Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CIMA E1 - MM > Data and Analytics > Flashcards

Data and Analytics Flashcards

1
Q

What is critical thinking?

A

Disciplined reasoning that involves logically forming conclusions, judgments, or inferences from facts.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Why is critical thinking important for finance professionals?

A

It is a core skill essential for performing data analytics projects.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What mnemonic can be used to remember the key elements of critical thinking in data analysis?

A

SPARKS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What does the ‘S’ in SPARKS stand for?

A

Stakeholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What does the ‘P’ in SPARKS represent?

A

Purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What does the ‘A’ in SPARKS signify?

A

Alternatives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What does the ‘R’ in SPARKS refer to?

A

Risks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What does the ‘K’ in SPARKS indicate?

A

Knowledge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What does the ‘S’ in SPARKS mean?

A

Self-reflection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Who are considered internal stakeholders?

A

Individuals or groups directly involved in the business’s operations such as managers and employees.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Who are considered external stakeholders?

A

Individuals or groups outside the business such as investors, creditors, regulators, business partners, or the wider community.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the purpose of defining the objectives in a data analytics project?

A

To ensure the analysis remains focused and achieves specific goals.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What should be identified when recognizing alternatives in data analysis?

A

Choices about questions to ask, datasets to analyze, types of analysis to perform, and ways to communicate results.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

True or False: It is important to identify potential risks from the outset of a data analysis project.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What knowledge is vital for conducting a data analysis?

A

Proficiency with relevant accounting tools and techniques and understanding factors influencing the area being analyzed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does self-reflection involve in the context of data analysis?

A

Considering issues from previous projects and ensuring lessons are learned for future projects.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the key steps in preparing for a data analytics project?

A
  • Defining the project objectives
  • Framing the problem
  • Evaluating the business’s capabilities
  • Gathering the specific requirements
  • Developing a data analytics strategy
18
Q

Why is framing the problem important in data analytics?

A

To define the scope of the work and ensure the analysis meets stakeholders’ expectations.

19
Q

What should be included in evaluating existing capabilities for data analysis?

A
  • Audit of available data
  • Assessment of existing analytics capabilities
  • Cost-benefit analysis for additional investments
20
Q

What ethical considerations must be followed in a data analytics project?

A

Conformance to the business’s ethical principles regarding data use, analysis methods, and results application.

21
Q

What is the importance of validating findings in data analysis?

A

To confirm that the findings are valid, reliable, and free from biases.

22
Q

Fill in the blank: The analysis must consider the _______ to ensure it meets the objectives.

A

[needs of stakeholders]

23
Q

What are the four key terms in the decision-making process hierarchy?

A

Data, Information, Knowledge, Insights

24
Q

What does ‘Data’ refer to in the decision-making process?

A

Raw unprocessed facts or objects, such as numbers, words, symbols, or images

25
Q

Where can data be located?

A

Spreadsheets, business reports, social media posts, government websites

26
Q

What is ‘Information’ in the context of the decision-making process?

A

What emerges when data is processed, organised, and categorised to provide meaning

27
Q

How is ‘Knowledge’ created in the decision-making hierarchy?

A

By gathering and combining various sources of information to provide context

28
Q

What does ‘Knowledge’ allow decision makers to do?

A

Evaluate the produced knowledge and bring skills and expertise to develop actionable insights

29
Q

What are ‘Insights’ derived from?

A

An understanding of how knowledge can be applied to add value, influence decisions, and drive change

30
Q

Fill in the blank: The part that had the lowest pass rate was the same one as in prior years and also the one for which fewest ______ were downloaded.

A

practice guides

31
Q

True or False: The more practice guides downloaded, the higher the average score per part.

A

True

32
Q

What potential data could be used to improve exam pass rates?

A
  • Marks awarded to students for the current and previous years
  • Number of practice guides downloaded
  • Number of students sitting each part of the exam
33
Q

What information can be produced from the potential data regarding exam pass rates?

A
  • Average score achieved by students for each part
  • Pass rate for each part
  • Number of practice guides downloads by students for each part
34
Q

What insight can be derived from the knowledge that practice guides improve performance?

A

More effort should be directed towards encouraging students to download and study the practice guides

35
Q

What type of question addresses past trends?

A

Descriptive

Example use case: Monthly sales reports

36
Q

What type of question focuses on root causes?

A

Diagnostic

Example use case: Analysing a product’s failure rate

37
Q

What type of question is used for predicting future trends?

A

Predictive

Example use case: Predicting customer churn

38
Q

What type of question provides recommendations?

A

Prescriptive

Example use case: Optimising inventory levels

39
Q

Fill in the blank: A _______ question focuses on past trends.

A

Descriptive

40
Q

Fill in the blank: A _______ question addresses root causes.

A

Diagnostic

41
Q

Fill in the blank: A _______ question is likely to predict future trends.

A

Predictive

42
Q

Fill in the blank: A _______ question should provide recommendations.

A

Prescriptive

CIMA E1 - MM (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions