Question 1

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 ____________

Accepted Answer

The company needs data with more variety because they are looking to add different types of information (age and income) to their analysis. Variety refers to the different kinds of data types and sources that can be used for analysis.

Question 2

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 ______________.

Accepted Answer

Prescriptive analytics involves using data and models to identify the best course of action for a given situation. It fits the description of a system that processes new data to improve recommendations and provide better decision options.

Question 3

A software package defined as a category of computer graphics products used to create graphical displays and interfaces for software applications would be used in ______________.

Accepted Answer

Data visualization is the process of creating graphical displays of information and data. A software package designed for creating graphical displays and interfaces would be used primarily in data visualization to help users understand trends, outliers, and patterns in data.

Question 4

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

Accepted Answer

When a company receives a lot of data quickly, it deals with high velocity (speed of data arrival) and high volume (amount of data).

Question 5

If an analyst needed to explain the primary differences between data variety and volume, they would most likely say that variety was related to ___________ while volume was related to __________.

Accepted Answer

Variety in data refers to the different types of data (structured, unstructured, semi-structured) and sources, indicating the diversity in the nature of data. Volume, on the other hand, refers to the quantity or size of the data being processed or stored.

Question 6

Which best describes veracity?

Accepted Answer

Veracity refers to the quality of being true, accurate, or trustworthy, which means the data are credible.

Question 7

After acquiring a major investment firm, managers of the acquiring company needed a process to transform the mountains of the acquired company's data into useful business information.This can be done with _________________.

Accepted Answer

Data mining is the process used to transform large amounts of data into useful business information. It involves analyzing data patterns in large batches of data using one or more software.

Question 8

Which if the following best defines predictive modeling?

Accepted Answer

Predictive modeling is a statistical technique used to predict future outcomes by analyzing the relationships among variables. It involves using historical data to develop a model that can forecast future trends, behaviors, or events based on current or past data.

Question 9

During her lecture Professor Lewis stated that extracting and storing data will not ensure business value.The use of big data requires that the user _____________.

Accepted Answer

The key to deriving business value from big data lies in the ability to extrapolate important insights from the data, which can then inform decision-making and strategy. Simply collecting or storing data without analyzing it to gain actionable insights does not add value to a business.

Question 10

A database management software system is needed for big data to enable users to __________________.

Accepted Answer

A database management software system is primarily designed to define, create, maintain, and control access to the database, which is essential for managing big data efficiently.

Question 11

Most traditional introductory statistics courses focus instruction in the area of ___________.

Accepted Answer

Most traditional introductory statistics courses focus on descriptive analytics, which involves summarizing and interpreting data to describe patterns, trends, and relationships within a dataset.

Question 12

Utilizing visual technology to convey information to a diverse audience with a wide range of backgrounds would be an example of _______________.

Accepted Answer

Data visualization is the process of representing data or information in graphical or visual form, making it easier for a diverse audience to understand and interpret complex information regardless of their background.

Question 13

If an analyst needed to explain the primary differences between data velocity and veracity, they would most likely say that velocity was related to ___________ while veracity was related to __________.

Accepted Answer

Velocity refers to the speed at which data is generated and processed, while veracity refers to the accuracy and reliability of the data.

Question 14

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

Accepted Answer

These topics are all part of predictive analytics, which focuses on using historical data to make predictions about future events.

Question 15

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

Accepted Answer

The potential misuse of statistical data is primarily related to business ethics, as it involves the ethical considerations and responsibilities in the collection, analysis, and presentation of data to avoid misleading or deceptive practices.

Question 16

The business phrase "garbage in, garbage out" would most likely be attributed to _____________.

Accepted Answer

The phrase "garbage in, garbage out" refers to the concept that the quality of output is determined by the quality of the input. In the context of data, it emphasizes the importance of the veracity (or truthfulness) of data. If inaccurate or poor-quality data is input into a system, the output will also be flawed.

Question 17

Consumer information, financial reports, supply chain and human resource information are examples of ____________.

Accepted Answer

These examples are all types of big data, which refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.

Question 18

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

Accepted Answer

Veracity refers to the accuracy and truthfulness of data, which aligns with the concern over false information.

Question 19

Volume, variety, velocity and veracity are four important characteristics associated with _____________.

Accepted Answer

Volume, variety, velocity, and veracity are known as the four Vs of big data, describing the main characteristics of data sets that are so large or complex that traditional data processing applications are inadequate.

Question 20

The process of finding data from numerous sources can be defined as ________________.

Accepted Answer

Data extraction is the process of retrieving data from various sources for further processing or storage.

Quiz 1: Introduction to Statistics and Business Analytics