Fundamentals of Business Analytics: Data Collection and Database Management System
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Questions and Answers

What is the main advantage of primary data collection?

  • It is readily available from published sources
  • It involves designed experiments
  • It is cost-effective
  • It is tailored to the research project's questions (correct)

    • What is the purpose of measurement in the context of management?

  • To enable prediction and optimization (correct)
  • To precede data analysis
  • To support evaluation and decision making
  • To collect numerical or textual facts and figures

    • Which type of data involves actively elicited or passively observed information from individuals, groups, or organizations?

  • Secondary data
  • Complete enumeration
  • Primary data (correct)
  • Sample survey

    • In a designed experiment, what is the goal of deliberately manipulating independent variables?

    <p>To establish cause-and-effect relationships</p> Signup and view all the answers

    Where can secondary data be obtained from?

    <p>Both internal and external sources</p> Signup and view all the answers

    What is the primary focus of this course module?

    <p>Understanding the concepts of data collection and problem formulation</p> Signup and view all the answers

    How would you describe the value of data based on the text?

    <p>Data is a valuable asset that helps build sustainable competitive advantage</p> Signup and view all the answers

    What was the initial business model of Netflix Inc.?

    <p>DVD rental-by-mail service</p> Signup and view all the answers

    Which of the following learning objectives is NOT mentioned in the module?

    <p>Studying the market leader in the online-streaming sector</p> Signup and view all the answers

    What is mentioned as a critical factor driving Netflix's incredible success?

    <p>The valuable asset of data</p> Signup and view all the answers

    What is the primary focus of this course module?

    <p>Understanding the concept of data collection and problem formulation</p> Signup and view all the answers

    What was the initial business model of Netflix Inc.?

    <p>Online DVD rental-by-mail service</p> Signup and view all the answers

    What is mentioned as a critical factor driving Netflix's incredible success?

    <p>Sustainable competitive advantage</p> Signup and view all the answers

    How would you describe the value of data based on the text?

    <p>Data helps build sustainable competitive advantage</p> Signup and view all the answers

    What is the purpose of measurement in the context of management?

    <p>To determine the types of data that can be gathered and sorted</p> Signup and view all the answers

    Why is measurement considered critical in the context of management?

    <p>It enables prediction and without prediction, there can be no optimization.</p> Signup and view all the answers

    What is the defining characteristic of primary data collection?

    <p>It is tailored specifically to the questions posed by the research project.</p> Signup and view all the answers

    What is the goal of deliberately manipulating independent variables in a designed experiment?

    <p>To establish cause-and-effect relationships between variables under controlled conditions.</p> Signup and view all the answers

    What are the possible sources from which secondary data can be obtained?

    <p>Books, articles, reports, or databases</p> Signup and view all the answers

    What is the main advantage of using secondary data for research purposes?

    <p>It saves cost and time as it has already been collected, processed, and published by someone else.</p> Signup and view all the answers

    Study Notes

    Primary Data Collection

    • The main advantage of primary data collection is that it provides first-hand, original, and tailored information that addresses specific research questions or objectives.

    Measurement in Management

    • The purpose of measurement in the context of management is to quantify and assess performance, progress, and outcomes to make informed decisions.
    • Measurement is considered critical in the context of management because it enables organizations to evaluate their effectiveness and make data-driven decisions.

    Data Types

    • Primary data involves actively elicited or passively observed information from individuals, groups, or organizations.
    • Secondary data can be obtained from various sources, including internal records, external databases, online sources, and published research.

    Designed Experiment

    • The goal of deliberately manipulating independent variables in a designed experiment is to identify cause-and-effect relationships between variables.

    Course Module Focus

    • The primary focus of this course module is on understanding the importance of data collection, measurement, and analysis in management.

    Data Value

    • The value of data lies in its ability to provide insights, enable informed decision-making, and drive business success.

    Netflix Case Study

    • The initial business model of Netflix Inc. was based on a subscription-based service that provided DVD rentals by mail.
    • A critical factor driving Netflix's incredible success is its ability to collect and analyze data to inform business decisions and improve customer experiences.

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    Quiz Team

    Description

    Test your knowledge on the fundamentals of data collection, problem formulation, primary and secondary data sources, types of data gathering and sorting, and different data measurement scales (nominal, ordinal, interval, ratio).

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