C207 OA QUESTIONS WITH CORRECT ANSWERS

C207 OA QUESTIONS WITH CORRECT ANSWERS Simple indexing -Ans 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 base period. what is index for 2014 if price was 4.80 then? (4.80 / 1.60) * 100 = 300 (means price is 3x greater than base period) Used to identify price fluctuations of supplies, materials, products, etc. Weighted Index -Ans assign a weight to allow for significant differences in the index. Reasons for including analytics in decision-making -Ans decrease cost of data storage increase processing power Descriptive Analytics -Ans using current and past data for strictly descriptive purposes. i.e. car price data shows a 2% increase over the prior year a manager wants to know why sales spiked during the prior quarter Predictive / Inferential Analytics -Ans using current and past data to predict/estimate future.