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Questions and Answers
A data analyst is tasked with determining the primary reasons for a decrease in customer satisfaction scores. Which type of analysis is MOST suitable for this investigation?
A data analyst is tasked with determining the primary reasons for a decrease in customer satisfaction scores. Which type of analysis is MOST suitable for this investigation?
- Diagnostic Analysis (correct)
- Descriptive Analysis
- Prescriptive Analysis
- Predictive Analysis
Which of the following tasks represents the 'Analyze' level within Bloom's Taxonomy?
Which of the following tasks represents the 'Analyze' level within Bloom's Taxonomy?
- Creating a new visualization to represent the data.
- Applying a known formula to calculate a result.
- Breaking down a complex problem into smaller parts. (correct)
- Recalling specific data points from a dataset.
A company wants to implement a data-driven strategy to optimize its marketing campaigns. According to the AMPS model, what is the FIRST step they should take?
A company wants to implement a data-driven strategy to optimize its marketing campaigns. According to the AMPS model, what is the FIRST step they should take?
- Perform the Analysis
- Ask the Question (correct)
- Share the Story
- Master the Data
A business is using historical sales data and predictive models to anticipate future demand for its products. Based on these predictions, they are adjusting their inventory levels and production schedules. Which type of analysis are they employing to determine the best course of action?
A business is using historical sales data and predictive models to anticipate future demand for its products. Based on these predictions, they are adjusting their inventory levels and production schedules. Which type of analysis are they employing to determine the best course of action?
Which action BEST demonstrates the 'evaluate' stage of Bloom's Taxonomy in the context of data analysis?
Which action BEST demonstrates the 'evaluate' stage of Bloom's Taxonomy in the context of data analysis?
A company wants to visualize the correlation between advertising spending and sales revenue. Which data visualization tool is most suitable for this task?
A company wants to visualize the correlation between advertising spending and sales revenue. Which data visualization tool is most suitable for this task?
Which of the following best describes the 'Veracity' characteristic of big data?
Which of the following best describes the 'Veracity' characteristic of big data?
A company needs to prepare its annual report for the SEC. Which financial filing is required for this purpose?
A company needs to prepare its annual report for the SEC. Which financial filing is required for this purpose?
When would a pivot table be most useful?
When would a pivot table be most useful?
A dataset contains customer satisfaction scores rated on a scale of 1 to 5. Which type of data is this?
A dataset contains customer satisfaction scores rated on a scale of 1 to 5. Which type of data is this?
In a relational database, what is the primary purpose of a foreign key?
In a relational database, what is the primary purpose of a foreign key?
A company is implementing a new database system. Which of the following is a key internal control benefit?
A company is implementing a new database system. Which of the following is a key internal control benefit?
What is the primary function of 'transforming' data in the ETL (Extract, Transform, Load) process?
What is the primary function of 'transforming' data in the ETL (Extract, Transform, Load) process?
Flashcards
Bloom's Taxonomy
Bloom's Taxonomy
A hierarchical framework categorizing critical thinking skills.
AMPS Model
AMPS Model
A framework detailing the steps in the data analytics process.
Ask the question
Ask the question
The initial stage of the AMPS model, defining the problem.
Master the Data
Master the Data
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Descriptive Analysis
Descriptive Analysis
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Bar Chart
Bar Chart
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Histogram
Histogram
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Line Graph
Line Graph
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Scatterplot
Scatterplot
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Big Data: 4 V's
Big Data: 4 V's
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Primary Key
Primary Key
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Foreign Key
Foreign Key
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Data Integrity
Data Integrity
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Study Notes
Chapter 1
- Data is increasing exponentially.
- Bloom's Taxonomy provides a hierarchical view of critical thinking skills.
- Bloom's Taxonomy includes: Create, Evaluate, Analyze, Apply, Understand, and Remember.
- The AMPS Model is a framework explaining the steps in the Data Analytics process.
- The steps in the Data Analytics process are: Ask the question, Master the Data, Perform the analysis, and Share the story.
- Descriptive Analysis answers: What happened? What is happening?
- Diagnostic Analysis answers: Why did it happen?
- Predictive Analysis answers: What will happen in the future?
- Prescriptive Analysis answers: What should we do, based on the prediction of what is going to happen?
- Bar Charts are for the comparison of values.
- Histograms are for the distribution of values.
- Line Graphs are for trends of values over time.
- Scatterplots are for relationships between values.
- Data Visualization includes histograms or scatterplots.
- Regression Analysis segregates total costs into fixed and variable.
- Pivot Tables summarize the accounts receivable aging.
- What-If/Goal Seek evaluates how changing costs affect the breakdown level for a new product.
Chapter 2
- Big Data is characterized by Volume, Variety, Velocity, and Veracity.
- Volume refers to the amount of data.
- Variety refers to the form of data.
- Velocity refers to the speed of generation or rate of analysis.
- Veracity refers to the quality of data.
- Accounting Data includes financial statements, general journal, special journal, general ledger, and tax data.
- Non-accounting Data includes economic data, current and historical stock prices, social media, analyst research reports, and earnings forecasts.
- Financial Data includes 10-K, 10-Q, and 8-K filings.
- The 10-K is a required annual filing for publicly traded companies.
- The 10-Q is a required quarterly filing for publicly traded companies.
- The 8-K is a report of material events or corporate changes at publicly traded companies.
Chapter 3
- Categorical Data is represented by words, and includes nominal and ordinal data.
- Numerical Data is represented by meaningful numbers, and includes interval data and ratio data.
- Nominal data is categorical, used for counting and grouping, and proportion.
- Ordinal data is categorical, used for counting and grouping, proportion, and ranking.
- Interval data is numerical, used for counting and grouping, proportion, summing, and averaging.
- Ratio data is numerical, used for counting and grouping, proportion, summing, averaging, and ratio calculations.
- Data Dictionaries are a centralized repository of information about a set of data.
- A Data Catalog shows the relationship between two tables using an entity relationship diagram.
Chapter 4
- A Database is a structured data set that can be accessed by authorized users, and is the most secure method of storing data.
- Excel is best at data analysis and exploring data, pivot tables, graphs, and performing statistical analysis.
- Tableau is best for data visualization, but does not allow original data entry.
- A Primary Key is a unique identifier in EACH table.
- Foreign Keys create relationships between two tables, and are NOT required in every table.
- Data Diagrams are the same as data dictionaries, but in visual form.
- Data Integrity refers to all of the company's data stored in one centralized location, using data through a live connect to the database.
- Internal Control Benefits include preventive internal controls, data entry and access internal controls, reduced redundancy, and version control.
- Extracting Data involves accessing or connecting data in a relational database.
- Transforming Data involves formatting data for analysis.
- Loading Data involves loading data to analysis tools such as excel and tableau.
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Description
Overview of Data Analytics processes, including exponential data growth and Bloom's Taxonomy. The AMPS model outlines the steps: Ask, Master, Perform, and Share. Covers descriptive, diagnostic, predictive, and prescriptive analysis, alongside key data visualization tools.
