BANA 2 Final Exam UPDATED
QUESTIONS AND CORRECT ANSWERS
Data dashboards are a type of _________ analytics. - CORRECT
ANSWER descriptive
______________ analytics are techniques that use models, constructed from past data, to
predict the future or to ascertain the impact of one variable on another. - CORRECT
ANSWER Predictive
_______________ analytics use techniques that take input data and yield a best course of
action. - CORRECT ANSWER Prescriptive
Which of the following analytical techniques helps us arrive at the best decision? -
CORRECT ANSWER Prescriptive analytics
When a decision maker is faced with several alternatives and an uncertain set of future
events, s/he uses _____ to develop an optimal strategy. - CORRECT
ANSWER decision analysis
Which one of the following is used in predictive analytics? - CORRECT
ANSWER Linear regression
Which of the following best exemplifies big data? - CORRECT ANSWER Cellphone
owners around the world generate vast amounts of data by calling, texting, tweeting, and
browsing the Web on a daily basis.
Advanced analytics generally refers to _____. - CORRECT ANSWER predictive and
prescriptive analytics
In the financial sector, _____ are used to construct financial instruments such as derivatives. -
CORRECT ANSWER predictive models
,_____ refers to the technology that allows data, collected from sensors in all types of
machines, to be sent over the Internet to repositories where it can be stored and analyzed. -
CORRECT ANSWER Internet of Things (IoT)
Data-ink is the ink used in a table or chart that _____. - CORRECT ANSWER is
necessary to convey the meaning of the data to the audience
Deleting the grid lines in a table and the horizontal lines in a chart ______. - CORRECT
ANSWER increases the data-ink ratio
Tables should be used instead of charts when _____. - CORRECT ANSWER the
values being displayed have different units or very different magnitudes
The ratio of the amount of ink used in a table or chart that is necessary to convey information
to the total amount of ink used in the table and chart is known as data-ink ratio. Using
additional ink that is not necessary to convey information has what effect on the data-ink
ratio? - CORRECT ANSWER It reduces the data-ink ratio.
A _____ is a graphical presentation of the relationship between two quantitative variables. -
CORRECT ANSWER scatter chart
_____ are visual methods of displaying data. - CORRECT ANSWER Charts
A _____ is a line that provides an approximation of the relationship between the variables. -
CORRECT ANSWER trendline
A line chart that has no axes but is used to provide information on overall trends for time
series data is called a _____. - CORRECT ANSWER sparkline
The charts that are helpful in making comparisons between categorical variables are _____. -
CORRECT ANSWER bar charts and column charts
,Making visual comparisons between categorical variables may be difficult in a _____. -
CORRECT ANSWER pie chart
In order to visualize three variables in a two-dimensional graph, we use a _____. -
CORRECT ANSWER bubble chart
A two-dimensional graph representing the data using different shades of color to indicate
magnitude is called a _____. - CORRECT ANSWER heat map
To summarize and analyze data with both a crosstabulation and charting, Excel typically pairs
_____. - CORRECT ANSWER PivotCharts with PivotTables
A data visualization tool that updates in real time and gives multiple outputs is called _____. -
CORRECT ANSWER a data dashboard
In a business, the values indicating the current operating characteristics of the business, such
as its financial position, the inventory on hand, and customer service metrics, are typically
known as - CORRECT ANSWER key performance indicators
Tactical Decisions - CORRECT ANSWER Concern how the organization should
achieve the goals and objectives set by its strategy.
They are usually the responsibility of midlevel management.
operational decisions - CORRECT ANSWER Affect how the firm is run from day to
day.
They are the domain of operations managers, who are the closest to the customer.
Business Analytics (BA) - CORRECT ANSWER scientific process of transforming
data into insight for making better decisions
-used for data driven or fact based decision
, Descriptive Analysis - CORRECT ANSWER encompasses the set of techniques that
describes what has happened in the past
data query - CORRECT ANSWER A request for information with certain
characteristics from a database.
data dashboard - CORRECT ANSWER Collections of tables, charts, maps, and
summary statistics that are updated as new data become available
data mining - CORRECT ANSWER analytical techniques for better understanding of
patterns and relationships that exist in large data sets
Predictive Analytics - CORRECT ANSWER Consists of techniques that use models
constructed from past data to predict the future or ascertain the impact of one variable on
another
simulation optimization - CORRECT ANSWER Combines the use of probability and
statistics to model uncertainty with optimization techniques to find good decisions in highly
complex and highly uncertain settings
Decision Analysis - CORRECT ANSWER Used to develop an optimal strategy when a
decision maker is faced with several decision alternatives and an uncertain set of future
events
Big Data - CORRECT ANSWER any set of data that is too large or too complex to be
handled by standard data-processing techniques and typical desktop software
4 Vs of Big Data - CORRECT ANSWER Volume, Velocity, Variety, Veracity
Volume - CORRECT ANSWER The amount of space an object takes up
QUESTIONS AND CORRECT ANSWERS
Data dashboards are a type of _________ analytics. - CORRECT
ANSWER descriptive
______________ analytics are techniques that use models, constructed from past data, to
predict the future or to ascertain the impact of one variable on another. - CORRECT
ANSWER Predictive
_______________ analytics use techniques that take input data and yield a best course of
action. - CORRECT ANSWER Prescriptive
Which of the following analytical techniques helps us arrive at the best decision? -
CORRECT ANSWER Prescriptive analytics
When a decision maker is faced with several alternatives and an uncertain set of future
events, s/he uses _____ to develop an optimal strategy. - CORRECT
ANSWER decision analysis
Which one of the following is used in predictive analytics? - CORRECT
ANSWER Linear regression
Which of the following best exemplifies big data? - CORRECT ANSWER Cellphone
owners around the world generate vast amounts of data by calling, texting, tweeting, and
browsing the Web on a daily basis.
Advanced analytics generally refers to _____. - CORRECT ANSWER predictive and
prescriptive analytics
In the financial sector, _____ are used to construct financial instruments such as derivatives. -
CORRECT ANSWER predictive models
,_____ refers to the technology that allows data, collected from sensors in all types of
machines, to be sent over the Internet to repositories where it can be stored and analyzed. -
CORRECT ANSWER Internet of Things (IoT)
Data-ink is the ink used in a table or chart that _____. - CORRECT ANSWER is
necessary to convey the meaning of the data to the audience
Deleting the grid lines in a table and the horizontal lines in a chart ______. - CORRECT
ANSWER increases the data-ink ratio
Tables should be used instead of charts when _____. - CORRECT ANSWER the
values being displayed have different units or very different magnitudes
The ratio of the amount of ink used in a table or chart that is necessary to convey information
to the total amount of ink used in the table and chart is known as data-ink ratio. Using
additional ink that is not necessary to convey information has what effect on the data-ink
ratio? - CORRECT ANSWER It reduces the data-ink ratio.
A _____ is a graphical presentation of the relationship between two quantitative variables. -
CORRECT ANSWER scatter chart
_____ are visual methods of displaying data. - CORRECT ANSWER Charts
A _____ is a line that provides an approximation of the relationship between the variables. -
CORRECT ANSWER trendline
A line chart that has no axes but is used to provide information on overall trends for time
series data is called a _____. - CORRECT ANSWER sparkline
The charts that are helpful in making comparisons between categorical variables are _____. -
CORRECT ANSWER bar charts and column charts
,Making visual comparisons between categorical variables may be difficult in a _____. -
CORRECT ANSWER pie chart
In order to visualize three variables in a two-dimensional graph, we use a _____. -
CORRECT ANSWER bubble chart
A two-dimensional graph representing the data using different shades of color to indicate
magnitude is called a _____. - CORRECT ANSWER heat map
To summarize and analyze data with both a crosstabulation and charting, Excel typically pairs
_____. - CORRECT ANSWER PivotCharts with PivotTables
A data visualization tool that updates in real time and gives multiple outputs is called _____. -
CORRECT ANSWER a data dashboard
In a business, the values indicating the current operating characteristics of the business, such
as its financial position, the inventory on hand, and customer service metrics, are typically
known as - CORRECT ANSWER key performance indicators
Tactical Decisions - CORRECT ANSWER Concern how the organization should
achieve the goals and objectives set by its strategy.
They are usually the responsibility of midlevel management.
operational decisions - CORRECT ANSWER Affect how the firm is run from day to
day.
They are the domain of operations managers, who are the closest to the customer.
Business Analytics (BA) - CORRECT ANSWER scientific process of transforming
data into insight for making better decisions
-used for data driven or fact based decision
, Descriptive Analysis - CORRECT ANSWER encompasses the set of techniques that
describes what has happened in the past
data query - CORRECT ANSWER A request for information with certain
characteristics from a database.
data dashboard - CORRECT ANSWER Collections of tables, charts, maps, and
summary statistics that are updated as new data become available
data mining - CORRECT ANSWER analytical techniques for better understanding of
patterns and relationships that exist in large data sets
Predictive Analytics - CORRECT ANSWER Consists of techniques that use models
constructed from past data to predict the future or ascertain the impact of one variable on
another
simulation optimization - CORRECT ANSWER Combines the use of probability and
statistics to model uncertainty with optimization techniques to find good decisions in highly
complex and highly uncertain settings
Decision Analysis - CORRECT ANSWER Used to develop an optimal strategy when a
decision maker is faced with several decision alternatives and an uncertain set of future
events
Big Data - CORRECT ANSWER any set of data that is too large or too complex to be
handled by standard data-processing techniques and typical desktop software
4 Vs of Big Data - CORRECT ANSWER Volume, Velocity, Variety, Veracity
Volume - CORRECT ANSWER The amount of space an object takes up
