Analytics Ch. 1

The 3 V's of describing Big Data include: Volume, Velocity, and _________. A) Variability B) Variety C) Verification D) Volatility

B

Which of the following best describes the data analytics skill of data scrubbing and data preparation? A) recognize what is meant by data quality, be it completeness, reliability or validity B) perform basic analysis to understand the quality of the underlying data and its ability to address the business question C) demonstrate ability to sort, rearrange, merge and reconfigure data in a manner that allows enhanced analysis D) comprehend the process needed to clean and prepare the data before analysis

D

Which of the following best describes the data analytics skill of data visualization and data reporting? A) recognize when and how data analytics can address business questions B) perform basic analysis to understand the quality of the underlying data and its ability to address the business question C) recognize what is meant by data quality, be it completeness, reliability or validity D) report results of analysis in an accessible way to each varied decision maker and their specific needs

D

Which of the following best describes the data analytics skill of defining and addressing problems through statistical data analysis? A) recognize what is meant by data quality, be it completeness, reliability or validity B) perform basic analysis to understand the quality of the underlying data and its ability to address the business question C) demonstrate ability to sort, rearrange, merge and reconfigure data in a manner that allows enhanced analysis D) identify and implement an approach that will use statistical data analysis to draw conclusions and make recommendations on a timely basis

D

Which of the following best describes the classification approach to data analytics? A) An attempt to assign each unit (or individual) in a population into a few categories. B) An attempt to identify similar individuals based on data known about them. C) An attempt to divide individuals into groups in a useful or meaningful way. D) An attempt to discover associations between individuals based on transactions involving them.

A

While accountants don't need to become data scientists, they must know how to do the following except? A) Clearly articulate the business problem the company is facing B) Communicate with the data scientists about specific data needs and understand the underlying quality of the data C) Build a data repository D) Comprehend the process needed to clean and prepare the data before analysis

C

With a goal of giving organizations the information they need to make sound and timely business decisions, data analytics often involves all of the following except: A) technologies. B) statistics. C) growth. D) databases.

C

The impact cycle includes all the following processes except: A) Identify the questions. B) Address and refine results. C) Communicate insights. D) Continuously track.

D

Which of the following best describes the data analytics skill of data quality? A) recognize what is meant by data quality, be it completeness, reliability or validity B) perform basic analysis to understand the quality of the underlying data and its ability to address the business question C) demonstrate the ability to sort, rearrange, merge, and reconfigure data in a manner that allows enhanced analysis D) comprehend the process needed to clean and prepare the data before analysis

A

Which of the following best describes the data analytics skill of developing an analytics mindset? A) recognize when and how data analytics can address business questions B) perform basic analysis to understand the quality of the underlying data and its ability to address the business question C) recognize what is meant by data quality, be it completeness, reliability or validity D) comprehend the process needed to clean and prepare the data before analysis

A

Which approach to data analytics attempts to assign each unit (or individual) in a population into a few categories? A) Similarity matching. B) Classification. C) Data reduction. D) Regression

B

Which approach to data analytics attempts to characterize the typical behavior of an individual, group or population by generating summary statistics about the data? A) Similarity matching. B) Profiling. C) Data reduction. D) Regression.

B

Which of the following best describes the data analytics skill of descriptive data analysis? A) recognize what is meant by data quality, be it completeness, reliability or validity B) perform basic analysis to understand the quality of the underlying data and its ability to address the business question C) demonstrate ability to sort, rearrange, merge, and reconfigure data in a manner that allows enhanced analysis D) comprehend the process needed to clean and prepare the data before analysis

B

The impact cycle includes all the following processes except: A) Communicate insights. B) Perform test plan. C) Analyze the data. D) Track outcomes

C

Which approach to data analytics attempts to reduce the amount of information that needs to be considered to focus on the most critical items? A) Similarity matching. B) Profiling. C) Data reduction. D) Regression.

C

Which of the following best describes the clustering approach to data analytics? A) An attempt to assign each unit (or individual) in a population into a few categories. B) An attempt to identify similar individuals based on data known about them. C) An attempt to divide individuals into groups in a useful or meaningful way. D) An attempt to discover associations between individuals based on transactions involving them.

C

Which of the following best describes the data analytics skill of data analysis through data manipulation? A) recognize what is meant by data quality, be it completeness, reliability or validity B) perform basic analysis to understand the quality of the underlying data and its ability to address the business question C) demonstrate the ability to sort, rearrange, merge, and reconfigure data in a manner that allows enhanced analysis D) comprehend the process needed to clean and prepare the data before analysis

C

The impact cycle includes all the following processes except: A) Identify the questions. B) Address and refine results. C) Track outcomes. D) Predict the results.

D

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? A) Similarity matching. B) Classification. C) Data reduction. D) Regression.

D

Which approach to data analytics attempts to predict a relationship between two data items? A) Similarity matching. B) Clustering. C) Co-occurrence grouping. D) Link prediction

D

Which of the following best describes the co-occurrence grouping approach to data analytics? A) An attempt to characterize the typical behavior of an individual, group or population by generating summary statistics about the data. B) An attempt to predict a relationship between two data items. C) An attempt to reduce the amount of information that needs to be considered to focus on the most critical items. D) An attempt to discover associations between individuals based on transactions involving them.

D

Auditors can use social media to hear what customers are saying about a company and compare this to inventory obsolescence and other estimates. TRUE FALSE

TRUE

Data analytics allows auditors to glean insights that are beneficial to the client, without breaching independence. TRUE FALSE

TRUE

Data analytics is the process of evaluating data with the purpose of drawing conclusions to address business questions. TRUE FALSE

TRUE