Module 1 - Data Analytics Projects

Question 1

is the process of taking that data and using it to answer questions, identify trends, and extract insights that enable organizations to make better decisions.

Answer 1

Data analytics

Question 2

data analytics involved looking at historical data to uncover trends, patterns and other descriptive information about an organization. Data sets used for this type of analysis—called ?

Answer 2

descriptive analytics

Question 3

contain static data such as customer transactions, inventory levels, or defect reports.

Answer 3

descriptive analytics

Question 4

This type of data is not usually analyzed immediately; in fact, most of it is compiled and analyzed on a monthly or quarterly basis.

Answer 4

descriptive analytics

Question 5

The primary goal of traditional data analysis is to ?

Answer 5

present information in a way that is easy for non-technical decision makers to understand.

Question 6

The results of descriptive analytics are highly accurate because ?

Answer 6

the data usually doesn’t change during the analysis.

Question 7

give some examples of insights uncovered through traditional analytics

Answer 7

Examples of insights uncovered through traditional analytics include past product performance, company profitability, inventory lead times, and advertising program success.

Question 8

Give some examples of organizations using advanced analytics to improve their operations

Answer 8

• A bank immediately analyzing each account transaction to identify potentially fraudulent activity.
• A manufacturer constantly monitoring defect reports in order to modify production processes as quickly as possible.
• A retailer instantly responding to customer reviews and adjusting products or sales strategies accordingly.

Question 9

In a technical sense, data analytics can be described as?

Answer 9

the process of using data to answer questions, identify trends, and extract insights.

Question 10

What are the four key types of data analytics and some example questions?

Answer 10

• Descriptive analytics asks, “What happened?”
• Predictive analytics asks, “What might happen in the future?”
• Prescriptive analytics asks, “What should be done next?”
• Diagnostic analytics asks, “Why did this happen?”

Question 11

What type of analytics is this: primarily uses observed data to identify key characteristics of a data set.

Answer 11

Descriptive analytics

Question 12

What type of analytics is this: It relies solely on historical data to provide reports on past events.

Answer 12

Descriptive analytics

Question 13

This type of data analysis is also used to generate ad hoc (as needed) reports that summarize large amounts of data to answer simple questions like “how much?” or “how many?”

Answer 13

Descriptive analytics

Question 14

What type of analytics is this: It can be used to ask deeper questions about a specific problem.

Answer 14

Descriptive analytics

Question 15

This type of data analysis is not used to draw inferences or predictions from its findings; it is just a starting point used to inform decisions or to prepare data for further analysis.

Answer 15

Descriptive analytics

Question 16

What are the descriptive analytics process?

Answer 16

1. Ask a historical question that needs an answer, such as “How much of product X did we sell last year?”
2. Identify required data to answer the question
3. Collect and prepare data
4. Analyze data
5. Present results

Question 17

Give some examples of descriptive analytics

Answer 17

• Summarizing historical events such as sales, inventory, or operations data
• Understanding engagement data such as likes and dislikes or volume of page views over time
• Reporting general trends like revenue growth or employee injuries
• Collating survey results

Question 18

This analysis utilizes real-time and/or past data to make predictions based on probabilities.

Answer 18

Predictive analytics

Question 19

This analysis can also be used to infer missing data or establish a predicted future trend.

Answer 19

Predictive analytics

Question 20

This type analysis uses simulation models and forecasting to suggest what could happen going forward, which can guide realistic goal setting, effective planning, management of performance expectations, and avoiding risks.

Answer 20

Predictive analytics

Question 21

The information from this analysis can empower executives and managers to take a proactive and fact-based approach to strategy and decision making.

Answer 21

Predictive analytics

Question 22

What are the predictive analysis process?

Answer 22

The predictive analytics process is as follows:
1. Ask a forward-thinking question, such as “Can we predict how much product X we will sell next year?”
2. Collect and prepare data
3. Develop predictive analytics models
4. Apply models to the prepared data
5. Review models and present results

Question 23

What are the examples of predictive analysis?

Answer 23

Examples of predictive analytics include:
* Forecasting customer behavior, purchasing patterns, and identifying sales trends
* Predicting customer preferences and recommending products to customers based on past purchases and search history
* Predicting the likelihood that a given customer will purchase another product or leave the store
* Identifying possible security breaches that require further investigation
* Predicting staffing and resourcing needs

Question 24

This type of analytics builds on descriptive and predictive analysis by recommending courses of action that will reap the greatest benefit for the organization.

Answer 24

Prescriptive Analytics

Question 25

This type of analytics tells you what should be done in a given situation.

Answer 25

Prescriptive Analytics

Question 26

This type of analytics helps executives, managers, and employees make the best decisions based on available data.

Answer 26

Prescriptive Analytics

Question 27

A good example of ___________ ___________ is the field of GPS-based map and direction applications.

Answer 27

Prescriptive Analytics

Question 28

This type of analysis enhances the descriptive analytics process by digging in deeper and attempting to discover the cause(s).

Answer 28

Diagnostic analytics

Question 29

What are the process of diagnostic analytics?

Answer 29

The diagnostic analytics process is as follows:
1. Identify anomalies (inconsistencies) in data sets
2. Collect data related to the anomalies
3. Use statistical techniques to uncover relationships and trends that could explain the anomalies
4. Present possible causes

Question 30

What are the examples of Diagnostic Analytics?

Answer 30

An example of diagnostic analytics is using subscription cancellations, correlated with customer comments and ratings, to determine the most common reasons why users cancel subscriptions. Another example would be determining whether there is a correlation between the demographics of consumers and their purchasing patterns at specific times of year.