ISQS 2340 Exam 2 Review TTU-
Mitchell Questions and Answers
What is a data-driven culture?
✓ ~~~ A data-driven culture uses data-driven decision making
Examples of Google using data and analytics?
✓ ~~~ At Google. decisions are based on data, analytics and scientific experimentation.
Tried to answer the question of: Do managers matter?Determine the data to use (see what's
available and what might be needed) • Performance reviews (top-down) and employee surveys
(bottom-up) of managers • Looking for variability: Top and bottom quartiles • Analyze the data using
statistical methods
The abundance of data, and its implications and the potential benefits from analytics
for businesses?
✓ ~~~ Big Data - The sheer volume of data
✓ • Increased efficiency • Improved operations • Enhanced customer retention
Purpose and usefulness of Tableau and data visualization in general?
✓ ~~~ Data visualization is not a personal preference, to be done "just in case some
people are more visual." It is a necessity! • The previous slide is a classic example of how
some insights can only be found through visualization. Remember the picture superiority
effect: pictures are retained at much higher rates than words.A good visualization reduces
the time to insight.
Value creation with data analytics (think exchange transactions and uncertainties)?
✓ ~~~ NO pie charts! Yes to scatterplots for exploring relationships. Yes to treemaps for
relative proportions. Orient data so people can read it (better to have a horizontal bar
chart than a vertical bar chart). Filled maps with only one measure, dash boarding
, what is blockchain technology?
✓ ~~~ A blockchain is a distributed ledger of transactions
Blockchains lineage (where it came from/ first used)?
✓ ~~~ A block consists of multiple timestamped transactions • Multiple blocks are joined
together in a chain • Nodes are connected devices that have a copy of the entire
blockchain • The nodes are periodically synchronized to ensure consensus
What are the main parts of blockchain technology?
✓ ~~~ 1. Users initiate transactions using their Digital Signatures. 2. Users Broadcast
transactions to Nodes. 3. One or more Nodes begin validating each transaction. 4.Nodes
aggregate validated transactions into Blocks. 5. Nodes broadcast blocks to each other. 6.
Consensus protocol used. 7. Block reflecting "true state" is chained to prior Block.
Implications of blockchain buyers, sellers, and the middleman?
✓ ~~~ The blockchain has the potential to reinvent any transaction that now requires going
through a middleman, including finance, banking, contacts, and retail.
Blockchain applications
✓ ~~~ • Cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc. • Digital identity • Any
application where a secure, immutable record must be shared between multiple parties •
ensuring product authenticity • recording real estate transactions • secure medical records
Various uses of blockchain technology discussed in the prep materials?
✓ ~~~ finance (bitcoin), banking, contracts (law), retail, voting, music and other arts,
trusted concert tickets, protect sensitive info,
How secure is blockchain?
✓ ~~~ Blockchain is designed to store information in a way that makes it virtually
impossible to add, remove or change data without being detected by other users.
Mitchell Questions and Answers
What is a data-driven culture?
✓ ~~~ A data-driven culture uses data-driven decision making
Examples of Google using data and analytics?
✓ ~~~ At Google. decisions are based on data, analytics and scientific experimentation.
Tried to answer the question of: Do managers matter?Determine the data to use (see what's
available and what might be needed) • Performance reviews (top-down) and employee surveys
(bottom-up) of managers • Looking for variability: Top and bottom quartiles • Analyze the data using
statistical methods
The abundance of data, and its implications and the potential benefits from analytics
for businesses?
✓ ~~~ Big Data - The sheer volume of data
✓ • Increased efficiency • Improved operations • Enhanced customer retention
Purpose and usefulness of Tableau and data visualization in general?
✓ ~~~ Data visualization is not a personal preference, to be done "just in case some
people are more visual." It is a necessity! • The previous slide is a classic example of how
some insights can only be found through visualization. Remember the picture superiority
effect: pictures are retained at much higher rates than words.A good visualization reduces
the time to insight.
Value creation with data analytics (think exchange transactions and uncertainties)?
✓ ~~~ NO pie charts! Yes to scatterplots for exploring relationships. Yes to treemaps for
relative proportions. Orient data so people can read it (better to have a horizontal bar
chart than a vertical bar chart). Filled maps with only one measure, dash boarding
, what is blockchain technology?
✓ ~~~ A blockchain is a distributed ledger of transactions
Blockchains lineage (where it came from/ first used)?
✓ ~~~ A block consists of multiple timestamped transactions • Multiple blocks are joined
together in a chain • Nodes are connected devices that have a copy of the entire
blockchain • The nodes are periodically synchronized to ensure consensus
What are the main parts of blockchain technology?
✓ ~~~ 1. Users initiate transactions using their Digital Signatures. 2. Users Broadcast
transactions to Nodes. 3. One or more Nodes begin validating each transaction. 4.Nodes
aggregate validated transactions into Blocks. 5. Nodes broadcast blocks to each other. 6.
Consensus protocol used. 7. Block reflecting "true state" is chained to prior Block.
Implications of blockchain buyers, sellers, and the middleman?
✓ ~~~ The blockchain has the potential to reinvent any transaction that now requires going
through a middleman, including finance, banking, contacts, and retail.
Blockchain applications
✓ ~~~ • Cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc. • Digital identity • Any
application where a secure, immutable record must be shared between multiple parties •
ensuring product authenticity • recording real estate transactions • secure medical records
Various uses of blockchain technology discussed in the prep materials?
✓ ~~~ finance (bitcoin), banking, contracts (law), retail, voting, music and other arts,
trusted concert tickets, protect sensitive info,
How secure is blockchain?
✓ ~~~ Blockchain is designed to store information in a way that makes it virtually
impossible to add, remove or change data without being detected by other users.
