Introduction to Data Analytics for Business
Week 1 Quiz Answers
Q1) What statement below best describes why we do data analytics in business?
Refer to the following video for a refresher: video 1.
- We need specific insights to make business decisions
- Analytics improve our understanding of how the business works
- We must show a return on the investment we make in data & analytical resources
- We have to calculate & report financial results to owners / shareholders
Q2) What should you consider as you approach an analytical problem and in which order? Identify correct order for the following ideas / steps.
For example, if you think they are already in the correct order, correct answer would be ABCDEF.
- A. Sourcing Data
- B. Analysis Outputs
- C. Execute Analysis
- D. Analysis Methods
- E. Define Decision
- F. Data Needs
Refer to the following video for a refresher: video 1.
ABCDEF:
- A. Sourcing Data
- B. Analysis Outputs
- C. Execute Analysis
- D. Analysis Methods
- E. Define Decision
- F. Data Needs
EBDAFC
- E. Define Decision
- B. Analysis Outputs
- D. Analysis Methods
- A. Sourcing Data
- F. Data Needs
- C. Execute Analysis
BDFACE
- B. Analysis Outputs
- D. Analysis Methods
- F. Data Needs
- A. Sourcing Data
- C. Execute Analysis
- E. Define Decision
EBDFAC
- E. Define Decision
- B. Analysis Outputs
- D. Analysis Methods
- F. Data Needs
- A. Sourcing Data
- C. Execute Analysis
Q3) What diagram below best describes the relationship between a mobile wireless carrier account holder and devices at a point in time?
- A – shows oval with account connected to oval with device by straight line
- B – shows oval with account connected to oval with device by straight line – forked end on Account side
- C – shows oval with account connected to oval with device by straight line – forked end on Device side
- D – shows oval with account connected to oval with device by straight line – forked end on both sides
Refer to the following video for a refresher: video 2.
- A
- B
- C
- D
Q4) For the next 5 questions that describe types of metrics, select a source that best describes where the following data might come from:
The average temperature of a turbine bearing over the last 8 hours
Refer to the following video for a refresher: video 1.
- Billing System
- Machine Data System
- Usage Tracking System
- Customer Relationship Management System
- Enterprise Resource Planning System
- Ticketing / Workflow System
Q5) Select a source that best describes where the following data might come from:
The number of developers allocated to a company software project
- Billing System
- Usage Tracking System
- Customer Relationship Management System
- Enterprise Resource Planning System
- Machine Data System
- Ticketing / Workflow System
Q6) Select a source that best describes where the following data might come from:
Household water consumption by month
Billing System
- Usage Tracking System
- Customer Relationship Management System
- Machine Data System
- Enterprise Resource Planning System
- Ticketing / Workflow System
Q7) Select a source that best describes where the following data might come from:
The dollar amount of unpaid invoices at the end of a month
- Billing System
- Customer Relationship Management System
- Machine Data System
- Enterprise Resource Planning System
- Usage Tracking System
- Ticketing / Workflow System
Q8) Select a source that best describes where the following data might come from:
The average age of customers in Madison, Wisconsin
- Billing System
- Usage Tracking System
- Customer Relationship Management System
- Machine Data System
- Enterprise Resource Planning System
- Ticketing / Workflow System
Q9) Why is it important for data analysts to understand the value-chain (process) associated with information and the analytical process?
Refer to the following videos for a refresher: videos 3 and 4
What do you think?
- Ans: The more you understand about the way the business works and how information flows through business systems, the better prepared you will be to both execute and interpret your analysis .Also, the more skill you have in finding and accessing data, the more productive and valuable you will be as an analyst!
Q10) Identify correct order of steps in the Information-Action Value Chain.
Refer to the following videos for a refresher: videos 3 and 4.
ABCDEFGHI
- A. Develop Strategy & Plan
- B. Deliver the Pitch
- C. Events & Characteristics in the Real World
- D. Take Action
- E. Data Capture by Source Systems
- F. Data Extraction
- G. Data Storage
- H. Analytical Methods
- I. Summarize & Interpret Results
CEFGHIABD
- C. Events & Characteristics in the Real World
- E. Data Capture by Source Systems
- F. Data Extraction
- G. Data Storage
- H. Analytical Methods
- I. Summarize & Interpret Results
- A. Develop Strategy & Plan
- B. Deliver the Pitch
- D. Take Action
CEGFHIBAD
- C. Events & Characteristics in the Real World
- E. Data Capture by Source Systems
- G. Data Storage
- F. Data Extraction
- H. Analytical Methods
- I. Summarize & Interpret Results
- B. Deliver the Pitch
- A. Develop Strategy & Plan
- D. Take Action
CEGFHIABD
- C. Events & Characteristics in the Real World
- E. Data Capture by Source Systems
- G. Data Storage
- F. Data Extraction
- H. Analytical Methods
- I. Summarize & Interpret Results
- A. Develop Strategy & Plan
- B. Deliver the Pitch
- D. Take Action
Q11) Why do we bring data together into a common location (select all that apply)?
Refer to the following video for a refresher: video 3.
- We can establish relationships among data sources
- It’s more convenient for extraction to have data in one place
- Sometimes we can’t access source systems directly
- Source data may be unstructured or not formatted for analysis
Q12) What type of analytics would you use to determine the best way to route delivery trucks to minimize miles driven or gasoline consumed?
Refer to the following video for a refresher: video 4.
- Descriptive
- Predictive
- Prescriptive
- Transitive
- Cognitive
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