L3: Big Data Analytics for the organization

Question 1

Data analysis flowchart: SIX TYPES OF QUESTIONS

Answer 1

· Descriptive
· Exploratory
· Inferential
· Predictive
· Causal
Mechanistic

Question 1

Data analysis flowchart

Answer 1

SIX TYPES OF QUESTIONS
· Descriptive
· Exploratory
· Inferential
· Predictive
· Causal
Mechanistic

Question 2

Prediction vs inference

Answer 2

Prediction: To be able to predict what the responses are going to be future input variables

Inference: To Infer how nature is associating the response variables to the input variables

Question 3

CHARACTERISTICS OF THE GOOD QUESTION

Answer 3

1) it has to be of interest
2) it should have not been already answered
3) it should originate from a plausible framework
4) it should be answerable
5) it should be specific

Question 4

Levers:

Answer 4

These are actionable items or factors that can be controlled or adjusted.

Question 5

Consequences

Answer 5

These are outcomes resulting from adjusting the levers.

Question 6

Business Results:

Answer 6

The ultimate impact on the business, driven by the consequences.

Question 7

ROOT CAUSE ANALYSIS

Answer 7

To derive meaningful insights, it’s essential to undertake root cause analysis. This involves creating theories about cause and effect. Without these theories, it’s challenging to provide alternative actions to address a problem. Merely inspecting data without developing plausible explanations can result in wasted time and resources.