class 09(chap2). obtain the data

Question 1

what is Enterprise Resource Planning(ERP)?

Answer 1

integrates all departments and functions in an organization into a single system

internal data
Day-to-day operational data

not handle external data

Question 2

Focus on data storage, reporting, and analytics
includes both internal & external data

Answer 2

Data warehouse

Question 3

Contains a subset of data warehouse data (this is already organized, cleaned, etc.) usually for a specific part of the firm (finance, marketing, etc.) for a specific use

Answer 3

Data Mart

Question 4

A storage repository that holds a vast amount of raw data in its original format until the business needs it (can be structured or unstructured).

Answer 4

Data Lake

Question 5

five differences btw data lakes, data warehouse, and data marts

Answer 5

1. purpose
2. structure
3. data types
4. data origin
5. data access

Question 6

3 external data sources

Answer 6

1. social media data
2. census data
3. public available data
   - financial statements
   - stock price
   - summarized financial data

Question 7

4V of Big data

Answer 7

1. Volume
2. Velocity
3. Variety
4. Veracity

Question 8

a data that takes up less space and reduces the amount of data you are working with

Answer 8

aggregated data

Question 9

two types of structured data

Answer 9

1. categorical
2. numerical

Question 10

structured data that tends to be represented by words or transaction types
: kinds or types of things

Answer 10

categorical data

Question 11

structured data that represent quantitative characteristics of a thing

Answer 11

numerical data

Question 12

what are 2 different types of categorical data?

Answer 12

1. Nominal
   - no order
2. Ordinal
   - there is order => can be ranked

Question 13

what are 2 different types of numerical data?

Answer 13

1. Interval
   - can go below zero
2. Ratio
   - there is an absolute
   - most accounting figures
   - cannot be negative

Question 14

5 tools needed for structured data

Answer 14

1. Database management systems
2. data collection tools
3. data integration tools
4. backup tools
5. analytical/reporting tools

Question 15

While not always required, (. ) streamline data imports and exports between multiple platforms/different sources.

this is a cleaning tool of data

Answer 15

data integration tools

Question 16

what is XBRL?
: eXtensible Business Reporting Language

Answer 16

financial statement data repository with identifying tags

voluntary in Canada / required for any USA reporting

Question 17

data of how often the firm receives shipments.
(a part of financial analytic data)

Answer 17

cargo shipment

Question 18

4 key points of Extracting the data

Answer 18

: extracted from the source system into the staging area
: validating data
: cleaning up the data
: ensuring that the data can be read

Question 19

3 tools for extracting the data

Answer 19

1. ERP
2. Could data
3. open source

Question 20

3 methods of getting the data(at the extract stage)

Answer 20

1. SQL
2. API
3. web scraping

Question 21

Purpose of SQL

Answer 21

Database management system
: data integration
: statistical analysis

Question 22

Process of reading and copying content and data from a website

Answer 22

web scraping

Question 23

is web scraping typically all public information?

Answer 23

yes

Question 24

scraping data that the publisher didn’t intend or consent to share

Answer 24

Malicious web scraping

Question 25

4 features of CSV format (comma-separated values)

Answer 25

• Human-readable, text-based format for arranging data
• Can be read by nearly anything (but needs separation)
• Changing/scaling is difficult (hard to add new categories)
• Great for a lot of data for one big group (or large lists)

Question 26

• Stores data in a shareable manner and supports information exchange between computer systems such as websites, databases, and third- party applications
• Predefined protocols rules make it easy to transmit and read data accurately and efficiently

Answer 26

Extensible Markup Language (XML)

Question 27

Human-readable format for storing and exchanging data

Answer 27

JavaScript Object Notation (JSOM)

Question 28

benefits/negatives of text-based formats

Answer 28

benefits
- interoperable
- human-readable
negative
- slow processing
- use more storage than non texed based

Question 29

4 steps of the data transformation process

Answer 29

1. understand the data
2. standardize, structure, and clean the data
3. validate data quality & verify data meets data requirements
4. document the transformation process

Question 30

5 types of transformations

Answer 30

1. data aggregation
2. data cleansing: remove error
3. data deduplication
4. data derivation
5. data filtering: remove unwanted data

Question 31

creates new data elements based on existing data by using mathematical, logical, or other functions to transform it into a new format E.g. prices in Euros, changing to Canadian $

Answer 31

data derivation

Question 32

when is data standardization important?

Answer 32

when merging data from several sources

Question 33

4 ways of data standardization (putting/separating data)

Answer 33

1. data parsing
2. data splitting
3. data concatenationn
4. data joining

Question 34

moral responsibility associated with gathering, using and protecting personally identifiable information

Answer 34

data ethics

Question 35

United States legislation that imposes criminal penalties on individuals who intentionally access a protected computer without proper authorization or whose access exceeds their authorization (1986)

Answer 35

Computing Fraud and Abuse Act

Question 36

a process of splitting data that is often an interactive process that relies on pattern recognition

Answer 36

data parsing

Question 37

3 software tools of data transformation that are used to manipulate and clean data in preparation for analysis

Answer 37

1. Microsoft Power Query
2. Tableau prep
3. Alteryx