Question 1

Skittish and untrusting managers should realize that the first findings of analytics always reveal an optimal course of action.

Accepted Answer

Analytics often require iterative analysis and refinement to uncover insights, and initial findings may not always present the optimal course of action.

Question 2

A(n) _____ refers to a heads-up display of critical indicators that allow managers to get a graphical glance at key performance metrics.

Accepted Answer

A dashboard is the correct term for a visual display of critical indicators that allows managers to quickly view and understand key performance metrics.

Question 3

Data mining is leveraged by some firms to determine which products customers buy together, and how an organization can use this information to cross-sell more products or services. This area of application of data mining is referred to as:

Accepted Answer

Market basket analysis is a data mining technique used to understand the purchase behavior of customers by discovering which items are frequently bought together. This information helps firms in cross-selling by suggesting related products to customers based on their purchase history.

Question 4

While spreadsheets are popular tools, they cannot effectively be used for "what-if" analysis.

Accepted Answer

Spreadsheets, especially those with advanced features like Microsoft Excel, are widely used for "what-if" analysis through functionalities such as Scenario Manager, Goal Seek, and Data Tables, allowing users to explore and model various outcomes based on different assumptions.

Question 5

E-discovery refers to:

Accepted Answer

E-discovery is the process of identifying and retrieving relevant electronic information to support litigation efforts. This includes emails, documents, presentations, databases, voicemail, audio and video files, social media, and websites.

Question 6

_____ is the process of using computers to identify hidden patterns in and to build models from large data sets.

Accepted Answer

Data mining is the correct term for the process of using computers to discover hidden patterns and to build models from large datasets. This involves analyzing large blocks of information to discover patterns and relationships that can be used to make predictions or improve decision making.

Question 7

Every dollar spent on technology may lead to five to seven more dollars on____________.

Accepted Answer

The answer of Every dollar spent on technology may lead...

Question 8

OLAP technology is primarily used for transaction processing.

Accepted Answer

OLAP (Online Analytical Processing) is primarily used for complex analytical queries and data analysis, not for transaction processing, which is handled by OLTP (Online Transaction Processing) systems.

Question 9

Random occurrences in data mining results can be detected by dividing the data and building a model with one portion and using another portion to verify the results.

Accepted Answer

This technique, often referred to as cross-validation, helps in detecting random occurrences or overfitting by validating the model on a separate set of data, ensuring that the patterns found are not just random noise but are generalizable to new data.

Question 10

Addressing a data need to compete in business or address future goals is known as ____________.

Accepted Answer

The answer of Addressing a data need to compete in...

Question 11

Which of the following is not considered an advantage of Hadoop?

Accepted Answer

Hadoop is known for its flexibility, scalability, cost-effectiveness, and fault tolerance. However, it does not inherently provide a relational structure; instead, it is designed to handle large volumes of data in a variety of formats, including structured, semi-structured, and unstructured data. Relational structure is more characteristic of traditional database systems.

Question 12

_____ is a method of querying and reporting that takes data from standard relational databases, calculates and summarizes the data, and then stores the data in a special database called a data cube.

Accepted Answer

Online Analytical Processing (OLAP) is the correct answer because it involves querying and reporting techniques that extract and process data from standard relational databases, perform calculations and summarizations, and then store the processed data in a special format known as a data cube for easier analysis and reporting.

Question 13

What are data warehouses and data marts? What is their significance in terms of data organization?

Accepted Answer

The answer of What are data warehouses and data marts?...

Question 14

Addressing the data system housing, ware and networking requirements is known as ____________.

Accepted Answer

The answer of Addressing the data system housing, ware and...

Question 15

_____ put(s) users in control so that they can create custom reports on an as-needed basis by selecting fields, ranges, summary conditions, and other parameters.

Accepted Answer

Ad hoc reporting tools allow users to create custom reports based on their specific needs and preferences by selecting various parameters such as fields, ranges, and summary conditions, putting them in control of the reporting process.

Question 16

Why would a firm choose Hadoop for a big data project instead of using conventional relationial databases?

Accepted Answer

The answer of Why would a firm choose Hadoop for...

Question 17

What are the issues to be addressed in order to design, develop, deploy, and maintain data warehouses and data marts?

Accepted Answer

The answer of What are the issues to be addressed...

Question 18

Why do firms need to create separate data repositories for their reporting and analytics work?

Accepted Answer

Running analytics directly on transactional databases can significantly slow down the Transaction Processing System (TPS) due to the heavy load analytics processes usually require. This can affect the performance of day-to-day operations, which is why separate data repositories are often created for analytics purposes.

Question 19

A data cube refers to a:

Accepted Answer

A data cube is specifically designed for OLAP (Online Analytical Processing) reporting, which allows for complex analytical and ad-hoc queries with a rapid execution time. It is a multidimensional array of values used in data warehousing and business intelligence to represent data along multiple dimensions, making it easier to analyze and visualize data patterns and trends.

Question 20

_____ refer to databases focused on addressing the concerns of a specific problem or business unit.

Accepted Answer

Data marts are specialized subsets of a larger data warehouse, designed to focus on a specific subject area or business unit, making them the correct choice for databases addressing specific problems or business units.

Quiz 15: The Data Asset: Databases, Business Intelligence, Analytics, Big Data, and Competitive Advantage