Fundamentals of Business Analytics: Data Collection and Management Quiz
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Questions and Answers

What is the main focus of this course module?

  • Video-streaming company success stories
  • Data collection and problem formulation (correct)
  • Database management system and analysis techniques
  • Market competition and sustainable advantage

    • What is an example of the value of data mentioned in the text?

  • Basic concepts of data analysis
  • Netflix's success story (correct)
  • Functions and components of a database
  • The market leader in the online-streaming sector

    • What is the importance of understanding different types of data?

  • To build a competitive advantage in the market (correct)
  • To understand the functions and components of a database management system
  • To analyze data for DVD rental-by-mail services
  • To become a market leader in the online-streaming sector

    • What does the success story of Netflix demonstrate?

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

    Before analyzing data, what questions must analysts know how to answer?

    <p>How do we collect data? What kinds of data exist? Where is it coming from?</p> Signup and view all the answers

    What is the main advantage of primary data collection?

    <p>It provides data tailored to the research project</p> Signup and view all the answers

    Which of the following best describes secondary data?

    <p>Information previously collected and published for another purpose</p> Signup and view all the answers

    What is the role of measurement in the management adage, 'We can only manage what we can measure'?

    <p>Measurement precedes analysis and modeling</p> Signup and view all the answers

    What is the primary goal of collecting data through a designed experiment?

    <p>To observe the effect on dependent variables</p> Signup and view all the answers

    From which sources can secondary data be obtained?

    <p>Internal or external sources</p> Signup and view all the answers

    What is the main advantage of collecting primary data?

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

    Which method involves deliberately manipulating independent variables to observe the effect on a dependent variable?

    <p>Data generation through a designed experiment</p> Signup and view all the answers

    What is the defining characteristic of internal data?

    <p>It is collected by the company or its agents on behalf of the company</p> Signup and view all the answers

    What distinguishes information from data?

    <p>Information results from analyzing data to support evaluation and decision making</p> Signup and view all the answers

    What is the goal of establishing cause-and-effect relationships between variables under controlled conditions?

    <p>To extract meaning from data to support evaluation and decision making</p> Signup and view all the answers

    What is the primary goal of data collection through a designed experiment?

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

    In the context of business analytics, what does the success story of Netflix demonstrate?

    <p>The value of data as a valuable asset for sustainable competitive advantage</p> Signup and view all the answers

    What must analysts know how to answer before beginning to analyze data?

    <p>How do we collect data, what kinds of data exist, and where is it coming from</p> Signup and view all the answers

    What is the main advantage of primary data collection?

    <p>It can establish cause-and-effect relationships through designed experiments</p> Signup and view all the answers

    Which best describes the role of measurement in the management adage, 'We can only manage what we can measure'?

    <p>To highlight the importance of measurement in effective management</p> Signup and view all the answers

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