2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
Business intelligence BI [1] - CORRECT ANSWERS
Focused on current and past events that are captured in
the data (i.e., What is happening now and why?)
- It helps companies form strategies for current situations
by making data actionable. The information is broken
down so that a specific question that applies to what's
happening now can be answered.
- It is designed to tell you what has happened, what is
happening now and point to reasons why. It's descriptive.
- Its tools present data so that marketers, accountants and
managers without technical expertise are able to decipher
it and make informed business decisions. The visualization
of key data points is done automatically within BI tools
without the help of a data professional.
- It requires only basic math to calculate results - and
software can do that for the end user. BI relies on the
creation of mathematical models, querying, machine
learning and artificial intelligence to make projections
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
- The data is arranged into easy-to-read reports that tell
users what's happening. (Dashboards and charts are also
commonly used
- Many companies ease their way into analytics by
implementing a business intelligence strategy that will put
a plan in place for gathering, storing and structuring data.
Business analytics [1] - CORRECT ANSWERS Focused on
what's most likely to happen in the future (i.e., What will
probably happen next?). The role of analytics is to arm
decision makers with relevant and actionable information.
This can be in the form of metrics, tools, one-off insights
- It uses data insights to form strategies that affect future
operations. The goal is to improve upon productivity and
systems that are currently in place.
- It is a type of predictive analytics. It identifies trends and
patterns in the business analytics data that suggest why
things are happening and whether similar results will
occur in the future.
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
- More work is needed to parse out the useful information
and interpret it. It's a job that's better suited for someone
who's had data analysis training.
- Needs a data professional with an analytics skillset that
knows how to build machine learning capabilities.
- The data is taken a few steps further than reporting. Data
applications and statistical analysis is done to look further
into trends and determine why things are happening.
- Businesses begin to dive deeper with predictive business
analytics.
Business analytics BA [1] - CORRECT ANSWERS
Concerned with "the extensive use of data, statistical and
quantitative analysis, explanatory and predictive models,
and fact-based management to drive decisions and actions.
4 Vs of big data [1] - CORRECT ANSWERS Volume, variety,
velocity, veracity
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
Volume [1] - CORRECT ANSWERS Data at rest. Terabytes
to exabytes of existing data to process
- Volume poses a great challenge and opportunity as it
could help organisations understand people better
Variety [1] - CORRECT ANSWERS Data in many forms.
Structure, unstructured, text, multilmedia
- Variety of data types to be processed becomes
increasingly diverse. Besides traditional data like
documents, finances, stock records, and personnel files,
today photographs, audio, video, 3D models, location data
and complex simulations are being piled into many
corporate data silo. These are unstructured and hence not
easy to categorise and process traditionally
Velocity [1] - CORRECT ANSWERS Data in motion.
Streaming data, milliseconds to seconds to respond
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
- Velocity raise issues with the rate data flows into many
organisations, exceeding capacity of their IT systems.
Delivering this in real time can be challenging
Veracity [1] - CORRECT ANSWERS Data in doubt.
Uncertainty due to data inconsistency and incompleteness,
ambiguities, latency, deception, model approximations
Building a business analytics BA development function in
an organisation requires: [1] - CORRECT ANSWERS 3
features to start building in-house BA capabilities:
- A data scientist team
- Tools and techniques
- Analytics methodology
Data scientist [1] - CORRECT ANSWERS Requires a
comprehensive set of skills. Think of him or her as a hybrid
of data hacker, analyst, communicator, and trusted adviser.
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
Abilities can be visualiser, modeller, communicator,
technologist, programmer, and data wrangler.
Types of business analytics BA: [1] - CORRECT ANSWERS
Descriptive, diagnostic (root cause analysis), predictive
and prescriptive
Descriptive analytics [1] - CORRECT ANSWERS The
conventional/simplest form of data analytics. It seeks to
provide a depiction or "summary view" of facts and figures
based on historical data or what happens in real time.
Simply tells us "what is" and describes relationships, does
not tell managers what to do. Example:
- Summarising past events such as regional sales, customer
attrition, or success of marketing campaigns.
- Tabulation of social metrics such as Facebook likes,
Tweets, or followers.
- How much is sold → How much to sell next season
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
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- Any product with a high number of likes on social media
→ Indicates popularity of product
Predictive analytics [1] - CORRECT ANSWERS It uses
information from the past to predict trends and behaviour
patterns. As such business decisions can be automated
using algorithms and techniques such as data mining,
predictive modelling, machine learning and AI. Example:
- Identify customers that are likely to abandon a service or
product.
- Send marketing campaigns to customers who are most
likely to buy.
- Seasonal pattern sales. Patterns could be e.g., sales
revenue. What are the sales like for the upcoming season?
Leverage predictive analytics to leverage a reasonable
sales target
- Forecast popularity of individual products and set
discounts depending on this
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
Prescriptive analytics [1] - CORRECT ANSWERS It seeks
to determine the potential outcome of each decision given
the known parameters, and recommend the best course of
action. It can be based on current data analytics,
predefined future plans, business goals and objectives.
Specific techniques used include optimization, simulation
and decision-analysis methods. Example:
- Determine the best set of prices and advertising
frequency to maximize revenue.
- Offer doctors recommendations for the best possible
treatment for a patient
- At what point in time should communication channels be
used to maximise coverage and extend influence to
audience through advertising
Supervised learning [1] - CORRECT ANSWERS Uses a
classification algorithm (linear regression, logistic
regression, artificial neural networks and deep learning,
support vector machines)
Output variable has been pre-defined or specified.
,2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
NOTE: Anomaly detection can be supervised OR
unsupervised
Unsupervised learning [1] - CORRECT ANSWERS Uses a
clustering algorithm (k-means clustering, principal
components analysis)
Output variable has NOT been pre-defined or specified.
NOTE: Anomaly detection can be supervised OR
unsupervised
Modelling techniques: [1] - CORRECT ANSWERS -
Supervised learning (linear regression, logistic regression,
artificial neural networks and deep learning, support
vector machines)
Unsupervised learning (k-means clustering, principal
components analysis)
- Text analysis (natural language processing, sentiment
analytics, topic modelling)
- Other (geospatial and mapping applications)
, 2023 T2 INFS3603 INTRO TO BUSINESS ANALYTICS QUESTIONS AND
ANSWERS UPDATE 2024/2025 ALL ANSWERS 100% CORRECT
VERIFIED RATED A+ BEST EXAM SOLUTION FOR BUSINESS
Machine learning algorithms: [1] - CORRECT ANSWERS
Classification, clustering, regression, anomaly detection
Methodology [1] - CORRECT ANSWERS Provides a
framework that is used to structure, plan, and control the
process of developing an analytics solution
4 blocks in a framework for business analytics BA: [1] -
CORRECT ANSWERS Data sources (internal, external,
open), data generators (IoT, social media, ubiquitous
computing), data management (cloud, Big Data
technologies, data quality), analytics (descriptive,
predictive and prescriptive analytics)
Extract (ETL framework) [2] - CORRECT ANSWERS -
Pulling data from original sources (e.g., SQL, CRM, flat files,
Email, Web pages)
- Array of connector options
