class8(ch1).Introduction and Specify the Question

Question 1

all the items, events, and interactions that determine a company’s financial health

Answer 1

business value

Question 1

coordinated, standardized set of activities conducted by both people and equipment to accomplish a specific business task

Answer 1

business process
(this makes data)

Question 2

a specialist who knows how to work with, manipulate, and statically test data

Answer 2

data scientist

Question 3

raw facts that have little meaning on their own

Answer 3

data

Question 4

data organized in a way to be useful to the analyst/user combining data with context

Answer 4

information

Question 5

understanding/familiarity with information gained

Answer 5

knowledge

Question 6

the conclusion reached after consideration of knowledge

Answer 6

decision

Question 7

systematic process of measuring, recording, and communicating the financial information that decision-makers need to make decisions

Answer 7

accounting

Question 8

4 branches of accounting

Answer 8

1. financial
2. managerial
3. audit
4. tax

Question 9

this branch of accounting focuses on collecting and analyzing business performance information for external decision-makers

Answer 9

financial accounting

Question 10

this branch of accounting focuses on collecting and analyzing business performance information for internal decision-makers

Answer 10

managerial accounting

Question 11

this branch of accounting investigates accounting and financial records and processes to help determine if they are in conformity relevant standards or laws

Answer 11

audit

Question 12

the management of money by investing, borrowing, lending, budgeting, saving and forecasting financial capital (money)

Answer 12

finance

Question 13

two branches of finance

Answer 13

1. corporate finance
2. investment finance

Question 14

a branch of finance that focuses on the acquisition and disposition of assets

Answer 14

investment finance

Question 15

includes an evaluation of a company’s human resources (evaluation of employee efficiency and turnover), IT operations, and supply chain (e.g., sourcing, manufacturing, distribution, and logistics).

Answer 15

operation

Question 16

3 branches of operation

Answer 16

1. supply chain
2. human resources
3. IT operation

Question 17

what is the SOAR analytics model?

Answer 17

Specify the question
Obtain the data
Analyze the data
Report the results

Question 18

measurable and quantifiable metric used to track progress toward a specific goal/objective

Answer 18

Key Performance Indicator (KPI)

Question 19

5 features of a good data analytic question

Answer 19

Specific
Measurable
Achievable
Relevant
Timely

Question 20

5 general types of business questions and their respective analytics type

Answer 20

1. Descriptive analytics: what happened?
2. Diagnostic Analytics: why it happened
3. predictive analytics: what will happen?
4. prescriptive analytics: what should we do on what we expect?
5. Adaptive Analytics: how does the system adapt to changes?

Question 21

data that is collected directly from users by your organization

Answer 21

first-party data

Question 22

what is second-party data?

Answer 22

data shared by another organization about its customers (other company in the same indsutry)

Question 23

what is the most time-consuming part of the analytics mindset process?

Answer 23

ETL process

Question 24

explain the data-extracting process

Answer 24

1. identify and locate relevant data from different sources
2. extract the data performance
3. verify the quality and document the extraction performance

Question 25

the process where you refine, sort, organize, clean, and catch errors in the data

Answer 25

transformation

Question 26

a dynamic visualization of data that are changing and adapting to real-time data

Answer 26

dashboards

Question 27

a process of translating often complex data analyses into more easy-to-understand terms and relatable concepts to enable better decision-making

Answer 27

Data storytelling