D552 Exam
What is data analytics? - answer Data analytics is the process of evaluating data with
the purpose of drawing conclusions to address business questions.
What is structured data? - answer data that adheres to a predefined data model in a
tabular format.
What is unstructured data? - answer data that does not adhere to a predefined data
format.
What is big data? - answer data sets that are too large and complex for businesses'
existing systems to handle utilizing their traditional capabilities to capture, store,
manage, and analyze these datasets.
What are the four Vs of big data? - answer Volume, Velocity, Variety, Veracity.
What is Volume in the context of big data? - answerthe large amount of data that is
generated and collected.
What is Velocity in the context of big data? - answerthe speed at which data is
generated, processed, and analyzed.
What is Variety in the context of big data? - answerthe different types of data
(structured, unstructured, semi-structured) that are generated from various sources.
What is Veracity in the context of big data? - answerthe quality and accuracy of the data
being collected and analyzed.
How does data analytics affect business? - answerhelps find hidden opportunities,
predict trends, and improve efficiency, making it highly valued by CEOs.
How does data analytics affect auditing in accounting? - answercollect and analyze
company data similar to a business analyst to help management. It expands audit
capabilities in services like testing for fraudulent transactions and automating
compliance-monitoring activities, enabling auditors to analyze a complete dataset.
How does data analytics affect management accounting? - answerare asked questions
by management, find data to address those questions, analyze the data, and report the
results to management to aid in their decision-making.
How does data analytics affect financial reporting and financial statement analysis? -
answerData analytics substantially improves the quality of estimates and valuations,
, allows accountants to assess the probability of goodwill write-down, warranty claims,
etc., and can scan environments like social media to identify potential risks and
opportunities for the firm.
How does data analytics affect tax accounting? - answerData analytics helps predict
potential tax consequences of international transactions, R&D investments, or proposed
mergers. The key challenge is organizing tax data into a data warehouse.
What is the first step in the data analytics process using the Impact Cycle? - answerto
identify the questions that address the business problem that needs addressing, such
as how to price a product or reduce costs.
What is the second step in the data analytics process using the Impact Cycle? -
answerto master the data by knowing how to access the data, its availability, reliability,
frequency of updates, and the time periods covered.
What is the third step in the data analytics process using the Impact Cycle? - answerto
perform the test plan by identifying the relationship between response/dependent
variables and the items that affect the response, using various approaches like
classification, regression, similarity matching, clustering, co-occurrence grouping,
profiling, link prediction, and data reduction.
What is the fourth step in the data analytics process using the Impact Cycle? - answerto
address and refine the results by slicing, dicing, and manipulating the data to find
correlations and test hypotheses.
What are the fifth and sixth steps in the data analytics process using the Impact Cycle?
- answerto communicate insights and track outcomes, where insights are formed by
decision-makers and communicated, and some outcomes are continuously tracked.
What is the classification approach in data analytics? - answerassigns each unit in a
population into a few categories, such as approving or not approving loan applications.
What is the regression approach in data analytics? - answerused to predict a specific
dependent variable value based on independent variable inputs using a statistical
model, such as identifying the relationship between an investment in R&D and operating
income.
What is the similarity matching approach in data analytics? - answeridentifies similar
individuals based on data known about them.
What is the clustering approach in data analytics? - answerattempts to divide individuals
into groups in a useful way, such as segmenting loyalty card customers based on
shopping frequency.
What is data analytics? - answer Data analytics is the process of evaluating data with
the purpose of drawing conclusions to address business questions.
What is structured data? - answer data that adheres to a predefined data model in a
tabular format.
What is unstructured data? - answer data that does not adhere to a predefined data
format.
What is big data? - answer data sets that are too large and complex for businesses'
existing systems to handle utilizing their traditional capabilities to capture, store,
manage, and analyze these datasets.
What are the four Vs of big data? - answer Volume, Velocity, Variety, Veracity.
What is Volume in the context of big data? - answerthe large amount of data that is
generated and collected.
What is Velocity in the context of big data? - answerthe speed at which data is
generated, processed, and analyzed.
What is Variety in the context of big data? - answerthe different types of data
(structured, unstructured, semi-structured) that are generated from various sources.
What is Veracity in the context of big data? - answerthe quality and accuracy of the data
being collected and analyzed.
How does data analytics affect business? - answerhelps find hidden opportunities,
predict trends, and improve efficiency, making it highly valued by CEOs.
How does data analytics affect auditing in accounting? - answercollect and analyze
company data similar to a business analyst to help management. It expands audit
capabilities in services like testing for fraudulent transactions and automating
compliance-monitoring activities, enabling auditors to analyze a complete dataset.
How does data analytics affect management accounting? - answerare asked questions
by management, find data to address those questions, analyze the data, and report the
results to management to aid in their decision-making.
How does data analytics affect financial reporting and financial statement analysis? -
answerData analytics substantially improves the quality of estimates and valuations,
, allows accountants to assess the probability of goodwill write-down, warranty claims,
etc., and can scan environments like social media to identify potential risks and
opportunities for the firm.
How does data analytics affect tax accounting? - answerData analytics helps predict
potential tax consequences of international transactions, R&D investments, or proposed
mergers. The key challenge is organizing tax data into a data warehouse.
What is the first step in the data analytics process using the Impact Cycle? - answerto
identify the questions that address the business problem that needs addressing, such
as how to price a product or reduce costs.
What is the second step in the data analytics process using the Impact Cycle? -
answerto master the data by knowing how to access the data, its availability, reliability,
frequency of updates, and the time periods covered.
What is the third step in the data analytics process using the Impact Cycle? - answerto
perform the test plan by identifying the relationship between response/dependent
variables and the items that affect the response, using various approaches like
classification, regression, similarity matching, clustering, co-occurrence grouping,
profiling, link prediction, and data reduction.
What is the fourth step in the data analytics process using the Impact Cycle? - answerto
address and refine the results by slicing, dicing, and manipulating the data to find
correlations and test hypotheses.
What are the fifth and sixth steps in the data analytics process using the Impact Cycle?
- answerto communicate insights and track outcomes, where insights are formed by
decision-makers and communicated, and some outcomes are continuously tracked.
What is the classification approach in data analytics? - answerassigns each unit in a
population into a few categories, such as approving or not approving loan applications.
What is the regression approach in data analytics? - answerused to predict a specific
dependent variable value based on independent variable inputs using a statistical
model, such as identifying the relationship between an investment in R&D and operating
income.
What is the similarity matching approach in data analytics? - answeridentifies similar
individuals based on data known about them.
What is the clustering approach in data analytics? - answerattempts to divide individuals
into groups in a useful way, such as segmenting loyalty card customers based on
shopping frequency.
