AIDA 181 - Chapter 1: Exploring Big Data
Analysis with complete solutions graded
A+
Big Data - correct answer ✔✔Sets of data that are too large to be gathered and analyzed by
traditional methods.
Law of Large Numbers - correct answer ✔✔A mathematical principle stating that as the number
of similar but independent exposure units increases, the relative accuracy of predictions about
future outcomes (losses) also increases.
Data Mining - correct answer ✔✔The analysis of large amounts of data to find new relationships
and patterns that will assist in developing business solutions.
Text Mining - correct answer ✔✔Obtaining information through language recognition.
Telematics - correct answer ✔✔The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to business or government agencies; some
return information for the driver.
Internet of Things (IOT) - correct answer ✔✔A network of objects that transmit data to
computers.
Machine Learning - correct answer ✔✔Artificial intelligence in which computers continually
teach themselves to make better decisions based on previous results and new data.
Artificial intelligence (AI) - correct answer ✔✔Computer processing or output that simulates
human reasoning or knowledge.
, Data Science - correct answer ✔✔An interdisciplinary field involving the design and use of
techniques to process very large amounts of data from a variety of sources and to provide
knowledge based on the data.
Structured Data - correct answer ✔✔Data organized into databases with defined fields,
including links between databases.
Unstructured Data - correct answer ✔✔Data that is not organized into predetermined formats,
such as databases, and often consists of text, images, or other nontraditional media.
What makes Big Data different than Traditional Data - correct answer ✔✔1. Volume - enormous
amounts of data available
2. Variety - structured and unstructured
3. Velocity - speed of data coming in and growing rate of change of types of data
4. Veracity - completeness & accuracy (unstructured data has less veracity, though structured is
not usually perfect either).
5. Value - results of data analysis help drive better business decisions
Internal Data - correct answer ✔✔Data that is owned by an organization.
External Data - correct answer ✔✔Data that belongs to an entity other than the organization
that wishes to acquire and use it.
Economic Data - correct answer ✔✔Data regarding interest rates, asset prices, exchange rates,
the Consumer Price Index, and other information about the global, the national, or a regional
economy.
Geodemographic Data - correct answer ✔✔Data regarding classifications of a population.
Analysis with complete solutions graded
A+
Big Data - correct answer ✔✔Sets of data that are too large to be gathered and analyzed by
traditional methods.
Law of Large Numbers - correct answer ✔✔A mathematical principle stating that as the number
of similar but independent exposure units increases, the relative accuracy of predictions about
future outcomes (losses) also increases.
Data Mining - correct answer ✔✔The analysis of large amounts of data to find new relationships
and patterns that will assist in developing business solutions.
Text Mining - correct answer ✔✔Obtaining information through language recognition.
Telematics - correct answer ✔✔The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to business or government agencies; some
return information for the driver.
Internet of Things (IOT) - correct answer ✔✔A network of objects that transmit data to
computers.
Machine Learning - correct answer ✔✔Artificial intelligence in which computers continually
teach themselves to make better decisions based on previous results and new data.
Artificial intelligence (AI) - correct answer ✔✔Computer processing or output that simulates
human reasoning or knowledge.
, Data Science - correct answer ✔✔An interdisciplinary field involving the design and use of
techniques to process very large amounts of data from a variety of sources and to provide
knowledge based on the data.
Structured Data - correct answer ✔✔Data organized into databases with defined fields,
including links between databases.
Unstructured Data - correct answer ✔✔Data that is not organized into predetermined formats,
such as databases, and often consists of text, images, or other nontraditional media.
What makes Big Data different than Traditional Data - correct answer ✔✔1. Volume - enormous
amounts of data available
2. Variety - structured and unstructured
3. Velocity - speed of data coming in and growing rate of change of types of data
4. Veracity - completeness & accuracy (unstructured data has less veracity, though structured is
not usually perfect either).
5. Value - results of data analysis help drive better business decisions
Internal Data - correct answer ✔✔Data that is owned by an organization.
External Data - correct answer ✔✔Data that belongs to an entity other than the organization
that wishes to acquire and use it.
Economic Data - correct answer ✔✔Data regarding interest rates, asset prices, exchange rates,
the Consumer Price Index, and other information about the global, the national, or a regional
economy.
Geodemographic Data - correct answer ✔✔Data regarding classifications of a population.
