Download Business Intelligence and Analytics and more Exams Business Finance in PDF only on Docsity!
MBA 6207 - Chapter 9 Business Intelligence and Analytics
(100% Correct Answers)
Business Intelligence (BI) A wide range of applications, practices, and technologies for the extraction, transformation, integration, visualization, analysis, interpretation, and presentation of data to support improved decision making. Which of the following is NOT considered business intelligence practice? transaction processing Suppose management wishes to start a BI project at your new job. Which of following will you recommend as the first step?
- Clarify business goals and design a project plan
- Gather data to be used, become familiar with the data and identify any data quality problems
- Select a subset of data to be used, clean data to address quality issues, and transform data into form suitable for analysis
- Deploy the model into the org. decision-making process Clarify business goals and design a project plan data cube
A collection of data that contains numeric facts called measures, which are categorized by dimensions, such as time and geography. example: unit sales for a specific item, on a specific day for all stores within each market Conversion Funnel A graphical representation that summarizes the steps a consumer takes in making the decision to buy your product and become a customer. Provides a visual representation of the conversion data between each step and enables decision makers to see what steps are causing customers confusion and trouble. During modeling of the CRISP-DM method, we would ______. apply selected modeling techniques data mining A BI analytics tool used to explore large amounts of data for hidden patterns to predict future trends and behaviors for use in decision making Cross-Industry Process for Data Mining (CRISP-DM)
Six-Phase structure goals Phase 4: Modeling Goal 4: Apply selected modeling techniques Six-Phase structure goals Phase 5: Evaluation Goal 5: Assess if the model achieves business goals Six-Phase structure goals Phase 6: Deployment Goal 6: Deploy the model into the organization's decision-making process Data governance involves identifying people who are responsible for fixing and preventing issues with data True or False True
is the core component of data management; it defines the roles, responsibilities, and processes for ensuring that data can be trusted and used by the entire organization, with people identified and in place who are responsible for fixing and preventing issues with data. Role of data scientist
- individuals who combine strong business acumen
- deep understanding of analytics
- appreciation of limitations of their data, tools, techniques to deliver improved decision making
- GOAL: to uncover valuable insights that will influence organizational decisions and help the organization to achieve competitive advantage
- Education requirements require a mastery of statistics, math, and computer programming
- Most data scientist require advanced degree, such as a master's or doctorate
- Most data scientists have computer programming skills and are familiar with languages & tools used to process big data, such as Hadoop, Hive, SQL, Python, R, and Java. Data scientist do not need much business domain knowledge. True or False False
linear regression A mathematical procedure to predict the value of a dependent variable based on a single independent variable and the linear relationship between the two.
- Consists of finding the best-fitting straight line through a set of observations of the dependent and independent variables regression line (line of best fit) A line, segment, or ray drawn on a scatter plot to estimate the relationship between two sets of data. To analyze various alternative scenarios, a manager would use _______ the spreadsheet's 'what-if' capability Spreadsheets
- Business managers often import data into a spreadsheet program
- Can be used to perform operations on the data based on formulas created by the end user
- Spreadsheets are also used to create reports and graphs based on that data
- Excel Scenario Manager Used to perform "what-if" analysis to evaluate various alternatives Measuring regression line
The following key assumptions must be satisfied when using linear regression on a set of data:
- A linear relationship between the independent (X) and dependent (Y)variables must exist
- Errors in the prediction of the value of Y are distributed in a manner that approaches the normal distribution curve
- Errors in the prediction of the value of Y are all independent of one another r square - is a number that indicates how well data fit a statistical model - sometimes simply a line or a curve. Data mining A BI analytics tool used to explore large amounts of data for hidden patterns to predict future trends and behaviors for use in decision making Most commonly used data mining techniques Association analysis: a specialized set of algorithms sorts through data and forms statistical rules about relationships among the items Neutral computing: historical data is examined for patterns that are then used to make predictions Case-based reasoning: historical if-then-else cases are used to recognize patterns
A conversion funnel is a visual depiction of a set of words that have been grouped together because of the frequency of their occurrence. True or False False An advantage of using the nominal group technique is that: it encourages participation from everyone One of the goals of business intelligence is to _______ present the results in an easy to understand manner Which of the following is NOT a core process associated with data management? process for gathering BI requirements Which of these analysis methods describes neural computing? historical data is examined for patterns that are then used to make predictions
A vehicle routing optimization system helps in maximizing the number of drivers being assigned. True or False False ______ encourages nontechnical end users to make decisions based on facts and analyses rather than intuition. self-service analytics ______ is used to explore large amounts of data for hidden patterns to predict future trends. Data mining Which of the following is a potential disadvantage with self-service BI?
- Encourages nontechnical end users to make decisions based on facts and analyses rather than intuition.
- Can lead to over spending on unapproved data sources and business analytics tools.
- Accelerates and improves decision making.
