
Inventory valuation

Question 9

Advantages and disadvantages of spreadsheets?

Answer 9

Plus:
- manipulate large volumes of data
- quicker processing
- can be shared
- easier to read

Negatives:
- time consuming
- input errors
- sharing violations
- difficult to spot errors
- cyber attacks
- finite records

Question 10

7 types of data bias?

Answer 10

Selection
Self selection
Observer
Omitted variable
Cognitive
Confirmation
Survivorship

Question 11

Hypothesis testing?

Answer 11

Data is used to confirm an idea

Null hypothesis - no difference between certain characteristics

Statistical significance - results have specific cause

Question 12

Type I and II errors

Answer 12

I: null hypothesis is correct but rejected

II: null hypothesis is incorrect but accepted

Question 13

3 ways to present info:

Answer 13

Bar charts - easiest to use

Pie charts - relative contribution

Line graphs - over a continuous period of time

Question 14

What is big data and what are the four features?

Answer 14

Size beyond the ability of typical database software

Volume (amount of data)

Variety (various formats)

Velocity (speed of data)

Veracity (reliability of data)

Question 15

What is data science?

Answer 15

Collecting, preparing, interpreting, visualising large and complex data sets

Scientific approach which applies mathematic and statistical ideas to process big data

Question 16

Advantages and disadvantages of big data?

Answer 16

Plus:
- decision making
- customer analysis
- innovation
- risk management

Negatives:
- storage
- skills
- data dependency
- overload
- data privacy
- data security

Question 17

Five ways to protect IP

Answer 17

Copyright
- written work - 70 yeas
- sound and music - 70 years
- films - 70 years
- broadcasts - 50 years
- published editions - 25 years

Design right - 15 years
- 10 years after sold, if earlier
- object, less design

Trademark - 10 years

Registered design - 25 years

Patent - 20 years

Question 18

What does exploratory data analysis do?

Answer 18

Identify relationships between different variables in a set of data

Question 19

A key feature of data analytics?

Answer 19

Data is assembled using fields within the source data itself

Question 20

The difference between observer and cognitive bias?

Answer 20

Observer: when a collection of data involved observing and recording results

Cognitive: related to the interpretation of presented data, rather than the collection of data

Question 21

Difference between structured and unstructured data?!

Answer 21

Structured data is any data that is contained within a field in a data record of file

Unstructured data is not easily contained within data fields

Question 22

Types of big data?

Answer 22

Compiled big data: collected by a third party, and accessed by a business

Created big data

Provoked big data

Transacted big data

Question 23

What is open data?

Answer 23

Primarily sourced from public sector data

Question 24

Human-sourced data

Answer 24

Primarily from social networks, emails and text messages

Question 25

RELEVANT data

Answer 25

Is data of both good quality and valuable

Question 26

What is the AVERAGE function on Excel?

Answer 26

The mean