Analytics Final Exam questions and answers 2024

A manager at G'Dawg Records (motto: double declining balances are the fo'zhizzle) wants to know his company's revenue and profit in its previous quarter. Which of the following business analytics will help the manager? - Descriptive analytics Predictive analytics - Detects patterns in historical data and extrapolates them forward in time A database is: - A structured collection of related files and data Which of the following is an example of a measure of continuous metrics? - Weight and volume of a sheet of steel Which of the following is a disadvantage of ordinal data? - They have no fixed units of measurement Identify and briefly describe each of the four things that differentiate big data from not so big data. What are the benefits and drawbacks of each of the four things as they relate to an audit? - Big Data Volume - Terabytes, petabytes and zettabytes 10^21* Variety - Unstructured (text, voice, video) Velocity - Data in motion (streaming) Veracity - Untrusted and uncleansed Not so big data Volume - Megabytes and gygabites Variety - Structured and rational Velocity - Data at rest Veracity - Trusted and cleansed Benefits and Drawbacks Volume - More to sample, but less time to test everything. Veracity - Bigger sample to rely on, but there could be more fake data Variety - You have different kinds of data to test but have to organize more. Velocity - Always have more data to test, but hard to pick which data is always coming for you. Which of the following charts provides the MOST useful means for displaying data over time? - Line chart Skin E-G local college professor/rapper (motto: all cool cats use accrual accounting) wants to know to understand the relative proportion of each type of fan (e.g. hipsters) to the total. What chart should Skin E-G use? - Pie chart Observations consisting of PAIRS of variable data are required to construct what kind of chart? - Scatter Skin E-G has data consisting of price, price/earning ratio and market capitalization for seven different stocks on a particular day. He wishes to plot all three variables in two dimensions. Which chart should Skin E-G use? - Bubble chart Which of the following charts show three-dimensional data? - Surface chart How to calculate the interquartile range - The difference between the first and third quartiles, Q3 - Q1. A ____ is a description of the approach that is used to obtain samples from a population prior to any data collection activity. - Sampling plan Which of the following types of samples using random procedures to select a sample? - Probabilistic sampling Which of the following sampling methods bases its selection of samples on the ease of data collection? - Convenience sampling