Data Analytics and Decision-Making

Question 1

What is data analytics?

Answer 1

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

Question 2

True or False: Data analytics only involves quantitative data.

Answer 2

False

Question 3

What are the four main types of data analytics?

Answer 3

Descriptive, diagnostic, predictive, and prescriptive analytics.

Question 4

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

Answer 4

Descriptive

Question 5

What is the primary goal of predictive analytics?

Answer 5

To forecast future outcomes based on historical data.

Question 6

True or False: Prescriptive analytics provides recommendations for actions.

Answer 6

True

Question 7

What is the difference between structured and unstructured data?

Answer 7

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

Question 8

Name one common tool used for data visualization.

Answer 8

Tableau

Question 9

What does ‘big data’ refer to?

Answer 9

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

Question 10

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

Answer 10

False

Question 11

What is the purpose of data cleansing?

Answer 11

To improve data quality by removing inaccuracies and inconsistencies.

Question 12

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

Answer 12

Diagnostic

Question 13

What role does machine learning play in data analytics?

Answer 13

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

Question 14

What is a KPI?

Answer 14

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

Question 15

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

Answer 15

False

Question 16

What is the purpose of A/B testing?

Answer 16

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

Question 17

What is regression analysis used for?

Answer 17

To understand the relationship between variables and predict outcomes.

Question 18

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

Answer 18

Prescriptive

Question 19

What is the main benefit of data visualization?

Answer 19

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

Question 20

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

Answer 20

True

Question 21

What does ETL stand for in data processing?

Answer 21

Extract, Transform, Load.

Question 22

What is a data warehouse?

Answer 22

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

Question 23

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

Answer 23

Data mining

Question 24

What is the significance of data privacy in analytics?

Answer 24

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

Question 25

True or False: Correlation implies causation.

Answer 25

False

Question 26

What is the main purpose of descriptive statistics?

Answer 26

To summarize and describe the main features of a dataset.

Question 27

What is a dashboard in the context of data analytics?

Answer 27

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

Question 28

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

Answer 28

Predictive

Question 29

What is the role of a data analyst?

Answer 29

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

Question 30

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

Answer 30

False

Question 31

What is a common challenge in data analytics?

Answer 31

Data quality and consistency.

Question 32

What does the term 'data-driven culture' mean?

Answer 32

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

Question 33

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

Answer 33

Association

Question 34

What is sentiment analysis?

Answer 34

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

Question 35

What is a scatter plot used for?

Answer 35

To visualize the relationship between two quantitative variables.

Question 36

True or False: Data analytics can improve customer satisfaction.

Answer 36

True

Question 37

What is the purpose of a data governance framework?

Answer 37

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

Question 38

What does 'data storytelling' involve?

Answer 38

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

Question 39

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

Answer 39

Supervised

Question 40

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

Answer 40

To represent data values through variations in color.

Question 41

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

Answer 41

True

Question 42

What is the significance of real-time data analytics?

Answer 42

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

Question 43

What is a common application of prescriptive analytics?

Answer 43

Supply chain optimization.

Question 44

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

Answer 44

Business intelligence

Question 45

What is the difference between primary and secondary data?

Answer 45

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

Question 46

What is a time series analysis?

Answer 46

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

Question 47

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

Answer 47

True

Question 48

What is the role of data ethics in analytics?

Answer 48

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

Question 49

What is the main difference between descriptive and diagnostic analytics?

Answer 49

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

Question 50

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

Answer 50

Prescriptive