BA First

Question 1

Define Business Analytics

Answer 1

act of turning data into actions

Question 2

Define Data

Answer 2

carrier of information; facts; too specific to be useful; stored in databases

Question 3

Define Information

Answer 3

data that is AGGREGATED to a level where it makes sense for decision making (reports)

Question 4

Define Insight

Answer 4

information that has been ANALYZED and INTERPRETED

Question 5

Ad hoc reports

Answer 5

how many, how often, where?

Question 6

What does descriptive analytics ask?

Answer 6

What happened?

Question 7

What does exploratory analytics ask?

Answer 7

What is happening now?

Question 8

What does predictive analytics ask?

Answer 8

What will happen in the future?

Question 9

What does prescriptive analytics ask?

Answer 9

What we want to happen in the future?

Question 10

20-30% of the decisions really need the use of what kind of analytics?

Answer 10

Advanced analytics (includes predictive and prescriptive analytics)

Question 11

70-80% of the decisions really need the use of what kind of analytics?

Answer 11

Descriptive and exploratory analytics

Question 12

What are the 4 business drivers of BA

Answer 12

• Desire to optimize business operations
• Desire to identify business risks
• Predict new business opportunities
• Comply with laws or regulatory requirements

Question 13

Factors supporting BA

Answer 13

• Statistics/mathmatics
• Computer processes and storage
• Business professionals (personnel)
• Data management technology

Question 14

3 Building Blocks of BA

Answer 14

• People
• Processes
• Tools

Question 15

BA gives you ___ answer, not ___ answer

Answer 15

an, the

Question 16

3 Vs of big data

Answer 16

• Volume (size) - refers to the vast majority of data generated every second
• Velocity (speed) - refers to the speed data is generated and moves around
• Variety (forms) - different types of data collected

Question 17

2 “other” Vs of big data

Answer 17

• Veracity (uncertainty of data) - refers to messiness and trustworthiness of data
• Value - value and usefulness of data

Question 18

Define Structured big data

Answer 18

Transaction data, Data warehouse, Data mart

Question 19

Define Semi-Structured big data

Answer 19

Textual data with data formats (computer to computer communication)

Question 20

Define Unstructured big data

Answer 20

No structure, random files and formats

Question 21

Quantitative Data is also known as ___ Data

Answer 21

Continuous

Question 22

Examples of Quantitative data

Answer 22

Sales, income, expenditure, age, GPA, SAT scores

Question 23

Qualitative Data is also known as ___ Data

Answer 23

Categorical

Question 24

Examples of Qualitative data

Answer 24

Sales region, gender, major, ethnicity, department

Question 25

Response variable, AKA (3)

Answer 25

• Dependent variable
• Target variable
• Outcome variable

Question 26

Factor variable, AKA (4)

Answer 26

• Independent variable
• Explanatory variable
• Predictor variable
• Input variable

Question 27

Define Cross-sectional data

Answer 27

data collected at the same time or approximately at the same point of time

Question 28

Is Time a variable/factor?

Answer 28

NO

Question 29

Define Time Series data

Answer 29

Data collected over different time periods –daily, monthly, quarterly, yearly

Question 30

Is Time Independent or Dependent?

Answer 30

INdependent

Question 31

Name the two Categorical Data types

Answer 31

Nominal, Ordinal (Cat? No!)

Question 32

Name the two Continuous Data types

Answer 32

Interval, Ratio

Question 33

Define Nominal

Answer 33

Describes data like gender, type of car you drive, ethnicity etc

Question 34

Define Ordinal scale

Answer 34

Describes data that has a natural ordering or ranking

Question 35

With ordinal data you cannot state with certainty whether the intervals between each value are equal.

Answer 35

With ordinal data you cannot state with certainty whether the intervals between each value are equal.

Question 36

Define Interval scale

Answer 36

It is like ordinal except the intervals between each value are equal

Question 37

Define Ratio scale

Answer 37

Continuous data that has a natural zero