COMP5122M Business Understanding Quiz

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What is the CRISP data mining process?

A method for data understanding

A framework for thinking about business problems

A standard process for data mining (correct)

A simple approach to understanding business problems

What is the purpose of 'decision analytic thinking' in data science?

To simplify business problems

To complicate business problems

To understand business problems more deeply (correct)

To speed up the decision-making process

Why is it important to appreciate the long time required in data science?

To reduce the overall project cost

To manage client expectations (correct)

To avoid taking on complex projects

To complete the project faster

What is included in the 'business understanding' phase of the CRISP data mining process?

Thinking about the problem to be solved and the use scenario Signup and view all the answers

What is the main emphasis of 'data understanding' in the CRISP data mining process?

Assessing the strengths and limitations of historical data Signup and view all the answers

Where can students find additional material for private study related to this lecture?

Minerva Learning Resources Signup and view all the answers

In data science, when a stakeholder has a vague idea of the problem and no idea how to tackle it, what is expected from a successful data scientist?

To have a deep understanding of the stakeholder's business and terminology Signup and view all the answers

What was the strategy adopted by Signet Bank in the 1990s to improve profitability?

Investing in acquiring necessary data and modeling Signup and view all the answers

What did Signet Bank achieve as a result of its strategy in the 1990s?

It spun off credit card operations into Capital One Signup and view all the answers

What was the aim of QuantiCode from 2016-2020?

To develop novel data mining and visualization tools and techniques Signup and view all the answers

What is considered a successful method for solving a problem in data science when dealing with stakeholders who have a vague idea of the problem?

Preferably have face-to-face discussions, especially the first time Signup and view all the answers

What kind of data preparation task involves converting & transforming data, data linkage, and addressing data leaks?

Data quality Signup and view all the answers

'Decision analytic thinking' in data science is primarily focused on:

'Engineering' a solution to business problems Signup and view all the answers

'Unsupervised & supervised tasks' are associated with which aspect of data science?

'Modelling' Signup and view all the answers

'Clustering' and 'Co-occurrence grouping' are examples of tasks related to:

'Link prediction' Signup and view all the answers

COMP5122M Business Understanding Quiz

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