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C207 OA Questions and answers latest update
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C207 OA Questions and answers latest update
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C207 OA Questions and answers latestupdate
Simple indexing Answer: Common analytic measure to improve performance. Compares current
data with data during a base period.
(Price / Price during "Base Period") x 100
i.e. Big Mac was 1.60 in 1968 which is base period. what is index for 2014 if price was 4.80 then?
(4..60) * 100 = 300 (means price is 3x greater than base period)
Used to identify price fluctuations of supplies, materials, products, etc.
Weighted Index Answer: assign a weight to allow for significant differences in the index.
Reasons for including analytics in decision-making Answer: decrease cost of data storage
increase processing power
Descriptive Analytics Answer: using current and past data for strictly descriptive purposes.
i.e. car price data shows a 2% increase over the prior year
a manager wants to know why sales spiked during the prior quarter
,Predictive / Inferential Analytics Answer: using current and past data to predict/estimate future.
i.e. based on the past 10 years of data for car prices, we predict an increase of 1.5% over the upcoming
year.
Prescriptive Analytics Answer: using past data to PREDICT or ESTIMATE future in order to optimize
operations
includes experimental design and optimization to aid in DECISION-MAKING. MANAGERIAL DECISIONS.
i.e. based on past data, sales prices for electric cars could increase by 5% if we increased charging
stations by 7%
Big data Answer: Data so big that it's difficult to process using traditional methods.
Stored in a Data Warehouse.
Mined to identify patterns and trends
Primary purpose is to encourage buying behavior.
Enables products to be more tailored to customer base.
Improves decision-making.
Supports development of next generation products/services.
,watch for keywords in test options. i.e. company TOTAL sales (just one number) vs all sales invoices
Structured / Quantitative Data Answer: Data follows pre-defined formats.
i.e. multiple choice answers, addresses, names, stock tickers
Unstructured / Qualitative Data Answer: Data doesn't follow pre-defined formats. Usually gets
structured by a "theme analysis"
i.e. blocks of freeform text, audio, video
Continuous Data Answer: Data that can take any value (within a set range)
i.e. 3.14159, -189,115.2
a thermometer reads 66.5 degrees
Interval Data (data measuring levels) Answer: data is ordered at equal intervals apart and "0"
doesn't mean absence of data, just another data point
a type of continuous data
i.e. date, time, degrees
Ratio Data (data measuring levels) Answer: 0 actually means nothing, not just a data point
, a type of continuous data
i.e. money, height weight
Discrete Data Answer: Data that can only take on whole values and has clear boundaries
i.e. 4, 7, 8 in a preset range of 1-100
Ordinal data (data measuring levels) Answer: data is ordered based on quality
a type of discrete data
i.e. in blackbelt data, level "3" is higher quality than "1"
gold, silver, and bronze medals
Nominal / Categorical Data (data measuring levels) Answer: data is assigned a category/label for
identification and grouping purposes
a type of discrete data
i.e. males are assigned "0" and females "1"
potential quality errors: categories can be misspelled
Attribute Data Answer: Data that shows whether a result meets a requirement or not (yes/no,
pass/fail).
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