C207 OA QUESTIONS WITH
CORRECT ANSWERS | GRADE A+
ASSURED/NEWEST UPDATE
Save
Terms in this set (501)
, Common analytic measure to improve
performance. Compares current data
with data during a base period.
(Price / Price during "Base Period") x
100
i.e. Big Mac was 1.60 in 1968 which is
Simple indexing
base period. what is index for 2014 if
price was 4.80 then?
(4..60) * 100 = 300 (means price is
3x greater than base period)
Used to identify price fluctuations of
supplies, materials, products, etc.
assign a weight to allow for significant
Weighted Index
differences in the index.
Reasons for decrease cost of data storage
including
analytics in increase processing power
decision-making
, using current and past data for strictly
descriptive purposes.
Descriptive i.e. car price data shows a 2% increase
Analytics over the prior year
a manager wants to know why sales
spiked during the prior quarter
using current and past data to
predict/estimate future.
Predictive /
Inferential
i.e. based on the past 10 years of data
Analytics
for car prices, we predict an increase
of 1.5% over the upcoming year.
using past data to PREDICT or
ESTIMATE future in order to optimize
operations
includes experimental design and
Prescriptive optimization to aid in DECISION-
Analytics MAKING. MANAGERIAL DECISIONS.
i.e. based on past data, sales prices
for electric cars could increase by 5%
if we increased charging stations by
7%
, Data so big that it's difficult to process
using traditional methods.
Stored in a Data Warehouse.
Mined to identify patterns and trends
Primary purpose is to encourage
buying behavior.
Big data Enables products to be more tailored
to customer base.
Improves decision-making.
Supports development of next
generation products/services.
watch for keywords in test options. i.e.
company TOTAL sales ( just one
number) vs all sales invoices
Data follows pre-defined formats.
Structured /
Quantitative Data i.e. multiple choice answers,
addresses, names, stock tickers
CORRECT ANSWERS | GRADE A+
ASSURED/NEWEST UPDATE
Save
Terms in this set (501)
, Common analytic measure to improve
performance. Compares current data
with data during a base period.
(Price / Price during "Base Period") x
100
i.e. Big Mac was 1.60 in 1968 which is
Simple indexing
base period. what is index for 2014 if
price was 4.80 then?
(4..60) * 100 = 300 (means price is
3x greater than base period)
Used to identify price fluctuations of
supplies, materials, products, etc.
assign a weight to allow for significant
Weighted Index
differences in the index.
Reasons for decrease cost of data storage
including
analytics in increase processing power
decision-making
, using current and past data for strictly
descriptive purposes.
Descriptive i.e. car price data shows a 2% increase
Analytics over the prior year
a manager wants to know why sales
spiked during the prior quarter
using current and past data to
predict/estimate future.
Predictive /
Inferential
i.e. based on the past 10 years of data
Analytics
for car prices, we predict an increase
of 1.5% over the upcoming year.
using past data to PREDICT or
ESTIMATE future in order to optimize
operations
includes experimental design and
Prescriptive optimization to aid in DECISION-
Analytics MAKING. MANAGERIAL DECISIONS.
i.e. based on past data, sales prices
for electric cars could increase by 5%
if we increased charging stations by
7%
, Data so big that it's difficult to process
using traditional methods.
Stored in a Data Warehouse.
Mined to identify patterns and trends
Primary purpose is to encourage
buying behavior.
Big data Enables products to be more tailored
to customer base.
Improves decision-making.
Supports development of next
generation products/services.
watch for keywords in test options. i.e.
company TOTAL sales ( just one
number) vs all sales invoices
Data follows pre-defined formats.
Structured /
Quantitative Data i.e. multiple choice answers,
addresses, names, stock tickers
