WGU D552 DATA ANALYTICS FOR
ACCOUNTANTS I REVIEW 136
COMPREHENSIVE STUDY GUIDE WITH
SOLUTIONS
◉ 1) asked questions by management
2) find data to address those questions
3) analyze the data
4) report the results to management to aid in their decision making.
Answer: Responsibilities of Management Accountants:
◉ integrating the strategy with the IT department and gaining
access to available technology tools.
Answer: What do 29% of tax departments find the biggest challenge
related to executing an analytics strategy?
◉ Isson and Harriot.
Answer: Who created the IMPACT cycle?
◉ 1) I - Identify the Questions
2) M - master the data
,3) P - perform test plans
4) A - address and refine results
5) C - communicate insights
6) T - track outcomes.
Answer: Steps to the IMPACT cycle?
◉ Audience, Scope, and Use.
Answer: What attributes should be considered when identifying the
question?
◉ everythign about the data, including how to access, availability,
reliability, frequency of updates, what time periods are covered to
make sure data coincide with the timing of the business problem
and so on..
Answer: To master the data, you should know:
◉ - reviewing data availability in a firm's internal systems
- reviewing data availability in a firm's external network
- examine data dictionaries and other contextual data
- evaluate and perform ETL processes and assess the time required
to complete
- assess data validation and completeness to provide a sense of
reliability
, - evaluate and perform data normalization - to reduce data
redundancy and improve data integrity
- evaluate and perform data preparation and scrubbing.
Answer: To give some idea about the data questions, you may want
to consider:
◉ between 50% and 90%.
Answer: How much time to data analytics professionals estimate
they spend cleaning the data so it can be analyzed?
◉ - the research question
- the model
- the data availability
- the expected statistical inference.
Answer: Characeristics that might suggest use of different data
approaches are:
◉ Similarity Matching.
Answer: a data approach that attempts to identify similar
individuals based on data known about them
◉ Link Prediction.
Answer: attempts to predict a relationship between 2 items
ACCOUNTANTS I REVIEW 136
COMPREHENSIVE STUDY GUIDE WITH
SOLUTIONS
◉ 1) asked questions by management
2) find data to address those questions
3) analyze the data
4) report the results to management to aid in their decision making.
Answer: Responsibilities of Management Accountants:
◉ integrating the strategy with the IT department and gaining
access to available technology tools.
Answer: What do 29% of tax departments find the biggest challenge
related to executing an analytics strategy?
◉ Isson and Harriot.
Answer: Who created the IMPACT cycle?
◉ 1) I - Identify the Questions
2) M - master the data
,3) P - perform test plans
4) A - address and refine results
5) C - communicate insights
6) T - track outcomes.
Answer: Steps to the IMPACT cycle?
◉ Audience, Scope, and Use.
Answer: What attributes should be considered when identifying the
question?
◉ everythign about the data, including how to access, availability,
reliability, frequency of updates, what time periods are covered to
make sure data coincide with the timing of the business problem
and so on..
Answer: To master the data, you should know:
◉ - reviewing data availability in a firm's internal systems
- reviewing data availability in a firm's external network
- examine data dictionaries and other contextual data
- evaluate and perform ETL processes and assess the time required
to complete
- assess data validation and completeness to provide a sense of
reliability
, - evaluate and perform data normalization - to reduce data
redundancy and improve data integrity
- evaluate and perform data preparation and scrubbing.
Answer: To give some idea about the data questions, you may want
to consider:
◉ between 50% and 90%.
Answer: How much time to data analytics professionals estimate
they spend cleaning the data so it can be analyzed?
◉ - the research question
- the model
- the data availability
- the expected statistical inference.
Answer: Characeristics that might suggest use of different data
approaches are:
◉ Similarity Matching.
Answer: a data approach that attempts to identify similar
individuals based on data known about them
◉ Link Prediction.
Answer: attempts to predict a relationship between 2 items
