Session 4

Question 1

Data Analytics

Answer 1

The science of analyzing dataset(s) to derive insights from them

Question 2

How do analytics processes find meaninful patterns in data ?

Answer 2

They use data extraction, cleaning, math, statistics, and increasingly machine learning

Question 3

Business analytics

Answer 3

Refers to the application of analytics to business data. The goal is to improve performance by positively influencing business decisions.

Question 4

Why do organizations may apply analytics to business data ?

Answer 4

• Describe past trends
• Diagnose Problems
• Predict future course
• Prescribe actions

Question 5

What is the BI Process ?

Answer 5

Business intelligence processes include collecting data, creating models, analyzing the data with queries, creating data visualizations such as charts, and producing reports to be used by business decision-makers

Question 6

What are so BI tools ?

Answer 6

• Tableau
• PowerBI
• Alteryx
• Excel

Question 7

What are the 4 main types of Data Analytics ?

Answer 7

• Descriptive / Diagnostic (Past)
• Predictive / Prescriptive (Future)

Question 8

Descriptive Analytics

Answer 8

Process and techniques used to analyze current and historical data to identify trends and relationships (segment, classify, rank, match, compare, etc.

Question 9

Diagnostic (Explanatory) Analytics

Answer 9

Used to determine and explain thecauses of trends and correlations between variables in a dataset.

Question 10

Predictive Analytics

Answer 10

Uses historical data to forecast potentialscenarios and make assumptions that can help drive strategic decisions.

Question 11

Prescriptive Analytics

Answer 11

Data is analyzed to determine the optimal course of action given more than one option

Question 12

What question does descriptive analytics answers ?

Answer 12

“What happened ?”

Question 13

What question does diagnostic analytics answers ?

Answer 13

“Why did this happen?

Question 14

What question does predictive analytics answers ?

Answer 14

“What might happen in the future?”

Question 15

What question does prescriptive analytics answers ?

Answer 15

“What should we do next?”

Question 16

What is a decision ?

Answer 16

A conscious choice made between several courses of action

Question 17

What are the 3 broad categories of managerial decision-making areas ?

Answer 17

• Operational Control
• Management Control
• Strategic Planning

Question 18

What are the 3 types of decisions ?

Answer 18

• Structured
• Semi structured
• Unstructured

Question 19

What is knowledge ?

Answer 19

Knowledge is awareness and understanding of information gained through experience (both passiveand active experience)

Question 20

Synonym of knowledge ?

Answer 20

• Intellectual capital/assets

Question 21

What is the order of “info” ?

Answer 21

Data -> Information -> Knowledge -> Wisdom

Question 22

What are the 2 types of Knowledge ?

Answer 22

• Explicit Knowledge
• Tacit Knowledge

Question 23

Explicit Knowledge

Answer 23

It is objective, rational, and technical knowledge that is documented

Question 24

Tacit Knowledge

Answer 24

Intangible knowledge in a person’s brain, which represents cumulative store of subjective or experiential learning

Question 25

What are the conversion modes of Knowledge ?

Answer 25

• Tacit to Tacit = socialization
• Tacit to Explicit = externalization
• Explicit to Explicit = combination
• Explicit to Tacit = Internalization