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Practical Business Knowledge > Data Analytics and Decision-Making > Flashcards

Data Analytics and Decision-Making Flashcards

1
Q

What is data analytics?

A

Data analytics is the process of examining datasets to draw conclusions about the information they contain.

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2
Q

True or False: Data analytics only involves quantitative data.

A

False

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3
Q

What are the four main types of data analytics?

A

Descriptive, diagnostic, predictive, and prescriptive analytics.

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4
Q

Fill in the blank: __________ analytics helps organizations understand past performance.

A

Descriptive

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5
Q

What is the primary goal of predictive analytics?

A

To forecast future outcomes based on historical data.

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6
Q

True or False: Prescriptive analytics provides recommendations for actions.

A

True

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7
Q

What is the difference between structured and unstructured data?

A

Structured data is organized in a predefined manner, while unstructured data is not organized and can be text-heavy.

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8
Q

Name one common tool used for data visualization.

A

Tableau

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9
Q

What does ‘big data’ refer to?

A

Extremely large datasets that may be analyzed computationally to reveal patterns, trends, and associations.

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10
Q

True or False: Data-driven decision-making relies solely on intuition.

A

False

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11
Q

What is the purpose of data cleansing?

A

To improve data quality by removing inaccuracies and inconsistencies.

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12
Q

Fill in the blank: __________ analytics is used to determine the causes of past outcomes.

A

Diagnostic

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13
Q

What role does machine learning play in data analytics?

A

Machine learning algorithms can identify patterns in data and make predictions.

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14
Q

What is a KPI?

A

Key Performance Indicator, a measurable value that demonstrates how effectively a company is achieving key business objectives.

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15
Q

True or False: Data analytics can only be used in business settings.

A

False

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16
Q

What is the purpose of A/B testing?

A

To compare two versions of a variable to determine which one performs better.

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17
Q

What is regression analysis used for?

A

To understand the relationship between variables and predict outcomes.

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18
Q

Fill in the blank: __________ analysis focuses on future scenarios and recommendations.

A

Prescriptive

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19
Q

What is the main benefit of data visualization?

A

It helps to communicate complex data insights in a clear and understandable manner.

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20
Q

True or False: Data analytics can help reduce costs and improve efficiency.

A

True

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21
Q

What does ETL stand for in data processing?

A

Extract, Transform, Load.

22
Q

What is a data warehouse?

A

A centralized repository for storing large amounts of structured data from multiple sources.

23
Q

Fill in the blank: __________ is the process of finding patterns in large datasets.

A

Data mining

24
Q

What is the significance of data privacy in analytics?

A

Data privacy ensures that personal information is protected and used in compliance with regulations.

25
Q

True or False: Correlation implies causation.

A

False

26
Q

What is the main purpose of descriptive statistics?

A

To summarize and describe the main features of a dataset.

27
Q

What is a dashboard in the context of data analytics?

A

A visual display of key metrics and data points used for monitoring performance.

28
Q

Fill in the blank: __________ analytics uses historical data to make predictions about future events.

A

Predictive

29
Q

What is the role of a data analyst?

A

To interpret data and provide insights to support decision-making.

30
Q

True or False: Data analytics can only be performed by data scientists.

A

False

31
Q

What is a common challenge in data analytics?

A

Data quality and consistency.

32
Q

What does the term ‘data-driven culture’ mean?

A

An organizational culture that prioritizes data in decision-making processes.

33
Q

Fill in the blank: __________ analysis is often used for market basket analysis.

A

Association

34
Q

What is sentiment analysis?

A

The use of natural language processing to analyze and determine the sentiment behind text data.

35
Q

What is a scatter plot used for?

A

To visualize the relationship between two quantitative variables.

36
Q

True or False: Data analytics can improve customer satisfaction.

A

True

37
Q

What is the purpose of a data governance framework?

A

To ensure data quality, consistency, and security across an organization.

38
Q

What does ‘data storytelling’ involve?

A

Using data to tell a compelling story that communicates insights effectively.

39
Q

Fill in the blank: __________ learning is a subset of machine learning focused on labeled data.

A

Supervised

40
Q

What is the purpose of a heat map in data visualization?

A

To represent data values through variations in color.

41
Q

True or False: Data analytics can be used for fraud detection.

A

True

42
Q

What is the significance of real-time data analytics?

A

It allows organizations to make timely decisions based on the most current data available.

43
Q

What is a common application of prescriptive analytics?

A

Supply chain optimization.

44
Q

Fill in the blank: __________ is the process of analyzing data to support strategic decision-making.

A

Business intelligence

45
Q

What is the difference between primary and secondary data?

A

Primary data is collected firsthand for a specific purpose, while secondary data is collected by someone else for a different purpose.

46
Q

What is a time series analysis?

A

A method used to analyze a series of data points collected over time to identify trends.

47
Q

True or False: Data analytics can help in risk management.

A

True

48
Q

What is the role of data ethics in analytics?

A

To ensure that data is used responsibly and ethically, considering privacy and fairness.

49
Q

What is the main difference between descriptive and diagnostic analytics?

A

Descriptive analytics explains what happened, while diagnostic analytics explains why it happened.

50
Q

Fill in the blank: __________ analytics can suggest the best course of action.

A

Prescriptive

Practical Business Knowledge (13 decks)

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