Question 1

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 __________,

Accepted Answer

Big data refers to large, complex data sets that are difficult to process using traditional data management tools or processing applications.

Question 2

The last three steps of data mining are:

Accepted Answer

The last three steps of data mining involve making the processed data available for use. "Load" refers to the process of loading the data into a data warehouse or database. "Manage" involves ensuring the data is accurate, consistent, and accessible. "Make available to others" is about providing access to the data for analysis and decision-making. The other options list steps that are part of the earlier stages of data processing or are not typically described as the final steps in data mining.

Question 3

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?

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 4

Data visualization is a strategy used to:

Accepted Answer

Data visualization is primarily used to convey information as a visual object, making it easier to understand and interpret data.

Question 5

A company is concerned that the data it has acquired has become so large that its practical use is severely limited)They decide to extract patterns from its present data, increasing its essential value)This would be an example of:

Accepted Answer

Data mining involves analyzing large sets of data to discover patterns, trends, and relationships that can be used to make decisions or predictions, which is what the company is aiming to do by extracting patterns from its large dataset to increase its value.

Question 6

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 ___________.

Accepted Answer

Predictive analytics focuses on identifying patterns and trends in data to forecast future outcomes, which aligns with the CIO's need to recognize new patterns and undiscovered trends.

Question 7

The ultimate goal of data mining is

Accepted Answer

The ultimate goal of data mining is to make data accessible and usable to the business analyst, enabling them to extract meaningful patterns, trends, and insights from large datasets.

Question 8

Which is not a primary goal of data mining.

Accepted Answer

The primary goals of data mining include turning raw data into useful information, discovering and interpreting patterns in data, converting data into forms that are useful for business decisions, and making data accessible to analytics users. Deriving results that build a consensus is not typically considered a primary goal of data mining, as the focus is more on uncovering patterns, trends, and correlations in data rather than achieving agreement among different parties.

Question 9

Bubble charts where the size of each bubble refers to that item's size compared to the various other items shown, are examples of:

Accepted Answer

Bubble charts are a form of data visualization used to display three dimensions of data. The position of the bubble represents two dimensions, and the size of the bubble represents the third dimension, showing the relative size of data points to each other.

Question 10

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

Accepted Answer

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

Question 11

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

Accepted Answer

Dietary data is not directly relevant to a furniture manufacturing business, as it does not impact the design, production, or sale of furniture.

Question 12

Which of the following is not true regarding data mining

Accepted Answer

Data mining is primarily used for discovering patterns and knowledge from large amounts of data, not just to confirm a preconceived hypothesis.

Question 13

The CFO of a mid-level investment firm reports that the company has lost thousands of dollars through its data mining process due to poor data accuracy and quality.She is addressing an issue related to:

Accepted Answer

Veracity refers to the quality and accuracy of data. The CFO's concern about losses due to poor data accuracy and quality directly relates to issues with veracity in their data mining process.

Question 14

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 _____________ .

Accepted Answer

The process of data mining involves analyzing large sets of data to discover patterns, trends, and relationships that are not immediately apparent. In this scenario, the analyst used data mining to uncover a relationship between positive online comments and competitors' negative ads.

Question 15

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

Accepted Answer

The complexity and volume of big data have increased, necessitating new methodologies and processing techniques to effectively manage and analyze it.

Question 16

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:

Accepted Answer

Predictive analytics involves using data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. In this case, recommending products based on similar or complementary items is an example of predicting customer behavior.

Question 17

In a speech, the COO commented on the changes that had taken place in the industry, specifically the amount of information decision makers have available.This is primarily referring to an area called:

Accepted Answer

The COO's comment on the changes in the industry, specifically regarding the amount of information available to decision makers, primarily refers to "big data." Big data is a term that describes the large volume of data – both structured and unstructured – that inundates businesses on a day-to-day basis. This concept is central to understanding the changes in how decisions are made, as it emphasizes the scale and complexity of the data that organizations now have to handle.

Question 18

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?

Accepted Answer

The focus is on "Volume" because the mention of "300 billion images and 1.2 trillion posts" highlights the massive amount of data, which is a key characteristic of the Volume vector in big data.

Question 19

A CEO wants to depict information in creative ways by effectively using bars charts and line graphs.This strategy is an example of ____________:

Accepted Answer

Data visualization is the process of representing data in graphical formats such as bar charts and line graphs to communicate information clearly and efficiently.

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 _____________.

Accepted Answer

Business analytics skills are essential for using large data sets to create business models, which in turn help in making better business decisions. This involves understanding and applying statistical analysis and modeling techniques to data, which is exactly what the manager is looking for.

Quiz 1: Introduction to Statistics and Business Analytics