Introduction to Data Analytics
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Questions and Answers

What is the first step in the data analytics process?

  • Making decisions based on insights
  • Identifying the problem (correct)
  • Cleaning the data
  • Gathering relevant data

    • Data become information when they reveal specific causes or results.

    True

    What do we gain when we learn from information?

    Knowledge

    Wisdom is acquired when knowledge is gathered over __________.

    <p>time</p> Signup and view all the answers

    Which of the following questions is NOT answered by data analytics?

    <p>What is the outcome of a lottery?</p> Signup and view all the answers

    What is the ultimate goal of data analytics?

    <p>To make informed decisions based on insightful data analysis.</p> Signup and view all the answers

    Match the concepts with their definitions:

    <p>Data = Raw figures and text for analysis Information = Data given meaning and context Knowledge = Understanding gained from information Wisdom = Informed decision-making based on accumulated knowledge</p> Signup and view all the answers

    When data is manipulated to discover trends, it can lead to actionable __________.

    <p>insights</p> Signup and view all the answers

    Which of the following best describes the primary responsibility of a data scientist?

    <p>Performing advanced mathematical analyses</p> Signup and view all the answers

    Data analysts typically have a formal education in data analysis.

    <p>True</p> Signup and view all the answers

    What is one common use of predictive analytics in marketing?

    <p>Targeted individualized marketing campaigns</p> Signup and view all the answers

    In manufacturing, demand forecasting is a core component of __________ planning.

    <p>manufacturing</p> Signup and view all the answers

    Match the following fields with their use of data analytics:

    <p>Retail = Pricing strategies and product placement Marketing = Predictive analytics for consumer behavior Supply Chain = Optimizing distribution costs Utilities = Predicting power demand</p> Signup and view all the answers

    Who performs most of the data analysis in organizations today?

    <p>Managers and business users</p> Signup and view all the answers

    The federal government collects census data once a year.

    <p>False</p> Signup and view all the answers

    What is one reason businesses use historical data for forecasting budgets?

    <p>To improve accuracy</p> Signup and view all the answers

    Which of the following is a role of financial investors?

    <p>Sift through company data to determine investment viability</p> Signup and view all the answers

    Scientists only collect data from laboratory experiments.

    <p>False</p> Signup and view all the answers

    What technique is used in medicine to determine factors influencing outcomes related to chronic diseases?

    <p>Data mining</p> Signup and view all the answers

    Law enforcement uses data analysis to identify patterns of ______ in order to allocate resources effectively.

    <p>crime</p> Signup and view all the answers

    Match the application with its relevance in analytics:

    <p>Financial Investors = Evaluate investment risks Scientists = Analyze experimental data Medicine = Identify chronic disease factors Fraud Prevention = Detect unusual activities</p> Signup and view all the answers

    Which application of analytics helps in sports?

    <p>Analyzing team and player statistics for strategies</p> Signup and view all the answers

    Analytics is only beneficial for business investments.

    <p>False</p> Signup and view all the answers

    What are the essential components needed for analytics methodology to work?

    <p>Enablers</p> Signup and view all the answers

    Which of the following is the first step in the analytics methodology?

    <p>Identify goals</p> Signup and view all the answers

    Data is only gathered from surveys in the analytics methodology.

    <p>False</p> Signup and view all the answers

    What is the term used to describe the technique of dividing data into more defined segments?

    <p>slicing and dicing</p> Signup and view all the answers

    The results from the analytics process are often presented in the form of a __________.

    <p>visualization</p> Signup and view all the answers

    Match the following steps in the analytics methodology with their descriptions:

    <p>Identify goals = Define the objectives of the analysis Gather data = Collect necessary information from various sources Apply model = Execute the analysis using the chosen model Review results = Assess the accuracy of the analysis outcomes</p> Signup and view all the answers

    What is a potential outcome of reviewing results during the analytics process?

    <p>Refinement of the model if results are not within acceptable parameters</p> Signup and view all the answers

    Data mining models are used only when the analysis goal is unique.

    <p>False</p> Signup and view all the answers

    What is one method for presenting findings from the analysis?

    <p>Tabular form</p> Signup and view all the answers

    What type of data is primarily associated with events like sales and purchases?

    <p>Transactional data</p> Signup and view all the answers

    Donna Vasant is primarily interested in evaluating profit margins and not new market opportunities.

    <p>False</p> Signup and view all the answers

    What is one question that Nina Kane, the U.S. Sales Manager, is concerned about?

    <p>How do I anticipate and compete with new competitors for market share in the prosumer bike market?</p> Signup and view all the answers

    The _______ Manager is responsible for shipping questions like how many orders have not shipped in time.

    <p>Shipping</p> Signup and view all the answers

    Match the following roles with their primary concerns:

    <p>Nina Kane = Competing for market share Donna Vasant = Identifying new markets Jessi Mard = Evaluating profit margins Peter Pollard = Improving manufacturing efficiency</p> Signup and view all the answers

    Which of the following is a potential new product mentioned for GBI?

    <p>Electric bike</p> Signup and view all the answers

    Peter Pollard focuses on how to encourage customers to pay more quickly.

    <p>False</p> Signup and view all the answers

    What does Tony Liu, the shipping personnel, track regarding order fulfillment?

    <p>Percentage of orders shipping within 24 hours of order receipt.</p> Signup and view all the answers

    Study Notes

    Overview of Data Analytics

    • Data analytics is a structured process aimed at transforming raw data into actionable insights for decision-making.
    • The process includes identifying problems, gathering relevant data, cleaning it, loading it into storage models, manipulating it for trends, and making decisions based on insights.

    Purpose of Data Analytics

    • Enables businesses to understand:
      • Historical performance (What has happened?)
      • Causes of events (Why did it happen?)
      • Future predictions (What could happen and with what certainty?)
      • Immediate actions to support or prevent future events.

    Data Transformation Process

    • Raw data consists of numbers and text used as the foundation for analysis (e.g., sales revenue).
    • Transition from data to information occurs when data identifies specific causes or results.
    • Knowledge is gained when insights are derived from information (e.g., understanding customer behavior related to purchasing).
    • Wisdom is developed over time through accumulated knowledge, aiding in effective decision-making.

    Roles in Data Interpretation

    • Data Scientist: Highly specialized with advanced math and computing skills.
    • Data Analyst: Focuses on analysis with a background in business and quantitative methods.
    • Business users, often managers, perform most data analysis despite limited formal education in the field.

    Applications of Data Analytics

    • Retail: Used for pricing strategies, product placement, and promotions.
    • Manufacturing: Demand forecasting is crucial for planning.
    • Marketing: Predictive analytics helps tailor individual marketing campaigns.
    • Supply Chain: Optimizes supplier selection and minimizes distribution costs.
    • Customer Service: Enhances service via analysis of past help tickets.
    • Forecasting & Budgeting: Historical data aids in creating accurate forecasts.
    • Government: Census data collection informs resource allocation and policy formulation.
    • Utilities: Predicts consumer demand for efficient power management.
    • Finance: Investors analyze data to assess investment risks.
    • Science & Medicine: Data collection during research identifies factors impacting health.
    • Sports: Performance data assists in strategy development.
    • Fraud Prevention: Analytic techniques detect unusual activity in transactions.
    • Law Enforcement: Identifies crime patterns for resource allocation.
    • Social Media: Data analytics can help verify information accuracy to combat fake news.

    Analytics Methodology

    • Enablers include technology, infrastructure, and tools; user training and authorizations are necessary for optimal use.
    • Key steps:
      • Identify goals: Define analytic objectives in measurable terms.
      • Gather data: Collect data relevant to business activities through various methods.
      • Design model: Choose the most appropriate analysis approach (includes slicing and dicing).
      • Apply model: Run the analysis and visualize results.
      • Review results: Validate findings against test data and refine if needed.
      • Present findings: Deliver results clearly, often in tabular or visual formats.

    Business Questions Examples

    • Sales Manager: Anticipation of competitor actions and customer motivation strategies.
    • Business Analyst: Exploration of new market opportunities and product innovations.
    • Controller: Assessing profit margins, operational efficiencies, and cash flow forecasting.
    • Production Manager: Evaluating manufacturing processes for efficiency and quality.
    • Shipping Personnel: Monitoring order fulfillment timeliness and identifying shipping issues.

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    Description

    This quiz explores the fundamental concepts of data analytics. It covers the essential steps from identifying problems to making data-driven decisions. Understand how data transformation leads to actionable insights and their significance in various fields.

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