BUAL 2600 EXAM 1 STUDY GUIDE
Identify Business Problem - Answers - Step #1 of The Analytical Process
-question a business wants to find the answer to
Data Collection/Management - Answers - Step #2 of The Analytical Process
-data types
-data sourcing
-use all data vs Random Sample
Descriptive Analytics - Answers - Step #3 of The Analytical Process
-use graphs to "tell the story"
-mean, median, mode, percentiles
Predictive Analytics - Answers - Step #4 of The Analytical Process
-use statistical models/procedures outputs/results to make predictions
Actionable Business Decisions or Recommended Actions - Answers - Step #5 of The
Analytical Process
Ask Next Question - Answers - Step #6 of The Analytical Process
-return to step 2
Quantitative Variables - Answers - Numerical data that can be measured; must have
units to make sense; continuous or discrete
Continuous Variable - Answers - a variable that could take any value in an interval (ex.
body mass, height)
Discrete Variable - Answers - a variable that can only take specific numerical values
(ex. number of children in a family)
Qualitative Variables - Answers - Data that is non-numerical in nature; can't do
calculations; categorized based on traits/characteristics that can be counted
Ordinal Variable - Answers - ORDER MATTERS; there is a meaningful ordering, or
ranking, of the categories (ex. clothing sizes, car prices)
Nominal Variable - Answers - there is NO meaningful ordering, or ranking, of the
categories (ex. gender, car color)
Data Sourcing Methods - Answers - Point of Sale Systems (POS)
Click Stream Data (CSD)
Social Media Data
Identify Business Problem - Answers - Step #1 of The Analytical Process
-question a business wants to find the answer to
Data Collection/Management - Answers - Step #2 of The Analytical Process
-data types
-data sourcing
-use all data vs Random Sample
Descriptive Analytics - Answers - Step #3 of The Analytical Process
-use graphs to "tell the story"
-mean, median, mode, percentiles
Predictive Analytics - Answers - Step #4 of The Analytical Process
-use statistical models/procedures outputs/results to make predictions
Actionable Business Decisions or Recommended Actions - Answers - Step #5 of The
Analytical Process
Ask Next Question - Answers - Step #6 of The Analytical Process
-return to step 2
Quantitative Variables - Answers - Numerical data that can be measured; must have
units to make sense; continuous or discrete
Continuous Variable - Answers - a variable that could take any value in an interval (ex.
body mass, height)
Discrete Variable - Answers - a variable that can only take specific numerical values
(ex. number of children in a family)
Qualitative Variables - Answers - Data that is non-numerical in nature; can't do
calculations; categorized based on traits/characteristics that can be counted
Ordinal Variable - Answers - ORDER MATTERS; there is a meaningful ordering, or
ranking, of the categories (ex. clothing sizes, car prices)
Nominal Variable - Answers - there is NO meaningful ordering, or ranking, of the
categories (ex. gender, car color)
Data Sourcing Methods - Answers - Point of Sale Systems (POS)
Click Stream Data (CSD)
Social Media Data
