Forming Analytical Questions

Question 1

Business decisions made based on intuition can lead to poor decision-making

Answer 1

true

Question 2

Value from analytics workflow

Answer 2

1. Know the strategic business goals
2. Define the business questions
3. Form the analytical questions.
4. Select the analytical solutions.
5. Develop the analytical solutions.
6. Deliver the analytical solutions to the business.

Question 3

Predefined targets that companies want to achieve over a set period

Answer 3

Strategic Business goals

Question 4

Knowing these goals gives direction and purpose to the teams.

Answer 4

Know the strategic business goals

Question 5

Business teams define team-level goals based on the strategic goals

Answer 5

Define the business questions

Question 6

Analytical questions that require the use of data and analytics to be answered

Answer 6

Form the analytical questions

Question 7

Translation process we are moving from the business environment to the analytical environment

Answer 7

true

Question 8

Select the right analytical approach or solution to answer the analytical questions

Answer 8

Select the analytical solutions

Question 9

Develop the analytical solutions. Develop the solution.

Answer 9

The solution is translated back into business terms

Question 10

Business questions need to be the following:

Answer 10

Broad in scope and open-ended
Aim to provide a high-level solution to a business problem

Question 11

Analytical questions need to be the following:

Answer 11

Specific and focused on a particular aspect of the business problem
They are formed to help answer broader business questions

Question 12

Characteristics of an analytical question:

Answer 12

Follows the SMART methodology

Question 13

What is the SMART methodology:

Answer 13

Specific
Measurable
Actionable
Relevant
Time-bound

Question 14

Business questions are qualitative in nature and can generally be answered:

Answer 14

Data analytics
Intuition, experience, or expert opinion

Question 15

Analytical questions can be answered through:

Answer 15

Data analytics and the use of statistical techniques

Question 16

Importance of the translation process

Answer 16

Identify the data that is needed to answer the question
Choose the best analytical solution that provides business value
Facilitate communication and collaboration

Question 17

A clearly defined problem will have clarity on the following:

Answer 17

1. What the business wants to know.
2. What decisions need to be made
3. Who will use the results
4. Any other information that is important to know

Question 18

Steps to forming the analytical questions:

Answer 18

Extract the key information from the business question
Break down the business question
Refine the analytical question/s
Review Relevance

Question 19

What do we ask when we break down the business question?

Answer 19

What do we need to know from the data to answer the business question

Question 20

Types of analytics solutions

Answer 20

Descriptive Analytics
Diagnostic Analytics
Predictive Analytics
Prescriptive Analytics

Question 21

Asks the question:
What happened?
What is the current situation?

Answer 21

Descriptive Analytics

Question 22

Asks the question: Why did it happened?

Answer 22

Diagnostic Analytics

Question 23

Asks the question: What might happen in the future?

Answer 23

Predictive Analytics

Question 24

Asks the question: What should we do next?

Answer 24

Prescriptive Analytics

Question 25

What main techniques are used to solve descriptive analytics?

Question 26

What main techniques are used to solve diagnostic analytics?

Answer 26

• regression analysis
• hypothesis testing
• root cause analysis

Question 27

What main techniques are used to solve predictive analytics?

Answer 27

• time series forecasting
• machine learning
• predictive text analytics

Question 28

What main techniques are used to solve prescriptive analytics?

Answer 28

• recommendation engines
• optimization
• decision trees

Question 29

Steps to identify the best analytical technique?

Answer 29

1. Categorize the analytical question into the relevant type of analytical solution
2. Brainstorm relevant techniques
3. Select the most appropriate technique