Deck 18: Introducing Business Analytics

Question 1

Thanks to predictive analytics, a retail grocer has a better idea of who his customers are, in terms of behavior and spending power, which can be aligned with promotional campaigns.

Answer 1

True

Question 2

It is a good idea to include potentially irrelevant data so that the business analytics organization can identify meaningful data and reach proper conclusions.

Answer 2

True

Question 3

Predictive analytics is restricted to business forecasting.

Answer 3

False

Question 4

The process of business analytics starts with questions posed by decision makers, followed by more detailed questions until an "answer" is hopefully found.

Question 5

An important component of Power BI's capability includes data visualization.

Question 6

Usually the early output from the business analytics effort generates an "answer".

Question 7

Descriptive analytics and statistical analysis are two categories of business analytics.

Question 8

Power BI Desktop is one of several Power BI platforms developed by Microsoft that enable users to create, share, and use information embedded in the data available to their organization.

Question 9

An important outgrowth of descriptive analytics has been the expanded use of dashboards, which provide historical summaries of key performance indicators for an organization.

Question 10

Business intelligence uses the same methods as business analytics.

Question 11

Predictive analytics can identify patterns and relationships in the data that allow decision makers to forecast a behavior or action between independent indicator variables and a dependent variable of interest.

Question 12

Descriptive analytics combined with analysis through sophisticated statistical software can provide analysts with both visual and numerical tools to examine relationships in data.

Question 13

We define business analytics as the transformation of large and complex data sets into information that is useful for making decisions.

Question 14

Forecasting methods are applied to data to answer questions about will happen.

Question 15

Business intelligence is the process of collecting data from inside or outside an organization that are thought to relate to or influence the performance of the organization.

Question 16

High-level key performance indicator (KPIs) measure the success of an organization's subunits (departments, centers, etc.) while low-level KPIs measure the overall performance of the organization.

Question 17

The dashboards can provide powerful real time displays used to access multiple levels below high- level metrics.

Question 18

Business analytics offers powerful ways of digging through data to examine relationships to a far greater extent than was possible in the past.

Question 19

Business analytics methods can examine data using deeper methods of analysis in order to draw conclusions about relationships.

Question 20

Business analytics can provide answers to unknown questions.

Question 21

A single graph, chart, or table is referred to as a tile in Power BI.

Question 22

Visualizations in Power BI can include the following:

A) Maps
B) Tables
C) Charts
D) All of the above

Question 23

Dashboards display real-time graphic and numerical displays where most commonly, the most important information is the largest visual and most often displayed on the lower corner.

Question 24

Power BI can import a wide range of data including Excel work-books and CSV files, and a range of databases including Access, SQL, and Sybase.

Question 25

Microsoft Power BI has the capability to pull information from multiple data tables if those tables are related. Which of the following defines how those tables are related to each other?

A) Power BI checks to see if the file names are the same.
B) Power BI checks to see if the rows and columns are the same size for the tables.
C) Power BI autodetects relationships by checking variable names (Fields) to see if there is a match.
D) Power BI checks to see if the author of the files are the same.

Question 26

Discuss the differences between business analytics and business intelligence.

Question 27

There is no specific way to create a dashboard in Power BI but there are some commonly accepted practices. List three of them.

Question 28

Measures are a feature of Power BI that allows you to

A) visualize created variables.
B) perform calculations such as sums and averages on your data when you interact with the visuals that have been created.
C) related variables from multiple data tables.
D) All of the above

Question 29

The Dashboard shown below in the Power BI Desktop is displaying

A) files.
B) a desktop.
C) a report.
D) tiles.

Question 30

Power BI has five key components. List the components along with a brief description of each.

Question 31

Power BI allows you to create a report that offers multiple perspectives on the data analyzed. One thing that Power BI cannot do is

A) visualize the data.
B) perform calculations such as sums and averages on your data.
C) allow more than one report to be opened at a time.
D) All of the above

Question 32

One of the disadvantages of business analytics software such as Microsoft Power BI is its inability to pull information from multiple data tables.

Question 33

Which of the following are types of data that can be imported into Power BI?

A) a single chart
B) html files
C) CSV files
D) databases including Access, SQL, and Sybase

Question 34

Fill in the blank: A Power BI report includes ________.

A) single or multiple pages
B) visual items that relate to each other
C) A & B
D) no visual items

Question 35

Although a key component of business intelligence is gathering data that are relevant to the decision makers in your organization, it is considered to be a good idea to include extra potentially irrelevant data. Why?

Question 36

Once you save your work as a Power BI Desktop file, it is considered to be a

A) file.
B) desktop.
C) report.
D) tile.

Question 37

Describe the difference between descriptive analytics and predictive analytics.

Question 38

Which of the following is not a component of Power BI?

A) Reports
B) Visualizations
C) Automatic Analysis
D) Dashboards

Question 39

Using Power BI, you can create a new variable from existing variables as long as

A) the new variable is created from variables that exist either in the same data table or data tables that are related with no restriction on how many variables can be combined.
B) the new variable is created from new information.
C) the new variable is created from existing variables from unrelated data tables.
D) the new variable is created from existing variables either in the same data table or data tables that are related with the restriction that no more than two variables can be combined.

Question 40

For multiple tables that are related, Power BI can draw from two or more of them at the same time to create

A) visualization tiles.
B) reports.
C) dashboards.
D) All of the above

Question 41

Business analytics is typically divided into two categories. Identify and describe each of the categories in addition to a possible third category.

Question 42

The figure below displays the process of creating a new variable to be used in analyzing data in the Power BI desktop. Describe the specific measure being created, identifying each part of the formula: ProfitMargin = ProductData[ListPrice] - ProductData[StandardCost]

Question 43

A Key Performance Indicator (KPI) is a measure of how well an organization is achieving its most important business objectives. Identify at least three.

Question 44

To create a new variable in Power BI, the managers can use the DAX (Data Analysis Expressions) programming language. Describe how DAX is similar to formulas in Excel and what the term RELATED means.

Question 45

A 2010 white paper published by Oracle called "Predictive analytics: Bringing the tools to the data" presents a nice way of organizing the predictive analytics tools. A good predictive analyst uses fairly advanced mathematics and statistics along with special software. Identify a minimum of three predictive analytics functions or techniques identified through this white paper.

Question 46

Predictive analytics is a growing field and can be of potential value to organizations in what type of situations? Identify at least two.

Question 47

We can create new measures in the Power BI desktop from original variables in our data set or from variables that we created earlier. Let's say we need to create a variable in the SalesData table called Order Cost which represents the OrderQty variable from the SalesData table multipled by the StandardCost variable in the related ProductData table. The DAX com-mand to do this is:

Question 48

Describe in two specific examples how predictive analytics are used to understand a current business situation and then use this knowledge to help determine a future result.