ACCT 3130 FINAL EXAM STUDY GUIDE
data analytics - Answers - the process of evaluating date with the purpose of drawing
conclusions to address business decisions; provides a way to search through structured
and unstructured data to identify unknown patterns/relationships
structured data - Answers - data that are organized and reside in a fixed field in a file or
record; such data are generally stored in a relational database or spreadsheet and are
readily searchable by search algorithms
unstructured data - Answers - data that does not adhere to a predefined data model in a
tabular format
process of data analytics aims to... - Answers - transform raw data into knowledge to
create value
Big Data - Answers - data that is too large and complex for business' existing systems
to handle their traditional capabilities to capture, store, manage and analyze these
datasets
4 V's of Big data - Answers - 1. Volume: size of the data file
2. Velocity: speed of data processing
3. Veracity: quality of the data
4. Variety: types of data
IMPACT Model - Answers - Id the questions, master the data, perform the test plan,
address and refine results, communicate insights, track outcomes; ITERATIVE process
Identify the question - Answers - Attributes to consider: audience(who are you speaking
to), scope(is the question to narrow or broad), and use (how will the results be used
master the data - Answers - requires one to know what data are available and whether
that data might be able to address the business problem; need to know everything abt
the data (how to access, availability, reliability); ETL, assess data validation and
completion, data prep & scrubbing
perform the test plan - Answers - independent variable (x): explains another variable
dependent variable (y): dependent on another variable
8 types of tests
classification - Answers - attempts to assign each unit of a population into a few
categories potentially helping with predictors
ex: of all the loans, which are the most likely to default
, regression - Answers - attempts to estimate or predict for each unit a numerical value of
sale variable using some type of statistical model
ex: assess the relationship b/w the investment in R&D and subsequent operating
income
similarity matching - Answers - attempts to identify similar individuals based on data
known abt them
ex: company finding new customers that resemble their best customers
clustering - Answers - attempts to divide each individual into a group/cluster in a useful
or meaningful way; identify groups of similar data elements and the underlying drivers of
those groups
ex: loyalty card based on buying behavior
co-occurrence grouping - Answers - attempts to discover associations between
individuals based on transactions involving them
profiling - Answers - attempts to characterize the typical behavior of an individual,
group, or population by generating summary statistics abt them; more easily able to
identify abnormal behavior
ex: used in accting for identify fraud
link prediction - Answers - attempts to predict a relationship between 2 data items
ex: used in social media when recommends mutual friends
data reduction - Answers - attempts to reduce the amount of information to be
considered in order to focus on the most critical items
address and refine results - Answers - slice, dice, and manipulate the data; find
correlations, test hypothesis, ask ourselves further, ask colleagues, revise and rerun
analysis
communicate insights and track outcomes - Answers - communicate through executive
summaries, static reports, digital dashboards, and data visualizations
Excel - Answers - small datasets, pivotables, data tables, basic visualizations
ROW LIMIT
Power Query - Answers - large datasets, data joining/cleaning/transforming
Power BI - Answers - large datasets; advanced visualization, presentations
tableau prep builder - Answers - large datasets; cleaning, joining, transforming
tableau desktop - Answers - large datasets, advanced visualization, dashboards
data analytics - Answers - the process of evaluating date with the purpose of drawing
conclusions to address business decisions; provides a way to search through structured
and unstructured data to identify unknown patterns/relationships
structured data - Answers - data that are organized and reside in a fixed field in a file or
record; such data are generally stored in a relational database or spreadsheet and are
readily searchable by search algorithms
unstructured data - Answers - data that does not adhere to a predefined data model in a
tabular format
process of data analytics aims to... - Answers - transform raw data into knowledge to
create value
Big Data - Answers - data that is too large and complex for business' existing systems
to handle their traditional capabilities to capture, store, manage and analyze these
datasets
4 V's of Big data - Answers - 1. Volume: size of the data file
2. Velocity: speed of data processing
3. Veracity: quality of the data
4. Variety: types of data
IMPACT Model - Answers - Id the questions, master the data, perform the test plan,
address and refine results, communicate insights, track outcomes; ITERATIVE process
Identify the question - Answers - Attributes to consider: audience(who are you speaking
to), scope(is the question to narrow or broad), and use (how will the results be used
master the data - Answers - requires one to know what data are available and whether
that data might be able to address the business problem; need to know everything abt
the data (how to access, availability, reliability); ETL, assess data validation and
completion, data prep & scrubbing
perform the test plan - Answers - independent variable (x): explains another variable
dependent variable (y): dependent on another variable
8 types of tests
classification - Answers - attempts to assign each unit of a population into a few
categories potentially helping with predictors
ex: of all the loans, which are the most likely to default
, regression - Answers - attempts to estimate or predict for each unit a numerical value of
sale variable using some type of statistical model
ex: assess the relationship b/w the investment in R&D and subsequent operating
income
similarity matching - Answers - attempts to identify similar individuals based on data
known abt them
ex: company finding new customers that resemble their best customers
clustering - Answers - attempts to divide each individual into a group/cluster in a useful
or meaningful way; identify groups of similar data elements and the underlying drivers of
those groups
ex: loyalty card based on buying behavior
co-occurrence grouping - Answers - attempts to discover associations between
individuals based on transactions involving them
profiling - Answers - attempts to characterize the typical behavior of an individual,
group, or population by generating summary statistics abt them; more easily able to
identify abnormal behavior
ex: used in accting for identify fraud
link prediction - Answers - attempts to predict a relationship between 2 data items
ex: used in social media when recommends mutual friends
data reduction - Answers - attempts to reduce the amount of information to be
considered in order to focus on the most critical items
address and refine results - Answers - slice, dice, and manipulate the data; find
correlations, test hypothesis, ask ourselves further, ask colleagues, revise and rerun
analysis
communicate insights and track outcomes - Answers - communicate through executive
summaries, static reports, digital dashboards, and data visualizations
Excel - Answers - small datasets, pivotables, data tables, basic visualizations
ROW LIMIT
Power Query - Answers - large datasets, data joining/cleaning/transforming
Power BI - Answers - large datasets; advanced visualization, presentations
tableau prep builder - Answers - large datasets; cleaning, joining, transforming
tableau desktop - Answers - large datasets, advanced visualization, dashboards
