C207 OA
C207 Assessment Prep: Exam-
Based Questions and Answer
Rationale
Simple indexing 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..60) * 100 = 300 (means price is 3x greater
than base period)
Used to identify price fluctuations of supplies,
materials, products, etc.
Weighted Index assign a weight to allow for significant differences
in the index.
,Reasons for including analytics in decrease cost of data storage
decision-making
increase processing power
,Descriptive Analytics 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 using current and past data to predict/estimate
future.
i.e. based on the past 10 years of data for car
prices, we predict an increase of 1.5% over the
upcoming year.
Prescriptive Analytics using past data to PREDICT or ESTIMATE future in
order to optimize operations
includes experimental design and optimization to
aid in DECISION-MAKING. MANAGERIAL
DECISIONS.
i.e. based on past data, sales prices for electric
cars could increase by 5% if we increased charging
stations by 7%
, Big data Data so big that it's difficult to process using
traditional methods.
Stored in a Data Warehouse.
Mined to identify patterns and trends
Primary purpose is to encourage buying behavior.
Enables products to be more tailored to customer
base.
Improves decision-making.
Supports development of next generation
products/services.
watch for keywords in test options. i.e. company
TOTAL sales ( just one number) vs all sales invoices
Structured / Quantitative Data Data follows pre-defined formats.
i.e. multiple choice answers, addresses, names,
stock tickers
Unstructured / Qualitative Data Data doesn't follow pre-defined formats. Usually
gets structured by a "theme analysis"
i.e. blocks of freeform text, audio, video
Continuous Data Data that can take any value (within a set range)
i.e. 3.14159, -189,115.2
a thermometer reads 66.5 degrees
C207 Assessment Prep: Exam-
Based Questions and Answer
Rationale
Simple indexing 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..60) * 100 = 300 (means price is 3x greater
than base period)
Used to identify price fluctuations of supplies,
materials, products, etc.
Weighted Index assign a weight to allow for significant differences
in the index.
,Reasons for including analytics in decrease cost of data storage
decision-making
increase processing power
,Descriptive Analytics 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 using current and past data to predict/estimate
future.
i.e. based on the past 10 years of data for car
prices, we predict an increase of 1.5% over the
upcoming year.
Prescriptive Analytics using past data to PREDICT or ESTIMATE future in
order to optimize operations
includes experimental design and optimization to
aid in DECISION-MAKING. MANAGERIAL
DECISIONS.
i.e. based on past data, sales prices for electric
cars could increase by 5% if we increased charging
stations by 7%
, Big data Data so big that it's difficult to process using
traditional methods.
Stored in a Data Warehouse.
Mined to identify patterns and trends
Primary purpose is to encourage buying behavior.
Enables products to be more tailored to customer
base.
Improves decision-making.
Supports development of next generation
products/services.
watch for keywords in test options. i.e. company
TOTAL sales ( just one number) vs all sales invoices
Structured / Quantitative Data Data follows pre-defined formats.
i.e. multiple choice answers, addresses, names,
stock tickers
Unstructured / Qualitative Data Data doesn't follow pre-defined formats. Usually
gets structured by a "theme analysis"
i.e. blocks of freeform text, audio, video
Continuous Data Data that can take any value (within a set range)
i.e. 3.14159, -189,115.2
a thermometer reads 66.5 degrees
