Data Analytics in Accounting and Business

Which approach to data analytics attempts to reduce the amount of information that needs to be considered to focus on the most critical items?

Data reduction.

Which approach to data analytics attempts to identify similar individuals based on data known about them?

Similarity matching.

Which of the following best describes the data analytics skill of defining and addressing problems through statistical data analysis:

identify and implement an approach that will use statistical data analysis to draw conclusions and make recommendations on a timely basis

While accountants don't need to become data scientists, they must know how to do the following except:

Build a data repository

Which approach to data analytics attempts to assign each unit (or individual) in a population into a few categories?

Classification

Which approach to data analytics attempts to divide individuals into groups in a useful or meaningful way?

Clustering

Which approach to data analytics attempts to discover associations between individuals based on transactions involving them?

Co-occurrence grouping

Which approach to data analytics attempts to characterize the typical behavior of an individual, group or population by generating summary statistics about the data?

Profiling

Which of the following best describes the classification approach to data analytics?

An attempt to assign each unit (or individual) in a population into a few categories

Which of the following best describes the profiling approach to data analytics?

An attempt to characterize the typical behavior of an individual, group or population by generating summary statistics about the data

Which of the following best describes the co-occurrence grouping approach to data analytics?

An attempt to discover associations between individuals based on transactions involving them.

Which of the following best describes the clustering approach to data analytics?

An attempt to divide individuals into groups in a useful or meaningful way.

Which of the following best describes the regression approach to data analytics?

An attempt to estimate or predict, for each unit, the numerical value of some variable using some type of statistical model.

Which of the following best describes the similarity matching approach to data analytics?

An attempt to identify similar individuals based on data known about them.

Which of the following best describes the link prediction approach to data analytics?

An attempt to predict a relationship between two data items.

Which of the following best describes the data reduction approach to data analytics?

An attempt to reduce the amount of information that needs to be considered to focus on the most critical items.

The impact cycle includes all the following processes except:

Analyze the data.

The impact cycle includes all the following processes except:

Continuously track.

Which approach to data analytics attempts to predict a relationship between two data items?

Link prediction.

The impact cycle includes all the following processes except:

Predict the results.

Which approach to data analytics attempts to estimate or predict, for each unit, the numerical value of some variable using some type of statistical model?

Regression

Which of the following best describes the data analytics skill of data scrubbing and data preparation:

comprehend the process needed to clean and prepare the data before analysis

Which of the following best describes the data analytics skill of data analysis through data manipulation:

demonstrate ability to sort, rearrange, merge, and reconfigure data in a manner that allows enhanced analysis

With a goal to give organizations the information they need to make sound and timely business decisions, data analytics often involves all of the following except:

growth

Patterns discovered from ________ enable businesses to identify opportunities and risks and better plan for ________.

past archives; the future

Which of the following best describes the data analytics skill of descriptive data analysis:

perform basic analysis to understand the quality of the underlying data and its ability to address the business question

One of the most important aspects of data analytics that impacts tax is:

predictive analytics.

Which of the following best describes the data analytics skill of data quality:

recognize what is meant by data quality, be it completeness, reliability or validity

Which of the following best describes the data analytics skill of developing an analytics mindset:

recognize when and how data analytics can address business questions

Which of the following best describes the data analytics skill of data visualization and data reporting:

report results of analysis in an accessible way to each varied decision maker and their specific needs