Question 1

Future Video, a gaming company, is awaiting a marketing survey that will tell them how well and in what markets their latest game console is selling.The VP of Marketing has to develop contingency plans for the investors based upon this information.What type of analytics would the VP most likely be using?
A)descriptive
B)visual
C)prescriptive
D)time-series
E)volume

Accepted Answer

Prescriptive analytics would be used in this scenario because it involves analyzing data to determine the best course of action to take in the future. The VP of Marketing is looking to develop contingency plans based on the survey results, which is a forward-looking strategy that prescriptive analytics supports by suggesting decisions to benefit from the predictions.

Question 2

Simulation, statistical modeling, time-series and regression are topics in ____________.
A)predictive analytics
B)prescriptive analytics
C)data visualization
D)network analytics
E)information graphics

Accepted Answer

Simulation, statistical modeling, time-series, and regression are all techniques commonly used in the field of predictive analytics, which involves modeling and forecasting future outcomes based on historical data. Prescriptive analytics is more focused on recommending optimal courses of action based on data analysis, while data visualization and information graphics are more concerned with presenting data in a visually appealing and informative way. Network analytics, on the other hand, involves analyzing and modeling complex networks of interrelated data. Simulation, statistical modeling, time-series and regression are all techniques used in predictive analytics, which involves using data to make predictions or forecast future outcomes. Prescriptive analytics involves using data to make recommendations or decisions, while data visualization and information graphics are more focused on presenting data in a visual format. Network analytics involves analyzing the relationships and interactions between entities in a network.

Question 3

Which of the following would not be a potential source of data for a furniture manufacturing business?
A)Timber production
B)Social media
C)Customer purchases
D)Operations data
E)Dietary data

Accepted Answer

Dietary data has no relevance to a furniture manufacturing business and would not be a potential source of data. Timber production data would provide information on the availability and price of wood, social media data would provide insights on customer preferences and feedback, customer purchase data can inform product design and marketing strategy, and operations data can help optimize efficiency and reduce costs. Dietary data has no relevance or connection to a furniture manufacturing business, making it an unlikely source of data. The other options, timber production, social media, customer purchases, and operations data, could all potentially provide useful data for a furniture manufacturing business.

Question 4

The need for new methodologies and processing techniques regarding business data has arisen because _____________
A)big data sources have become too large and complex.
B)privacy issues related to business data sources.
C)national security concerns regarding data sources.
D)the lack of industry needs for big data sources.
E)decrease in availability of data.

Accepted Answer

The growth of big data sources has made traditional processing techniques insufficient to handle the size and complexity of the data. New methodologies and processing techniques are needed to efficiently analyze and make use of the vast amount of data available. The need for new methodologies and processing techniques has arisen because big data sources have become too large and complex, making traditional methods of analysis and processing insufficient.

Question 5

An international social media company stores approximately 300 billion images and 1.2 trillion posts.Given just this information, which of the vectors of big data is the most likely focus of this company's data collection?
A)Volume
B)Velocity
C)Variety
D)Veracity
E)Visualization

Accepted Answer

The company's data collection is focusing on the Volume vector of big data as it is storing a massive amount of images and posts. The amount of data mentioned, 300 billion images and 1.2 trillion posts, clearly indicate a very large volume of data.

Question 6

The category of business analytics that is often used to optimize the performance of a system in the business would be __________.
A)Descriptive
B)Prescriptive
C)Metric
D)Predictive
E)Mining

Accepted Answer

The answer of The category of business analytics that is...

Question 7

Data visualization is a strategy used to:
A)help analysts see the data points
B)convey information as a visual object
C)arrange data so that it can be imported into a statistical analysis program
D)plan a research project
E)transform data into inferential statistics

Accepted Answer

Data visualization is the representation of data in a visual or graphical format. It helps to convey information as a visual object, making it easier to understand and analyze. It is a strategy used to present data in a more compelling and effective way. Data visualization is the process of presenting data in a graphical or pictorial format that makes it easier to interpret and understand. By presenting data visually, it is easier to identify patterns, relationships, and trends that may not be immediately apparent from a table or list of numbers. Therefore, data visualization helps to convey information as a visual object.

Question 8

The potential misuse of statistical data relates to the area of:
A)statistical inference
B)computer interpretation
C)descriptive analytics
D)business ethics
E)nonparametric behavior

Accepted Answer

The potential misuse of statistical data raises ethical concerns in business and society. It involves the appropriate use, dissemination, and interpretation of statistical information to ensure that it is not used to deceive or manipulate individuals or groups. Therefore, business ethics is the area that relates to the potential misuse of statistical data.

Question 9

The CIO for a large hospitality business has been inundated with information and data regarding customer needs and spending preferences.However, her in-house data analytics team has advised her that what she really needs is to develop an understanding of relationships.With this knowledge she should will be able to recognize new patterns and undiscovered trends.This category of analytics is called ___________.
A)predictive
B)prescriptive
C)descriptive
D)statistical inference
E)production

Accepted Answer

The answer of The CIO for a large hospitality business...

Question 10

Online retailers are consistently pursuing new ways to improve market share and establish better relations with customers.One of the most common methods is to provide recommendations when customers place an order based upon similar or complementary items.These most likely patterns in purchases would most be an example of what type of analytics?
A)predictive
B)data mining
C)financial
D)descriptive
E)time sensitive

Accepted Answer

The answer of Online retailers are consistently pursuing new ways...

Question 11

If a company receives a lot of data within a short amount of time, then the data has both ________ and ________.
A)variety, velocity
B)velocity, veracity
C)veracity, volume
D)velocity, volume
E)variety, veracity

Accepted Answer

The term "velocity" refers to the speed at which data is being generated, whereas the term "volume" refers to the amount of data being generated. Therefore, if a company receives a lot of data within a short amount of time, it has both high velocity and high volume. Velocity refers to the speed at which data is received or processed, while volume refers to the amount of data received. Therefore, if a company receives a lot of data within a short amount of time, the data has both velocity and volume.

Question 12

Predictive analytics focus on how past patterns might occur in the future.These analyses often rely on patterns that are _______ the future.
A)repeated into
B)decreasing in
C)increasing in
D)steady in
E)extrapolated into

Accepted Answer

Predictive analytics often rely on extrapolating past patterns into the future, assuming that similar patterns will continue to occur. Predictive analytics often extrapolate past patterns into the future by recognizing recurring trends and using statistical techniques to estimate how those trends might continue in the future.

Question 13

A company has collected data that they believe will help them identify the characteristics of their top customers.After some analysis, it is discovered that they need data on the age and income of these customers.Therefore, the company needs data that has more ____________
A)variety
B)velocity
C)customers
D)veracity
E)purchases

Accepted Answer

Response: See section 1.3 Introduction to Business Analytics

Question 14

Big data can be seen as a large amount of either organized or unorganized data that is analyzed to _________________:
A)confirm and justify a decision.
B)disprove and refute an assumption.
C)make an informed decision or evaluation.
D)structure and design a methodology.
E)process and eliminate.

Accepted Answer

The answer of Big data can be seen as a...

Question 15

A company wishes to establish a system that can continually and automatically process new data to improve recommendations and provide better decision options, you are likely dealing in the area of ______________.
A)prescriptive analytics
B)extracting analytics
C)visualization
D)tableau-produced bar analytics
E)descriptive analytics

Accepted Answer

Prescriptive analytics involves using data, statistical algorithms, and machine learning techniques to identify the best course of action for a given situation. It involves continually processing new data to improve recommendations, making it the best choice for the given scenario. Prescriptive analytics involves utilizing advanced algorithms and computational methods to continually analyze and improve data in real-time to provide better recommendations and decision options. This process is often automated to enhance efficiency and speed. Therefore, this option is the most appropriate for the given scenario.

Question 16

A business manager has access to a large data set that includes complex information that would be difficult to process with traditional data management.These data would be referred to as __________,
A)big data
B)business data
C)mega data
D)business analytics
E)mined data

Accepted Answer

The term "big data" is commonly used to describe data sets that are too big, too complex, or too rapidly changing for traditional data processing techniques to handle. This includes data from various sources such as social media, sensor networks, and online transactions. The term "big data" refers to large and complex data sets that cannot be easily processed using traditional data management tools and techniques.

Question 17

If a company is concerned that data they have received may contain some false information they are concerned about the _________ of the data.
A)variety
B)veracity
C)volume
D)velocity
E)valorous

Accepted Answer

Veracity refers to the accuracy or truthfulness of the data. If a company is concerned that the data they have received may contain false information, they are specifically concerned about the veracity of the data.

Question 18

By transforming data from social media and competitors, an analyst was able to identify a relationship between an increase in the number of positive online comments about the company and negative marketing ads from its competitors.This relationship was most likely found through _____________ .
A)the process of data visualization
B)the production of data
C)the process of data elimination
D)the process of data mining
E)the managing of data mining

Accepted Answer

The analyst was able to identify this relationship through the process of data mining, which involves extracting knowledge or insights from large amounts of data. The analyst likely used data mining techniques such as association analysis to find patterns or relationships between the increase in positive online comments and negative marketing ads from competitors. The relationship between an increase in the number of positive online comments about the company and negative marketing ads from its competitors was most likely found through the process of data mining. This involves using techniques such as machine learning and statistical algorithms to analyze large amounts of data and extract patterns or relationships.

Question 19

A company uses business analytics to focus on the best course of action within specific circumstances.This would fit within which category of business analytics?
A)Descriptive
B)Predictive
C)Metric
D)Prescriptive
E)Mining

Accepted Answer

The company is using business analytics to determine the best course of action, which fits within the prescriptive category of business analytics. Prescriptive analytics involves using data, statistical algorithms, and machine learning techniques to identify the best action to take in a given situation. Prescriptive analytics involves using data to determine the best course of action in a given situation. It goes beyond descriptive and predictive analytics by providing recommendations and simulations for decision-making. Therefore, using business analytics to focus on the best course of action would fall within the category of prescriptive analytics.

Question 20

A business manager is looking to hire someone who can use large data sets to create business models that can then be used to help the manager make better decisions.The manager is looking to hire someone with _____________.
A)mathematics skills
B)science skills
C)business analytics skills
D)qualitative analysis skills
E)business decision skills

Accepted Answer

The manager is specifically looking for someone who can use large data sets to create business models for better decision-making. This indicates a need for someone with business analytics skills, as this involves using technical and analytical tools to interpret large sets of data and generate insights to inform decision-making. While mathematics and science skills can be helpful in this field, the key skillset being sought is business analytics. Qualitative analysis skills and business decision skills are also important, but are not the primary focus indicated in the question. Business analytics skills are specifically focused on using large data sets to create models and help businesses make better decisions. While mathematics and science skills may be useful in this field, they are not as directly relevant to the task at hand. Qualitative analysis skills and business decision skills are important, but they do not necessarily involve working with large data sets and creating models.

Quiz 1: Introduction to Statistics

Simulation, statistical modeling, time-series and regression are topics in ____________.

Which of the following would not be a potential source of data for a furniture manufacturing business?

The need for new methodologies and processing techniques regarding business data has arisen because _____________

An international social media company stores approximately 300 billion images and 1.2 trillion posts.Given just this information, which of the vectors of big data is the most likely focus of this company's data collection?

The category of business analytics that is often used to optimize the performance of a system in the business would be __________.

Data visualization is a strategy used to:

The potential misuse of statistical data relates to the area of:

If a company receives a lot of data within a short amount of time, then the data has both and .

Predictive analytics focus on how past patterns might occur in the future.These analyses often rely on patterns that are _______ the future.

A company has collected data that they believe will help them identify the characteristics of their top customers.After some analysis, it is discovered that they need data on the age and income of these customers.Therefore, the company needs data that has more ____________

Big data can be seen as a large amount of either organized or unorganized data that is analyzed to _________________:

A company wishes to establish a system that can continually and automatically process new data to improve recommendations and provide better decision options, you are likely dealing in the area of ______________.

A business manager has access to a large data set that includes complex information that would be difficult to process with traditional data management.These data would be referred to as __________,

If a company is concerned that data they have received may contain some false information they are concerned about the _________ of the data.

By transforming data from social media and competitors, an analyst was able to identify a relationship between an increase in the number of positive online comments about the company and negative marketing ads from its competitors.This relationship was most likely found through _____________ .

A company uses business analytics to focus on the best course of action within specific circumstances.This would fit within which category of business analytics?

A business manager is looking to hire someone who can use large data sets to create business models that can then be used to help the manager make better decisions.The manager is looking to hire someone with _____________.