Predictive Analytics Ch. 8 || 100% Error-free Answers.
What is the job of the data scientist? correct answers To isolate the important patterns in a mass
of data so that a firm can take actions to their benefit.
What does data mining refer to? correct answers The tools and techniques that are used in the
large scale, or big data, arena.
Volume, velocity, variety, and value are all characteristics of _____. correct answers big data
What is the definition of the first big data characteristic of volume? correct answers The size of
the data set.
What is the definition of the second big data characteristic of velocity? correct answers The rate
at which the data arrives.
What is the definition of the third big data characteristic of variety? correct answers The types of
data available.
What is the definition of the fourth big data characteristic of value? correct answers The
valuation of data.
Which of these are characteristics of big data? correct answers Value, Volume, Variety
What is nonrivalry? correct answers No one person's use diminishes the value another person can
extract from the data.
Which of the following is correct regarding how data mining differs from standard business
forecasting? correct answers [1] Business forecasting forecasts seasonality and trends that are
known to exist but data mining looks for those patterns that were not known to exist.
[2] Business forecasting uses specific models to estimate and forecast known patterns but data
mining extracts valuable information from data.
Which of the following are some of the problems forecasters had previously and are currently
having with data? correct answers [1] Previously, forecasters were limited by the lack of data
collected intelligently by businesses.
[2] Previously, forecasters were limited to few pieces of data and only limited observations on
that data existed.
[3] Today, forecasters are overwhelmed with too much data.
What position has a job description that includes making sense of mounds of data by probing the
data for patterns? correct answers Data scientist
, Which of the following are correct when defining the term "data warehouse"? correct answers
[1] Collective information on every aspect of what has happened in the past.
[2] A firm's central repository of integrated historical data.
[3] The "memory" of the firm.
Data has waht characteristics? correct answers [1] Data is used and it creates value.
[2] Data has the property of "nonrivalry".
[3] Data's full value is rarely extracted with its first use.
Which of the following would best describe the characteristic of a "data mart"? correct answers
[1] It holds information that is specialized and has been grouped or chosen specifically.
[2] A subset of a data warehouse.
Which of the following are considered part of the definition of data mining? correct answers [1]
The analysis of databases, data warehouses, and data marts.
[2] Extraction of useful information from large, often unstructured databases.
[3] Extraction of knowledge or information from large amounts of data.
Data mining has come to be referenced by which of the following terms? correct answers [1]
Machine learning
[2] Business intelligence, analytics, analysis
[3] Data-driven discovery
Which of the following would correctly contrast data mining with database management? correct
answers [1] Queries are well defined in database management but less structured in data mining.
[2] A query in database management would be "find all customers in Atlanta". In data mining it
would be "Group all customers with smaller buying habits".
[3] Data mining is more forward-looking where database management is more past-focused.
Which of the following would be scenarios where data mining could be helpful? correct answers
[1] You know the characteristics of potential customers that are likely to continue to purchase
your products or services.
[2] You know which customers are likely to default on their loans.
What is the job of the data scientist? correct answers To isolate the important patterns in a mass
of data so that a firm can take actions to their benefit.
What does data mining refer to? correct answers The tools and techniques that are used in the
large scale, or big data, arena.
Volume, velocity, variety, and value are all characteristics of _____. correct answers big data
What is the definition of the first big data characteristic of volume? correct answers The size of
the data set.
What is the definition of the second big data characteristic of velocity? correct answers The rate
at which the data arrives.
What is the definition of the third big data characteristic of variety? correct answers The types of
data available.
What is the definition of the fourth big data characteristic of value? correct answers The
valuation of data.
Which of these are characteristics of big data? correct answers Value, Volume, Variety
What is nonrivalry? correct answers No one person's use diminishes the value another person can
extract from the data.
Which of the following is correct regarding how data mining differs from standard business
forecasting? correct answers [1] Business forecasting forecasts seasonality and trends that are
known to exist but data mining looks for those patterns that were not known to exist.
[2] Business forecasting uses specific models to estimate and forecast known patterns but data
mining extracts valuable information from data.
Which of the following are some of the problems forecasters had previously and are currently
having with data? correct answers [1] Previously, forecasters were limited by the lack of data
collected intelligently by businesses.
[2] Previously, forecasters were limited to few pieces of data and only limited observations on
that data existed.
[3] Today, forecasters are overwhelmed with too much data.
What position has a job description that includes making sense of mounds of data by probing the
data for patterns? correct answers Data scientist
, Which of the following are correct when defining the term "data warehouse"? correct answers
[1] Collective information on every aspect of what has happened in the past.
[2] A firm's central repository of integrated historical data.
[3] The "memory" of the firm.
Data has waht characteristics? correct answers [1] Data is used and it creates value.
[2] Data has the property of "nonrivalry".
[3] Data's full value is rarely extracted with its first use.
Which of the following would best describe the characteristic of a "data mart"? correct answers
[1] It holds information that is specialized and has been grouped or chosen specifically.
[2] A subset of a data warehouse.
Which of the following are considered part of the definition of data mining? correct answers [1]
The analysis of databases, data warehouses, and data marts.
[2] Extraction of useful information from large, often unstructured databases.
[3] Extraction of knowledge or information from large amounts of data.
Data mining has come to be referenced by which of the following terms? correct answers [1]
Machine learning
[2] Business intelligence, analytics, analysis
[3] Data-driven discovery
Which of the following would correctly contrast data mining with database management? correct
answers [1] Queries are well defined in database management but less structured in data mining.
[2] A query in database management would be "find all customers in Atlanta". In data mining it
would be "Group all customers with smaller buying habits".
[3] Data mining is more forward-looking where database management is more past-focused.
Which of the following would be scenarios where data mining could be helpful? correct answers
[1] You know the characteristics of potential customers that are likely to continue to purchase
your products or services.
[2] You know which customers are likely to default on their loans.
