DATA ANALYTICS FOR ACCOUNTING 3RD
EDITION FINAL PAPER FULL SOLUTION STUDY
GUIDE
◉ What does data analytics provide?
Answer: A way to search through large structured and unstructured
data to identify unknown patterns or relationships.
◉ What is unstructured data?
Answer: Data that do not adhere to a predefined data model in a
tabular format.
◉ What is structured data?
Answer: Data that are organized and reside in a fixed field within a
record or file, readily searchable by search algorithms.
◉ What is big data?
Answer: Datasets that are too large and complex for businesses'
existing systems to handle using traditional capabilities to capture,
store, manage, and analyze them.
◉ What are the 4 V's of big data?
,Answer: Volume, Velocity, Veracity, and Variety.
◉ What does volume refer to in big data?
Answer: The sheer size of the data.
◉ What does velocity refer to in big data?
Answer: The speed of data processing.
◉ What does variety refer to in big data?
Answer: The number of different types of data.
◉ What does veracity refer to in big data?
Answer: The underlying quality of the data.
◉ How do companies use data analysis?
Answer: To discover customer buying patterns, investigate
unanticipated anomalies, and forecast future possibilities.
◉ What is the McKinsey Global Institute estimate of annual value
from data analytics?
Answer: Up to $2 trillion in value per year in a subset of industries.
, ◉ What are the responsibilities of management accountants?
Answer: Integrating the strategy with the IT department and gaining
access to available technology tools.
◉ Who created the IMPACT cycle?
Answer: Jean Paul Isson and Jesse S. Harriott.
◉ What are the steps to the IMPACT cycle?
Answer: Identify the Questions, Master the Data, Perform the Test
Plan, Address and Refine Results, Communicate Insights, Track
Outcomes.
◉ What should you know to master the data?
Answer: Everything about the data, including access, availability,
reliability, update frequency, and time periods covered.
◉ What percentage of time do analytics professionals spend
cleaning data?
Answer: Between 50% and 90%.
◉ What is similarity matching?
Answer: A data approach that attempts to identify similar
individuals based on data known about them.
EDITION FINAL PAPER FULL SOLUTION STUDY
GUIDE
◉ What does data analytics provide?
Answer: A way to search through large structured and unstructured
data to identify unknown patterns or relationships.
◉ What is unstructured data?
Answer: Data that do not adhere to a predefined data model in a
tabular format.
◉ What is structured data?
Answer: Data that are organized and reside in a fixed field within a
record or file, readily searchable by search algorithms.
◉ What is big data?
Answer: Datasets that are too large and complex for businesses'
existing systems to handle using traditional capabilities to capture,
store, manage, and analyze them.
◉ What are the 4 V's of big data?
,Answer: Volume, Velocity, Veracity, and Variety.
◉ What does volume refer to in big data?
Answer: The sheer size of the data.
◉ What does velocity refer to in big data?
Answer: The speed of data processing.
◉ What does variety refer to in big data?
Answer: The number of different types of data.
◉ What does veracity refer to in big data?
Answer: The underlying quality of the data.
◉ How do companies use data analysis?
Answer: To discover customer buying patterns, investigate
unanticipated anomalies, and forecast future possibilities.
◉ What is the McKinsey Global Institute estimate of annual value
from data analytics?
Answer: Up to $2 trillion in value per year in a subset of industries.
, ◉ What are the responsibilities of management accountants?
Answer: Integrating the strategy with the IT department and gaining
access to available technology tools.
◉ Who created the IMPACT cycle?
Answer: Jean Paul Isson and Jesse S. Harriott.
◉ What are the steps to the IMPACT cycle?
Answer: Identify the Questions, Master the Data, Perform the Test
Plan, Address and Refine Results, Communicate Insights, Track
Outcomes.
◉ What should you know to master the data?
Answer: Everything about the data, including access, availability,
reliability, update frequency, and time periods covered.
◉ What percentage of time do analytics professionals spend
cleaning data?
Answer: Between 50% and 90%.
◉ What is similarity matching?
Answer: A data approach that attempts to identify similar
individuals based on data known about them.
