Recent

  • Show all results for ""
Introduction to Data Analytics
40 Questions
1 Views

Introduction to Data Analytics

Created by
@TopsFlashback

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.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    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.

    More Quizzes Like This

    Big Data Analytics Insights Quiz
    12 questions

    Big Data Analytics Quiz Questions and Answers

    PlentifulDecagon avatar
    PlentifulDecagon
    VL 1.1 Business Analytics: Big Data & Statistics
    30 questions

    VL 1.1 Business Analytics: Big Data & Statistics

    BestSellingIntellect avatar
    BestSellingIntellect
    Big Data Processing and Analytics Overview Quiz
    10 questions

    Big Data Processing and Analytics Overview Quiz

    UnmatchedNurture avatar
    UnmatchedNurture
    Big Data Analytics - Introduction
    20 questions

    Big Data Analytics - Introduction

    GodlikeVariable avatar
    GodlikeVariable
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser