Data Analytics for Business Professionals

Data Analytics for Business Professionals | LinkedIn answers

FINAL EXAM

1. What can be said about determining causation between two factors from a business standpoint, when you have a well-thought-out dataset?

Identifying a causal factor does not require additional resources and time.

Although it might not always be accurate, you can use good business judgment to identify a causal factor.

If you apply your business judgment, you will always be able to identify a causal factor.

If you have a well-thought-out dataset, a causal factor will appear in the data.

2. The new software analyzes sales conversion per sales in a way intended to increase sales success. What is the first thing you must do before evaluating the new software?

Acknowledge it will measure “success.”

Define what “sales conversion” is.

Define how “success” is to be measured.

Define what a “sale” is.

3. What does cherry-picking mean in the context of data analytics?

lack of randomness

confirmation bias

sampling error

selection bias

4. What is the most likely way for a sample selection to lead to inaccurate results?

removing bias from the sample

using a random sample of respondents

sampling too many individuals

introducing bias into the sample

5. You have used the best data available and framed the best and most focused questions you could. What must you keep in mind about using averages?

Variation is often hidden by averages, regardless of how good the dataset is.

Averages will provide you with the most meaningful results.

If you have a good dataset, you can draw conclusions from summary statistics.

Improbable outliers will be removed when you have a good dataset.

6. What can you do when there is a data fail?

There is nothing you can do when there is a data fail.

A data fail only means you need to run the data again.

You can use advanced statistics to get better results.

You can use advanced statistics to massage the data.

7. Last year your company compiled employee satisfaction results using employee retention data. This year, they will use the scores from employee surveys. Which problem will you face when analyzing the data?

a central tendency issue

a data collection issue

a backward compatibility issue

a recency issue

8. When you are framing the questions you will use data analytics to answer, what is the key to how you frame your questions?

Keep your questions focused and actionable.

Keep your questions actionable.

Keep your questions vague so more questions can be answered.

Keep your questions focused, regardless of actionability.

9. Your company can only afford to use an existing dataset. Can you still draw viable conclusions from the dataset?

You will not be able to use an existing dataset; you can only derive viable conclusions from data you collect yourself.

You can draw viable conclusions from an existing dataset, provided you frame actionable and detailed questions.

You will not be able to leverage existing data in any meaningful way that can lead to viable conclusions.

You can draw viable conclusions from an existing dataset, provided you phrase broad questions.

10. What are the key areas at the intersection of finding answers and business questions?

central tendency, summary statistics, and standard deviation

past events, current predictions, and business acumen

central tendency, past events, and future predictions

past events, future predictions, and business acumen

11. What does “standard deviation” tell you?

the distance observations are from the media

the distance observations are from the mean

the distance observations are from each other

the distance observations are from the mode

12. If you are using Excel on a PC, how can you search through the values in column D and rows 1 to 27 to determine if there is more than one mean?

Use the formula =MULT.MODE, highlight the cells, then click Shift + Ctrl + Enter at the same time.

Use the formula =MULT.MODE, highlight the cells, then click Enter.

Use the formula =MODE.MULT, highlight the cells, then click Enter.

Use the formula =MODE.MULT, highlight the cells, then click Shift + Ctrl + Enter at the same time.

13. _ are an example of qualitative data.

Annual sales per year by state

Ratings of customer satisfaction on a scale of 1 to 10

Scores on an employee performance evaluation

Interviews with store managers

14. Which analytics type is the building block for all other types of business analytics?

qualitative analytics

descriptive analytics

prescriptive analytics

predictive analytics