DATA ANALYTICS IN ACCOUNTING AND BUSINESS RICHARDSON
CHAPTER ONE QUESTIONS & ANSWERS
1) What is the IMPACT data analytics process stand for - Answer ✔✔ - 1.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Identify the questions _ _ _
2. Master the data
_ _ _ _
3. Perform test plan
_ _ _ _
4. Address and refine results
_ _ _ _ _
5. Communicate insights
_ _ _
6. Track outcomes
_ _ _
2) What does "identifying the questions" mean - Answer ✔✔ -
_ _ _ _ _ _ _ _ _ _ _ _
understanding the Business problems that need to be addressed _ _ _ _ _ _ _ _
3) What does "mastering the data" mean - Answer ✔✔ - knowing what data
_ _ _ _ _ _ _ _ _ _ _ _ _ _
are available and how they relate to the problem
_ _ _ _ _ _ _ _ _
4) What does "performing the test plan" mean - Answer ✔✔ - selecting an
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _
appropriate _
Model to find a target variable
_ _ _ _ _
5) What does "address and refine results" mean - Answer ✔✔ - identify
_ _ _ _ _ _ _ _ _ _ _ _ _ _
issues with the analyses, possible issues, and refine the model
_ _ _ _ _ _ _ _ _
6) What does it mean to "communicate insights" - Answer ✔✔ -
_ _ _ _ _ _ _ _ _ _ _ _ _
communicate effectively _ _
Using clear language and visualizations
_ _ _ _
7) What does it mean to "track outcomes" - Answer ✔✔ - follow up on the
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
results of the analysis _ _ _
8) Data analytics is the process of __________ data with the purpose of
_ _ _ _ _ _ _ _ _ _ _ _
drawing ________ to address business ________. Effective Data
_ _ _ _ _ _ _ _
Analytics provides a way to search through large structured and
_ _ _ _ _ _ _ _ _ _
unstructured data to identify unknown ________ or _____________. - _ _ _ _ _ _ _ _ _
Answer ✔✔ - process of evaluating data with the purpose of drawing
_ _ _ _ _ _ _ _ _ _ _ _ _ _
conclusions to address business questions. Effective Data Analytics _ _ _ _ _ _ _ _
provides a way to search through large structured and unstructured data
_ _ _ _ _ _ _ _ _ _ _
to identify unknown patterns or relationships.
_ _ _ _ _ _
CHAPTER ONE QUESTIONS & ANSWERS
1) What is the IMPACT data analytics process stand for - Answer ✔✔ - 1.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Identify the questions _ _ _
2. Master the data
_ _ _ _
3. Perform test plan
_ _ _ _
4. Address and refine results
_ _ _ _ _
5. Communicate insights
_ _ _
6. Track outcomes
_ _ _
2) What does "identifying the questions" mean - Answer ✔✔ -
_ _ _ _ _ _ _ _ _ _ _ _
understanding the Business problems that need to be addressed _ _ _ _ _ _ _ _
3) What does "mastering the data" mean - Answer ✔✔ - knowing what data
_ _ _ _ _ _ _ _ _ _ _ _ _ _
are available and how they relate to the problem
_ _ _ _ _ _ _ _ _
4) What does "performing the test plan" mean - Answer ✔✔ - selecting an
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _
appropriate _
Model to find a target variable
_ _ _ _ _
5) What does "address and refine results" mean - Answer ✔✔ - identify
_ _ _ _ _ _ _ _ _ _ _ _ _ _
issues with the analyses, possible issues, and refine the model
_ _ _ _ _ _ _ _ _
6) What does it mean to "communicate insights" - Answer ✔✔ -
_ _ _ _ _ _ _ _ _ _ _ _ _
communicate effectively _ _
Using clear language and visualizations
_ _ _ _
7) What does it mean to "track outcomes" - Answer ✔✔ - follow up on the
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
results of the analysis _ _ _
8) Data analytics is the process of __________ data with the purpose of
_ _ _ _ _ _ _ _ _ _ _ _
drawing ________ to address business ________. Effective Data
_ _ _ _ _ _ _ _
Analytics provides a way to search through large structured and
_ _ _ _ _ _ _ _ _ _
unstructured data to identify unknown ________ or _____________. - _ _ _ _ _ _ _ _ _
Answer ✔✔ - process of evaluating data with the purpose of drawing
_ _ _ _ _ _ _ _ _ _ _ _ _ _
conclusions to address business questions. Effective Data Analytics _ _ _ _ _ _ _ _
provides a way to search through large structured and unstructured data
_ _ _ _ _ _ _ _ _ _ _
to identify unknown patterns or relationships.
_ _ _ _ _ _
