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Business Analytics Chapters 1-4 questions with 100% correct answers.
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Business Analytics Chapters 1-4questions with 100% correct answers.
Data Set ANS - A simple collection of data or a data file
Database ANS - A collection of data files that contain information on people, locations, and so on
Computer Clouds ANS - Hardware and software used for data remote storage, retrieval, and
computational functions
Data Warehousing ANS - A collection of databases used for reporting and data analysis
Big Data ANS - Describes the collection of data sets that are so large and complex that software systems
are hardly able to process them
Little Data ANS - Describes the smaller data segments or files that help individual business keep track of
customers
Analytics ANS - A process that involves the use of statistical techniques, information system software,
and operations research methodologies to explore, visualize, discover and communicate patterns or
trends in data
Business Analytics ANS - A process beginning with business-related data collection and consisting of
sequential application of descriptive, predictive, and prescriptive major analytic components, the
outcome of which supports and demonstrates business decision-making and organizational
performance
Descriptive ANS - Purpose: To identify possible trends in large data sets or database. The purpose is to
get a rough picture of what generally the data looks like and what criteria might have potential for
identifying trends or future business behavior
, Predictive ANS - Purpose: To build predictive models designed to identify and predict future trends
Prescriptive ANS - Purpose: To allocate resources optimally to take advantage of predictive trends or
future opportunities
Business Intelligence ANS - Set of process and technologies that convert data into meaningful and
useful information for business purposes
Business Analytic Process ANS - Involves the three major component steps applied sequentially to a
source of data
Query Drilldown ANS - The mining effort of questioning and finding answers to pull up useful
information in the BA analysis
Categorical Data ANS - Data that is group by one or more characteristics.
Ordinal Data ANS - Data that is ranked or ordered to show relational preference
Example- Ranking business firms on product quality
Interval Data ANS - Data that is arranged along a scale where each value is equally distant from others.
It is ordinal data.
Example- A temperate gauge
Example- Survey using a likert scale
Ratio Data ANS - Data expressed as a ratio on a continuous scale
Example- The ratio of firms with green manufacturing programs is twice that of firms without such
programs
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