Module 1

Question 1

Common mistakes in the absence of data analytics:

Answer 1

-“fooled by randomness”
-drawing broad conclusions from small samples
-basing decisions on anecdote
-confirmation bias
collecting evidence that supports the existing conclusion
discounting evidence that does not support the existing conclusion

Question 2

The need for data analytics:

Answer 2

-Bias: instincts can be misleading (cultural/racial bias)
-complexity: with greater complexity comes greater risk
-data analytics can lead to…….. (outcomes that would have been missed

Question 3

Examples of business analytics in marketing

Answer 3

• recommendation systems
  -Netflix, google, spotify
  -measures what you liked before and what other similar to you have liked

Question 4

Examples of analytics in management

Answer 4

-predicting warehouse volumes by location for upcoming delivery requests
-amazon and Walmart shipping centers
-the race to same day delivery

Question 5

Four different methods of business analytics

Answer 5

1. Descriptive: interpreting historical data to identify trends and patterns. mostly done by visualization (answers “what happened?”)
2. Diagnostic: interpretation of historical data to determine why something has happened (“Why did this happen?”)
3. Predictive: the use of statistics to forecast future outcomes (what might happen in the future?”)
4. prescriptive: application of testing and other techniques to determine which scenario gives the best result (What should we do next?”)

Question 6

Tools for data analytics

Answer 6

-communication skills
-synthesis
-statistics (evidence based decision making)
-software tools (excel aka workhorse)

Question 7

three types of questions for data analytics

Answer 7

1. predicting an outcome
2. evaluating information
3. identifying a casual relationship

Question 8

Data analytics is transforming all of the business disciplines like….

Answer 8

• marketing
  -finance
  -management
  -accounting
  -economics

Question 9

Data is the raw material of knowledge. It is the foundation of:

Answer 9

-facts
-evidence
-truth