Question 1

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | c | } 
\hline  { \text { State } } & \text { Year } & \text { Sales Tux } & \text { Salesper Stare } & \begin{array} { c } 
\text { Ermplayees per } \
\text { Stare }
\end{array} \
\hline \text { Indiaraa } & 2014 & 7.25 & \$ 650,000 & 50 \
\hline \text { Illinois } & 2014 & 7.75 & \$ 625,000 & 65 \
\hline \text { Indiara } & 2015 & 8.00 & \$ 800,050 & 75 \
\hline \text { Illinois } & 2015 & 8.75 & \$ 525,000 & 55 \
\hline
\end{array}$$ 
-What type of dataset is this?

Accepted Answer

This is a panel dataset because it tracks the same states over time and includes multiple observations for each state.

Question 2

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | c | } 
\hline { \text { Firm } } & \text { Year } & \text { \# ur Emplayees } &  { \text { Sales } } & \text { Prafits } \
\hline \text { Jirr's Auto } & 2014 & 23 & \$ 741,000 & \$ 52,000 \
\hline \text { Mecharnic Zone } & 2014 & 15 & \$ 510,000 & - \$ 72,000 \
\hline \text { Tirr's Auto } & 2015 & 31 & \$ 1,081,050 & \$ 101,000 \
\hline \text { Mecharic Zone } & 2015 & 27 & \$ 81,000 & \$ 28,000 \
\hline
\end{array}$$
-What is the unit of observation?

Accepted Answer

The unit of observation in this dataset is the combination of Firm and Year, therefore the correct choice is D - Firm-Year. This is because each row in the dataset represents a unique observation of a specific firm in a specific year.

Question 3

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | c | } 
\hline  { \text { State } } & \text { Year } & \text { Salary } & \text { Lacation } & \text { Sales Warkshap? } \
\hline \text { Aiden Roser1 } & 2017 & \$ 98,000 & \text { Seattle } & \text { Y } \
\hline \text { Sadie Hubbard } & 2017 & \$ 83,000 & \text { Chicago } & \mathrm { N } \
\hline \text { Jen Jordar1 } & 2018 & \$ 77,000 & \text { Seattle } & \mathrm { N } \
\hline \text { Rob Jacksor1 } & 2018 & \$ 79,000 & \text { Chicago } & \mathrm { N } \
\hline
\end{array}$$ 
-What type of dataset is this?

Accepted Answer

This dataset is a pooled cross-section because it combines cross-sectional data from multiple time periods (2017 and 2018) for different individuals in different locations, without tracking the same individuals over time.

Question 4

Suppose you collect a series of texts from CEOs' public speaking engagements and wish to perform analysis on them. The collection of texts you've gathered is an example of what type of data?

Accepted Answer

The collection of texts from CEOs' public speaking engagements is most likely unstructured data since it is not in a format or arrangement that can easily be analyzed by a computer. Unstructured data refers to information that does not fit into a predefined, structured format like a database or spreadsheet. It includes things like social media posts, emails, and documents like speeches or presentations.

Question 5

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | c | } 
\hline  { \text { State } } & \text { Year } & \text { Salary } & \text { Lacation } & \text { Sales Warkshap? } \
\hline \text { Aiden Roser1 } & 2017 & \$ 98,000 & \text { Seattle } & \text { Y } \
\hline \text { Sadie Hubbard } & 2017 & \$ 83,000 & \text { Chicago } & \mathrm { N } \
\hline \text { Jen Jordar1 } & 2018 & \$ 77,000 & \text { Seattle } & \mathrm { N } \
\hline \text { Rob Jacksor1 } & 2018 & \$ 79,000 & \text { Chicago } & \mathrm { N } \
\hline
\end{array}$$
- What is the unit of observation?

Accepted Answer

The unit of observation is "Person-year" because each row represents data for a person in a specific year.

Question 6

A necessary foundational element for a business to organize the collection of data that the firm will use to analyze is:

Accepted Answer

A database is a necessary foundational element for a business to organize the collection of data that the firm will use to analyze. It allows for structured storage and manipulation of large amounts of data in a cohesive and organized manner. HR and IT departments may be involved in the implementation and management of the database, and cloud-based storage can be used as an option for storage, but neither are foundational elements in the same way as a database.

Question 7

Which of the following statements best summarizes the use of business analytics?

Accepted Answer

While the other choices mention specific applications of business analytics, they do not encompass the full scope of its use. Business analytics involves using data analysis to inform and support decision making within a business, which can include a variety of methods and applications beyond those listed in the answer choices.

Question 8

Which of the following business strategies has a strong business analytics focus?

Accepted Answer

Building a recommendation service for product portfolio requires analyzing historical sales data extensively to identify patterns, preferences, and trends. This is a strong business analytics focus. The other choices do not involve significant data analysis.

Question 9

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | } 
\hline \text { Stock } & \text { Day } & \text { Stack Price } \
\hline \text { Apple } & 5 - 13 - 18 & \$ 189 \
\hline \text { Apple } & 5 - 14 - 18 & \$ 187 \
\hline \text { Apple } & 5 - 15 - 18 & \$ 185 \
\hline \text { Apple } & 5 - 16 - 18 & \$ 188 \
\hline
\end{array}$$
- What type of dataset is this?

Accepted Answer

This is a time series dataset as it tracks the daily stock prices of Apple over a period of time.

Question 10

A plan of action designed by a business practitioner to achieve a business objective would be best described as:

Accepted Answer

A plan of action designed by a business practitioner to achieve a business objective is best described as a business strategy. Business analytics involves using data and statistical methods to analyze business performance, while predictive analytics involves using data mining and machine learning techniques to make predictions about future events. A database is a structured collection of data. None of these options specifically relate to creating a plan of action to achieve business objectives.

Question 11

Suppose you collect monthly sales figures for each store location in your company as well as the wages paid to employees for each store, and that you have a complete history for the last ten years for each store. Provided this information is in table format, the information you've gathered is an example of what type of data?

Accepted Answer

The fact that the data is in table format and has a complete history for each store means that it is structured data. Unstructured data would not have a clear organization like a table, incomplete data would be missing some data points, and censored data would have some values that are intentionally hidden or altered.

Question 12

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | c | } 
\hline   { \text { Name } } & \text { Year } & \text { Salary } & \text { Tenure } & \text { MBA? } \
\hline \text { Drritry Haas } & 2017 & \$ 98,000 & 5 \text { years } & \text { Y } \
\hline \text { Jackie Bay } & 2017 & \$ 83,000 & 3 \text { years } & \mathrm { N } \
\hline \text { Renee Topkis } & 2017 & \$ 77,000 & 12 \text { years } & \mathrm { Y } \
\hline \text { Maria Val } & 2017 & \$ 79,000 & \text { 8years } & \mathrm { N } \
\hline
\end{array}$$ 
-What is the unit of observation?

Accepted Answer

The unit of observation is the individual person, as each row represents a different person's information.

Question 13

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | } 
\hline \text { Stock } & \text { Day } & \text { Stack Price } \
\hline \text { Apple } & 5 - 13 - 18 & \$ 189 \
\hline \text { Apple } & 5 - 14 - 18 & \$ 187 \
\hline \text { Apple } & 5 - 15 - 18 & \$ 185 \
\hline \text { Apple } & 5 - 16 - 18 & \$ 188 \
\hline
\end{array}$$ 
-What is the unit of observation?

Accepted Answer

The unit of observation is the day on which the stock price was recorded. Each row of the dataset represents a different day, and the corresponding data includes the stock name and the stock price for that day. Therefore, the best choice is C, which is "Day".

Question 14

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | r | } 
\hline { \text { Name } } & \text { Month } & \text { Cormnissimm } & \text { Tenure } & \text { Travel Expense } \
\hline \text { Sophie Castro } & 1 & \$ 48,000 & 4 \text { years } & \$ 11,000 \
\hline \text { Travis Turner } & 1 & \$ 53,000 & \text { 7 years } & \$ 21,000 \
\hline \text { Elias Harsent } & 2 & \$ 67,000 & 10 \text { years } & \$ 7,000 \
\hline \text { Armanda Garza } & 2 & \$ 72,000 & 8 \text { years } & \$ 14,000 \
\hline
\end{array}$$
- What type of dataset is this?

Accepted Answer

The answer of Use the following dataset to answer the...

Question 15

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | c | } 
\hline  { \text { Firm } } & \text { Year } & \text { \# ur Emplayees } & { \text { Sales } } & \text { Prafits } \
\hline \text { Jirr's Auto } & 2014 & 23 & \$ 741,000 & \$ 52,000 \
\hline \text { Mecharnic Zone } & 2014 & 15 & \$ 510,000 & - \$ 72,000 \
\hline \text { Tirr's Auto } & 2015 & 31 & \$ 1,081,050 & \$ 101,000 \
\hline \text { Mecharic Zone } & 2015 & 27 & \$ 81,000 & \$ 28,000 \
\hline
\end{array}$$ 
-What type of dataset is this?

Accepted Answer

This dataset contains observations on multiple firms over two different years. Therefore, it is a panel dataset.

Question 16

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | r | } 
\hline { \text { Name } } & \text { Month } & \text { Cormnissimm } & \text { Tenure } & \text { Travel Expense } \
\hline \text { Sophie Castro } & 1 & \$ 48,000 & 4 \text { years } & \$ 11,000 \
\hline \text { Travis Turner } & 1 & \$ 53,000 & \text { 7 years } & \$ 21,000 \
\hline \text { Elias Harsent } & 2 & \$ 67,000 & 10 \text { years } & \$ 7,000 \
\hline \text { Armanda Garza } & 2 & \$ 72,000 & 8 \text { years } & \$ 14,000 \
\hline
\end{array}$$
- What is the unit of observation?

Accepted Answer

The unit of observation is the individual person-month, as each row corresponds to a different employee in a specific month.

Question 17

An appealing alternative to using "rules of thumb" and "gut feelings" in formulating business strategies includes:

Accepted Answer

Evidence-based business analytics provide a data-driven approach to formulating business strategies, rather than relying on intuition or past practices. This approach is likely to lead to more successful and effective strategies. Options A and B may not necessarily lead to the best strategies for a given situation. Option D is incorrect because there is a better answer.

Question 18

Suppose you collect a series of texts from statements made of a sample of potential customers as they watch an advertisement for your company's product. The collection of texts you've gathered from these statements is an example of what type of data?

Accepted Answer

The collection of texts from statements made by potential customers during an advertisement is unstructured data because it is not organized or easily searchable in a database. It would require natural language processing techniques to analyze the data. Structured data is organized in a specific format and is easily searchable. Incomplete data is data that is missing important information, and panel data is a type of structured data that tracks the same group of individuals over time.

Question 19

Suppose you collect a series of pictures from Facebook and wish to perform analysis on them. The collection of pictures you've gathered is an example of what type of data?

Accepted Answer

The collection of pictures from Facebook is unstructured data because it does not have a well-defined data model or organization. It can be difficult to analyze unstructured data without first processing and structuring it.

Question 20

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | c | } 
\hline { \text { State } } & \text { Year } & \text { Sales Tux } & \text { Salesper Stare } & \begin{array} { c } 
\text { Ermplayees per } \
\text { Stare }
\end{array} \
\hline \text { Indiaraa } & 2014 & 7.25 & \$ 650,000 & 50 \
\hline \text { Illinois } & 2014 & 7.75 & \$ 625,000 & 65 \
\hline \text { Indiara } & 2015 & 8.00 & \$ 800,050 & 75 \
\hline \text { Illinois } & 2015 & 8.75 & \$ 525,000 & 55 \
\hline
\end{array}$$
-What is the unit of observation?

Accepted Answer

The unit of observation is the State-year combination, as each row in the dataset corresponds to a particular State in a particular year. Therefore, the best choice is State-year.

Quiz 1: The Roles of Data and Predictive Analytics in Business