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"________ ", " ________," and " __________ " are the three broad categories of analytics techniques designed to extract value from data?

"descriptive" " predictive" and "prescriptive" Note: You do not need to add the word 'analytics' in your responses.

Business analytics translates data into decisions to improve business performance through - descriptive statistics - quantitative tools - qualitative reasoning - data mining

- quantitative tools - qualitative reasoning

Which term describes a compilation of facts, figures or other contents, both numerical and nonnumerical? - Data - Knowledge - Information

ANSWER: Data - Knowledge o Reason: We use a blend of DATA, contextual information, experience and intuition to derive knowledge from data and information - Information o Reason: Information is DATA that has been organized, analyzed and processed in a meaningful and purposeful way

Which of the following is true of structured data? - Most experts agree that only about 5% of all data used in business decisions are structured data. - Data does not conform to a predefined, row-column format - Point-of-sale and financial data are examples of structured data - Social media data such as Twitter, YouTube, Facebook, and blogs are examples of structured data

Answer: - Point-of-sale and financial data are examples of structured data - Most experts agree that only about 5% of all data used in business decisions are structured data. o Reason: Most experts agree that only about 20% of all data used in business decisions are structured data. - Data does not conform to a predefined, row-column format o Reason: This is true of unstructured data - Social media data such as Twitter, YouTube, Facebook, and blogs are examples of structured data o Reason: Social media data such as Twitter, YouTube, Facebook, and blogs are examples of unstructured data

Of the following numerical variables, which is continuous?

Answer: - Time in minutes - Number of goals scored - number of children - number of books

True or false: When defining the 3 Vs which are defining characteristics of big data, 'velocity' refers to the immense amount of data compiled from a single source or a wide range of sources. - True - False

Answer: - False - True o Reason: 'Velocity' refers to the fact that data from a variety of sources gets generated at a rapid speed.

Which of the following represent reasons that sampling is used to collect data? - Researchers are lazy - Population data is expensive - Researchers do not want to invest the time in collecting data - Obtaining all the population data is difficult, if not impossible

Answer: - Population data is expensive - Obtaining all the population data is difficult, if not impossible - Researchers are lazy o Reason: Obtaining population data is expensive and difficult - Researchers do not want to invest the time in collecting data o Reason: Sometimes obtaining population data is impossible

Researchers were interested in the season records of the Major League baseball teams, including the Los Angeles Dodgers, and the Cincinnati Reds Baseball team. Researchers collected the data at the end of the season. This sample data collection method is considered to be: - Population data - Cross-sectional data - Time Series Data

Answer: - Time Series Data - Population data o Reason: Cross sectional data refer to data collected by recording a characteristic at the same point in time. - Time Series Data o Reason: Cross sectional data refer to data collected by recording a characteristic at the same point in time.

A massive volume of both structured and unstructured data that is extremely difficult to manage, process, and analyze is known by which catch phrase?

Big Data

A massive volume of both structured and unstructured data that is extremely difficult to manage, process, and analyze is known by which catch phrase?

Big data

The length off fishes in a pond is what type of variable?

Continuous numerical

The time in minutes to travel from City A to City B is what type of variable?

Continuous numerical

The weight of professors in a university is what type of variable? - distraction - continuous numerical - categorical - discrete numerical

Continuous numerical - There are only 2 types of numerical variables, discrete or continuous. Continuous numerical represents the uncountable variables between intervals, thus best case for this example.

Mary asks her friends on Facebook for recommendations for the best restaurants in Chicago. The results are then placed in a table for review. What does the data represent?

Cross-sectional data

The following is an example of which markup language? <table> <tr> <th> Inventory_Nbr </th> <th> Inventory Description </th> </tr> </table>

HTML

Of the following numerical variables, which is continuous? - number of children - number of goals scored - number of books - height

Height - Continuous variables are characterized by uncountable values within an interval. Thus, height offers the possibility of half and partial numbers between whole numbers.

Which of the following broad categories is not a type of analytic technique?

Manipulative analytics - Descriptive, predictive, and prescriptive are the three broad categories of analytic technique.

Which one is a drawback of interval-scaled data?

The zero point is arbitrarily chosen

In big data, the most important aspect of any analytic initiative is _______.

Values

What term refers to the credibility and quality of data?

Veracity

Research suggests that depression significantly increases the risk of developing dementia later in life. Suppose that in a study involving 949 elderly persons, it was found that 22% of those who had depression went on to develop dementia, compared to only 17% of those who did not have depression. a. Choose the relevant population and the sample. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) - The sample consists of 949 younger people. - The population is all younger people. - The population is all elderly people. - The sample consists of 949 elderly people. b. Are the numbers 22% and 17% associated with the population or a sample? - Population parameters - Sample statistics

a. - The population is all elderly people. - The sample consists of 949 elderly people. b. Sample statistics Explanation a.The population is all elderly people. The sample consists of 949 elderly people. b.22% and 17% represent the sample statistics.

The following table lists the population, in millions, in India and China, the two most populous countries in the world, for the years 2013 through 2017. a. Which of the following options best reflects the data that is organized in a fixed-width format? A. Year India China 2013 1278.56 1357.38 2014 1293.86 1364.27 2015 1309.05 1371.22 2016 1324.17 1378.67 2017 1339.18. 1386.40 b. Which of the following options best reflects the data that is organized in a delimited format? B. Year,India,China 2013,1278.56,1357.38 2015,1309.05,1371.22 2016,1324.17,1378.67 2017,1339.18,1386.40

a. A = spaces b. B = commas

Which of the following variables are categorical and which are numerical? If the variable is numerical, then specify whether the variable is discrete or continuous. a. Colors of cars in a mall parking lot. Categorical Numerical; discrete Numerical; continuous b. Time it takes each student to complete a final exam. Categorical Numerical; discrete Numerical; continuous c. The number of patrons who frequent a restaurant. Categorical Numerical; discrete Numerical; continuous

a. categorical b. numerical; continuous c. numerical; discrete

In each of the following scenarios, select the appropriate scale of measurement. a. An investor collects data on the weekly closing price of gold throughout the year. Nominal Ordinal Interval Ratio b. An analyst assigns a sample of bond issues to one of the following credit ratings, given in descending order of credit quality (increasing probability of default): AAA, AA, BBB, BB, CC, D. Nominal Ordinal Interval Ratio c. The dean of the business school at a local university categorizes students by major (i.e., accounting, finance, marketing, etc.) to help in determining class offerings in the future. Nominal Ordinal Interval Ratio

a. ratio b. ordinal c. nominal

An accounting professor wants to know the average GPA of the students enrolled in her class. She looks up information on Blackboard about the students enrolled in her class and computes the average GPA as 3.29. a. Determine whether the following statement is true or false. The population is all students enrolled in the accounting class. True False b. Does the value 3.29 represent the population parameter or the sample statistic? Population parameter Sample statistic

a. true b. population parameter - The value 3.29 represents the population parameter since we are not choosing a sample but drawing results from the actual population.

A few years ago, it came as a surprise when Apple's iPhone 4 was found to have a problem. Users complained of weak reception, and sometimes even dropped calls, when they cradled the phone in their hands in a particular way. A survey at a local store found that 2% of iPhone 4 users experienced this reception problem. a. Determine whether the following statement is true or false. The population is all iPhone 4 users. True False b. Does 2% denote the population parameter or the sample statistic?Population parameter Sample statistic

a. true b. sample statistic

Of the following numerical variables, which is continuous?

weight