Question 1

The descriptive analysis technique whose goal is to integrate and analyze data from various sources as opposed to relying on only a single source is known as:
A) Data harmonization
B) Data mining
C) Data fusion
D) Neural networks
E) Visualization

Accepted Answer

Data fusion is the process of integrating and analyzing data from multiple sources to produce more consistent, accurate, and useful information than that provided by any individual data source.

Question 2

______________ analysis tries to uncover explanatory and predictive models of business performance based on the relationship between data inputs and business outcomes.
A) Regression
B) Descriptive
C) Predictive
D) Perceptive
E) None of the above

Accepted Answer

The answer of ______________ analysis tries to uncover explanatory and...

Question 3

The analysis that discovers interesting relationships between items purchased on a single ticket (e.g. in the same shopping cart) of consumers is:
A) Data harmonization
B) Data mining
C) Data fusion
D) Neural networks
E) Visualization

Accepted Answer

Data mining is the process of discovering interesting relationships between items purchased on a single ticket (e.g. in the same shopping cart) of consumers.

Question 4

A key term in prescriptive analysis is:
A) Randomization
B) Differentiation
C) Optimization
D) Experimentation
E) Amortization

Accepted Answer

Optimization is a key term in prescriptive analysis as it involves finding the best course of action among various options to achieve the desired outcome.

Question 5

What statement best describes what prescriptive analysis is used for?
A) To uncover explanatory and predictive models of business performance based on the relationship between data inputs and business outcomes.
B) To understand business performance.
C) To extract patterns from large datasets.
D) To determine a set of high-value alternative actions for the purposes of improving business performance.
E) To determine if a customer can be cross-sold or up-sold a product at the point of purchase.

Accepted Answer

Prescriptive analysis is used to determine a set of high-value alternative actions to improve business performance by recommending specific actions based on data analysis.

Question 6

Which of the following best describes what prescriptive analysis is?
A) To recommend the best course of action among the firm's various options.
B) To predict a future outcome with some degree of confidence.
C) To understand the current context.
D) None of the above.
E) Both B and C are correct descriptions of Descriptive analysis

Accepted Answer

Prescriptive analysis involves recommending the best course of action based on data analysis, making it distinct from predictive or descriptive analysis.

Question 7

Which of the following statements best represents the analytics skills problem of Big Data integration?
A) Big Data analytics is a discipline too new to provide meaningful employment opportunities
B) Most companies have not yet accumulated enough data to have a need for Big Data analytics
C) There is too much data and companies lack the right skills to manage data effectively
D) The level of skill required for Big Data analytics is too low to attract quality job candidates into the profession
E) There is no analytics skills problem associated with Big Data

Accepted Answer

Many companies struggle with the vast amount of data they collect and lack the necessary skills and expertise to effectively manage, analyze, and derive insights from this data.

Question 8

Discovering data-based trends by analyzing sequences of data over successive times to not only recognize the data pattern but forecast how the data will extend into the future is the goal of:
A) Regression analysis
B) Trend analysis
C) Time series analysis
D) Simulation analysis
E) Spectral analysis

Accepted Answer

Time series analysis involves analyzing data points collected or recorded at specific time intervals to identify patterns and make forecasts about future data points.

Question 9

The analysis that focuses on future-oriented, potential behaviors as opposed to classifying past behaviors is known as:
A) Future analysis
B) Predictive analysis
C) Descriptive analysis
D) Presumptive analysis
E) Speculative analysis

Accepted Answer

Predictive analysis is the process of using data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. It focuses on forecasting future behaviors.

Question 10

IBM's Slamtracker, which analyzes years of Grand Slam tennis data to compare historic head-to-head statistics of competitors to predict keys to winning a match is an example of which kind of analysis?
A) Descriptive
B) Competitive
C) Prescriptive
D) Historical
E) Predictive

Accepted Answer

Slamtracker uses historical data to predict the keys to winning a match, which is an example of predictive analysis.

Question 11

The analysis technique that involves seeing how a dependent variable might change when one or more independent variables changes, such as to see if a customer can be cross-sold or up-sold at the point of purchase is known as:
A) Purchase analysis
B) Regression analysis
C) Descriptive analysis
D) Time series analysis
E) Simulation analysis

Accepted Answer

Regression analysis is used to understand the relationship between a dependent variable and one or more independent variables, making it suitable for predicting changes in the dependent variable based on changes in the independent variables.

Question 12

Recognizing patterns, such as identifying fraudulent insurance claims made by otherwise consistent policyholders, is an example of which kind of descriptive analysis technique?
A) Data screening
B) Visualization
C) Neural networks
D) Data fusion
E) Data mining

Accepted Answer

The answer of Recognizing patterns, such as identifying fraudulent insurance...

Question 13

Creating charts, graphs, images, diagrams and even word clouds that allow for better communication of data is an example of:
A) Data fusion
B) Visualization
C) Neural networks
D) Harmonization
E) Data mining

Accepted Answer

Visualization refers to the process of creating visual representations of data, such as charts, graphs, and diagrams, to communicate information clearly and effectively.

Question 14

Combining real-time sales data with real-time social media mentions in order to better understand consumer sentiment toward an advertising campaign is an example of which data analysis technique?
A) Neural networks
B) Affinity
C) Data mining
D) Data fusion
E) Harmonization

Accepted Answer

Data fusion involves integrating multiple data sources to produce more consistent, accurate, and useful information, such as combining sales data with social media mentions to understand consumer sentiment.

Question 15

A key challenge of Big Data is integration. Which of the following is NOT one of the areas in which companies are challenged with Big Data integration?
A) Integration of a firm's internal transaction data
B) Access to data
C) Analytic skills
D) Retrieval of data
E) Integration of data within and between firms

Accepted Answer

The answer of A key challenge of Big Data is...

Question 16

Which of the following is NOT considered a descriptive analysis technique?
A) Data harmonization
B) Data mining
C) Data fusion
D) Neural networks
E) Visualization

Accepted Answer

The answer of Which of the following is NOT considered...

Question 17

The analysis that Major League Baseball uses to create its schedule each year, to optimize stadium commitments, travel, hotel, sponsorships and other factors, is an example of:
A) Descriptive analysis
B) Prescriptive analysis
C) Chronological analysis
D) Predictive analysis
E) Spatial analysis

Accepted Answer

Prescriptive analysis is used to determine the best course of action in a given situation, which aligns with optimizing various factors for scheduling.

Question 18

Taking multiple, random samples from an existing data set and running thousands of "what if" analyses, each with different assumptions about market conditions and other marketplace dynamics is an example of which of the following?
A) Regression analysis
B) Trend analysis
C) Time series analysis
D) Simulation analysis
E) Spectral analysis

Accepted Answer

Simulation analysis involves creating a model to run multiple scenarios with varying assumptions to predict outcomes, which aligns with the description provided.

Question 19

The analysis technique to consider when searching for nonlinear patterns in data is:
A) Visualization
B) Data fusion
C) Data modeling
D) Data mining
E) Neural networks

Accepted Answer

Neural networks are specifically designed to capture and model complex nonlinear patterns in data.

Question 20

A wealth of barcode transaction data is collected by merchants when customers make purchases. Which one of the following scenarios does NOT represent one of the typical Big Data integration challenges in using these transactional data?
A) Getting merchandising ideas by doing a market basket analysis
B) Linking the transaction data to a decision support system for ease of in-store price changes
C) Creating personalized promotions using the store's loyalty program
D) Combining barcode transaction data with customer Facebook status updates about service quality.
E) All of the above represent typical Big Data integration challenges

Accepted Answer

The answer of A wealth of barcode transaction data is...

Quiz 6: Decision Support Systems Working With Big Data

The descriptive analysis technique whose goal is to integrate and analyze data from various sources as opposed to relying on only a single source is known as:

______________ analysis tries to uncover explanatory and predictive models of business performance based on the relationship between data inputs and business outcomes.

The analysis that discovers interesting relationships between items purchased on a single ticket (e.g. in the same shopping cart) of consumers is:

A key term in prescriptive analysis is:

What statement best describes what prescriptive analysis is used for?

Which of the following best describes what prescriptive analysis is?

Which of the following statements best represents the analytics skills problem of Big Data integration?

Discovering data-based trends by analyzing sequences of data over successive times to not only recognize the data pattern but forecast how the data will extend into the future is the goal of:

The analysis that focuses on future-oriented, potential behaviors as opposed to classifying past behaviors is known as:

IBM's Slamtracker, which analyzes years of Grand Slam tennis data to compare historic head-to-head statistics of competitors to predict keys to winning a match is an example of which kind of analysis?

The analysis technique that involves seeing how a dependent variable might change when one or more independent variables changes, such as to see if a customer can be cross-sold or up-sold at the point of purchase is known as:

Recognizing patterns, such as identifying fraudulent insurance claims made by otherwise consistent policyholders, is an example of which kind of descriptive analysis technique?

Creating charts, graphs, images, diagrams and even word clouds that allow for better communication of data is an example of:

Combining real-time sales data with real-time social media mentions in order to better understand consumer sentiment toward an advertising campaign is an example of which data analysis technique?

A key challenge of Big Data is integration. Which of the following is NOT one of the areas in which companies are challenged with Big Data integration?

Which of the following is NOT considered a descriptive analysis technique?

The analysis that Major League Baseball uses to create its schedule each year, to optimize stadium commitments, travel, hotel, sponsorships and other factors, is an example of:

Taking multiple, random samples from an existing data set and running thousands of "what if" analyses, each with different assumptions about market conditions and other marketplace dynamics is an example of which of the following?

The analysis technique to consider when searching for nonlinear patterns in data is:

A wealth of barcode transaction data is collected by merchants when customers make purchases. Which one of the following scenarios does NOT represent one of the typical Big Data integration challenges in using these transactional data?