DAY 1 - chp.1

Question 1

Define CRISP-DM

Answer 1

Cross-industry Standard Process for Data Mining

Question 2

Define Business/data Analytics

Answer 2

Using data to enable decision making

Question 3

Importance of Business/data analytics

Answer 3

Decision makers can get valuable insight that help them make better & more informed decisions by analyzing historical and current (real time) data

Question 4

What’s the systematic approach to CRISP-DM

Answer 4

business understanding –> Data understanding –> Data preparation –> modeling –> evaluation –> communication

Question 5

what are the learning objectives of CRISP-DM

Answer 5

frame business problem as a decision/question (identify required data elements). Develop an understanding of the data in a stimulated situation to describe the data and perform simple statistical analysis. building a spreadsheet/R model to solve a business problem. evaluate and communicate your analysis results (applying CRISP-DM + visualization principles)

Question 6

What are the Data Analytics stages/types (name in higher proactive decisions making + analytics sophistication)

Answer 6

1. Data Management
2. Descriptive analytics
3. Diagnostic analytics
4. predictive analysis
5. prescriptive analytics

Question 7

Define Data management

Answer 7

process of collecting, organizing, storing, and ensuring the quality + security of data. it forms essential groundwork for effective data analytics

Question 8

Define Descriptive analytics

Answer 8

The initial stage of data analysis that focuses on summarizing + presenting historical data to provide insights into what has happened in the past. (mean, average, medians).

Question 9

Define Diagnostic Analytics

Answer 9

Data analysis that focuses on understanding why certain events/trends occurred in the past. it helps uncover the root causes behind pattern/trends in financial data.

Question 10

Define Predictive Analytics

Answer 10

Data analysis technique that uses historical data + statistical algorithm to estimate events’ probabilities + predict future outcomes. (what may happen in the future)

Question 11

Define Prescriptive analytics

Answer 11

advanced form of data analysis that predicts future outcomes + recommends specific actions/decision to achieve the desired financial/business objective.

Question 12

What is CRISP-DM used for?

Answer 12

It is a process that data analysts/scientists use to approach data analytics problems

Question 13

Define business understanding in CRISP-DM

Answer 13

business wants to understand/gain insight on their customers for a specific area (eg. customer satisfaction)

Question 14

Define Data understanding in CRISP-DM

Answer 14

Explore/comprehend available data and use that to identify an limitations/issues that need to be addressed

Question 15

Define Data preparation in CRISP-DM

Answer 15

Clean data by removing irrelevant info, standardizing text formats, + handling missing values (if any). May categorize data into specific topics/themes for easier analysis.

Question 16

Define Data analysis/modeling in CRISP-DM

Answer 16

apply descriptive anlytic techniques on the prepared data - Calculating summary stats, sentiment analysis, topic analysis.- create different models to answer different questions of the business

Question 17

Define evaluation in CRISP-DM

Answer 17

check between each model to see which model answers the business problems most satisfactorily.

Question 18

Define communication in CRISP-DM

Answer 18

analyze results and interpret them in context of the business’s objectives. identify strength/weakness. prepare visualizations/reports to present the findings.

Question 19

Define summary statistics

Answer 19

calculating average, frequency, distribution

Question 20

Define Sentiment analysis

Answer 20

using natural language processing techniques to determine sentiments of customer comments (pos/neg/neutral)

Question 21

Define topic analysis

Answer 21

employ techniques (text mining/clustering) to identify common themes/topics.

Question 22

Define a circular reference

Answer 22

a cell that directly, or via a chain of other references, refers to itself.

Question 23

how to force plain text in a cell on sheets

Answer 23

use ‘ or ‘=

Question 24

Define relative reference in excel

Answer 24

references to values in cells, e.g. A1. The value changes when the referred cell changes.

Question 25

define absolute reference in excel

Answer 25

references with columns and/or rows locked, e.g. $A$1. They don’t change when copied.

Question 26

define partial absolute reference

Answer 26

only changed when copied in one direction