Introduction to Data Analysis and Decision Making Questions And Answers.

Introduction to Data Analysis and
Decision Making Questions And
Answers
What is business analytics (aka data analytics)? - Correct Answer - The analysis of very large data sets (big
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data).
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A combination of _____ and _____ use quantitative methods to analyze data to make business decision
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making. - Correct Answer - Statistics (the study of data analysis)
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Management Science (the study of quantitative methods) K K K K K K




What is data analysis? - Correct Answer - Includes data description, data inference, and the search for
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relationships in data.
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-Also uses descriptive analytics to analyze patterns.
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What is decision making? - Correct Answer - Includes optimization techniques for problems with no
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uncertainty, decision analysis for problems with uncertainty, and structured sensitivity analysis.
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-includes predictive analytics (what will happen in the future? who will buy again?)
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-and prescriptive analytics (recommending actions to take toward a specified objective: how should we
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incentivize them to buy?)
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What are the four steps to data analysis? - Correct Answer - -Recognize a problem (that needs to be
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solved).
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-Gather data (to help understand and then solve the problem.)
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-Analyze the data (using the tools you will learn).
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-Act on this analysis (by changing policies, undertaking initiatives, publishing reports, etc.).
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What are the three types of descriptive analytics? - Correct Answer - -exploratory research (ambiguous
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problem)
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-descriptive research (aware of the problem) K K K K K




-casual research (problem clearly defined)
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What are three tools used in descriptive analytics? - Correct Answer - -focus group/surveys
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-excel tables/graphs K