Podcast
Questions and Answers
Which of the following best describes data analytics?
Which of the following best describes data analytics?
- The process of collecting and storing large volumes of data for future use
- The process of generating vast volumes of data daily
- The process of exploring and analyzing large datasets to find hidden patterns and derive valuable insights (correct)
- The process of making impactful business decisions based on data
What is the purpose of data analytics in businesses?
What is the purpose of data analytics in businesses?
- To derive value from generated data and make impactful business decisions (correct)
- To improve the speed and efficiency of businesses
- To collect and store large volumes of data for future use
- To generate vast volumes of data daily
What are some sources of data that companies generate daily?
What are some sources of data that companies generate daily?
- Social media websites and marketing survey responses
- Log files, web servers, transactional data, and customer-related data (correct)
- Historical stock prices and customer-related data
- Marketing survey responses and historical stock prices
How does data analytics improve businesses?
How does data analytics improve businesses?
What is a data set?
What is a data set?
Flashcards
Data Analytics
Data Analytics
Discovering hidden patterns and valuable insights by examining large data sets.
Purpose of Data Analytics in Businesses
Purpose of Data Analytics in Businesses
To make informed decisions and gain a competitive advantage by utilizing information extracted from data.
Data Set
Data Set
A collection of information related to a specific subject or purpose.
Log Files, Web Servers, Transactional Data
Log Files, Web Servers, Transactional Data
Signup and view all the flashcards
Customer-Related Data
Customer-Related Data
Signup and view all the flashcards
Study Notes
Data Analytics Overview
- Data analytics involves systematic computational analysis of data to uncover patterns, correlations, and trends.
- It encompasses various techniques and tools to interpret and analyze data sets.
Purpose of Data Analytics in Businesses
- Enables businesses to make informed decisions based on empirical evidence.
- Helps identify market trends, customer behaviors, and operational efficiencies.
- Aids in predicting future outcomes and enhancing strategic planning.
Sources of Data Generated by Companies Daily
- Customer interactions and transactions through websites and physical stores.
- Social media engagements and feedback from platforms such as Facebook, Twitter, and Instagram.
- Internal operations data including sales reports, inventory levels, and employee performance metrics.
- External data from market research and industry reports.
How Data Analytics Improves Businesses
- Enhances decision-making processes through data-driven insights.
- Optimizes marketing efforts by targeting the right audience with personalized campaigns.
- Increases operational efficiency by identifying bottlenecks and areas for improvement.
- Supports innovation by revealing new opportunities and emerging trends in the market.
Definition of a Data Set
- A data set is a collection of related data points organized in a structured manner, often in tabular form.
- It includes variables and attributes that are analyzed to extract meaningful insights and conclusions.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
