mod 1

Question 1

Business Analytics

Answer 1

the methodology of extracting information from data to improve a company’s bottom line and enhance the consumer experience.

Question 2

Descriptive analytics

Answer 2

refers to gathering, organizing, tabulating, and visualizing data to summarize “what has happened?”

Question 3

Predictive analytics

Answer 3

refers to using historical data to predict “what could happen in the future?”

Question 4

Prescriptive analytics

Answer 4

refers to using optimization and simulation algorithms to provide advice on “what should we do?”

Question 5

DMAIC: Define

Answer 5

Define a problem

Question 6

DMAIC: Measure

Answer 6

Quantify the problem

Question 7

DMAIC: Analyze

Answer 7

identify the cause of the problem

Question 8

DMAIC: Improve

Answer 8

implement and verify solution

Question 9

DMAIC: Control

Answer 9

maintain the solution

Question 10

population

Answer 10

consists of all items of interest in a statistical problem.

Question 11

sample

Answer 11

is a subset of the population.

Question 12

Cross-sectional data

Answer 12

data collected by recording a characteristic of many subjects at the same point in time

Question 13

three characteristics of big data

Answer 13

Volume, Velocity, and Variety

Question 14

Volume

Answer 14

immense amount of data compiled for single or multiple sources

Question 15

Velocity

Answer 15

data generated at a rapid speed, management of data is a critical issue

Question 16

Variety

Answer 16

all types, forms, granularity, structure or unstructured

Question 17

Veracity

Answer 17

credibility and quality of the data, reliability

Question 18

Values

Answer 18

methodological plan for formulating questions, curating the right data, and unlocking hidden potential

Question 19

categorical

Answer 19

variable assumes names or labels.

Question 20

numerical

Answer 20

variable assume meaningful numerical values.

Question 21

numerical discrete variable

Answer 21

assumes a countable number of values.

Question 22

numerical continuous variable

Answer 22

characterized by uncountable values within an interval.

Question 23

fixed width format (example of what it looks like)

Answer 23

Name Telepohone Salary
Rich 419-528-0915 160000
Benjamin 203 -991-3608 93000

Question 24

Delimited format (example of what it looks like)

Answer 24

Name , Telepohone , Salary
Rich , 419-528-0915 , 160000
Benjamin , 203 -991-3608 , 93000