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
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data sets (big data).
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A combination of _____ and _____ use quantitative methods to analyze data to make business
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decision making. - Correct Answer - Statistics (the study of data analysis)
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Management Science (the study of quantitative methods) mK mK mK mK mK mK




What is data analysis? - Correct Answer - Includes data description, data inference, and the
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search for 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
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no uncertainty, decision analysis for problems with uncertainty, and structured sensitivity
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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
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should we incentivize them to buy?)
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What are the four steps to data analysis? - Correct Answer - -Recognize a problem (that needs
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to be 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
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(ambiguous problem)
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-descriptive research (aware of the problem) mK mK mK mK mK




-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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