Chapter 5

Question 1

Give examples of machine learning in a finance function

Answer 1

• coding of data (recording invoices in payables ledger)
• audit of information (anomalous information can be flagged and checked)
• predictive models for forecast data (data analytics)
• analysing multi-dimensional data too complex for human analysis

Question 2

what are the four types of data analytics?

Answer 2

• Descriptive
• Diagnostic
• Predictive
• Prescriptive