EBTM 350 MIDTERM EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED
Business Analytics
Involves extracting information and knowledge from data.
Descriptive Analytics
What has happened? Gather, organize, tabulate, visualize, and summarize.
Predictive Analytics
What could happen in the future?
Prescriptive Analytics
What should we do?
Sample
A subset of the population
Population
Entire group.
Cross-Sectional Data
Collected by recording a characteristic of many subjects at the same point in time.
Time-Series
Collected over several time periods focusing on certain groups of people, specific
events, or objects.
Structured Data
Reside in a pre-defined, row-column format. Spreadsheet or database.
Unstructured Data
, Do not conform to a pre-defined, row-column format.
Big Data
A massive volume of structured and unstructured data that is extremely difficult to
manage, process, and analyze using traditional data processing tools.
Volume
Immense amounts of data compiled for a single or multiple sources.
Velocity
Generated at a rapid speed, management is a critical issue.
Variety
All types, forms, granularity, structure or unstructured.
Veracity
Credibility and quality of the data, reliability.
Values
Methodological plan for formulating questions, curating the right data, and unlocking
hidden potential.
Discrete
Assumes a countable number of values (example: number of children in a family).
Continuous
Assumes an uncountable number of values within an interval (example: Investment
returns).
Categorical
Also called qualitative; represent categories; labels or names to identify
distinguishing characteristics.
COMPLETE SOLUTIONS VERIFIED
Business Analytics
Involves extracting information and knowledge from data.
Descriptive Analytics
What has happened? Gather, organize, tabulate, visualize, and summarize.
Predictive Analytics
What could happen in the future?
Prescriptive Analytics
What should we do?
Sample
A subset of the population
Population
Entire group.
Cross-Sectional Data
Collected by recording a characteristic of many subjects at the same point in time.
Time-Series
Collected over several time periods focusing on certain groups of people, specific
events, or objects.
Structured Data
Reside in a pre-defined, row-column format. Spreadsheet or database.
Unstructured Data
, Do not conform to a pre-defined, row-column format.
Big Data
A massive volume of structured and unstructured data that is extremely difficult to
manage, process, and analyze using traditional data processing tools.
Volume
Immense amounts of data compiled for a single or multiple sources.
Velocity
Generated at a rapid speed, management is a critical issue.
Variety
All types, forms, granularity, structure or unstructured.
Veracity
Credibility and quality of the data, reliability.
Values
Methodological plan for formulating questions, curating the right data, and unlocking
hidden potential.
Discrete
Assumes a countable number of values (example: number of children in a family).
Continuous
Assumes an uncountable number of values within an interval (example: Investment
returns).
Categorical
Also called qualitative; represent categories; labels or names to identify
distinguishing characteristics.
