ACC 340 Chapter 5 Questions

What is the first step of the analytics mindset

Asking the right question

What does SMART stand for in the context of data analytics

Specific, Measurable, Achievable, Relevant, Timely

Which of the following is NOT a characteristic of a good data analytic question

General

Why is it important for a data analytic question to be measurable

The inputs to answering the question must be measurable with data.

What should be established to determine a 'right' or 'good' question in data analytics

Objectives that are SMART

Data

Facts that are collected, recorded, stored, and processed by a system.

When do data have value

When they are transformed into information.

SMART objectives

Specific, Measurable, Achievable, Relevant, and Timely.

What are the characteristics of a good data analytic question

Specific, Measurable, Achievable, Relevant, and Timely.

What does 'Specific' mean in the context of a good data analytic question

Direct and focused to produce a meaningful answer.

What does 'Measurable' mean in the context of a good data analytic question

Amenable to data analysis with measurable inputs.

What does 'Achievable' mean in the context of a good data analytic question

Able to be answered, leading to actionable decisions.

What does 'Relevant' mean in the context of a good data analytic question

Related to the objectives of the organization or situation.

What does 'Timely' mean in the context of a good data analytic question

Having a defined time horizon for answering.

What does the acronym ETL stand for in data processing

Extract, Transform, Load

Which organization developed the Audit Data Standards to address ETL challenges

American Institute of Certified Public Accountants (AICPA)

What type of data is typically stored in a data warehouse

Structured data

Which of the following is NOT a characteristic of a data lake

Only stores structured data

What is the primary purpose of a data mart

To provide faster access to specific subsets of data

What is a flat file in the context of data extraction

A text file that consolidates data from multiple tables or sources into a single row

Which delimiter is recommended by the Audit Data Standards for separating fields in a flat file

Pipe delimiter (|)

What is the role of a primary key in a relational database

To uniquely identify each row of data in a table

What is the first step in the data transformation process

Understand the data and the desired outcome

What should be done after the data extraction process is complete

Verify the accuracy and completeness of the extracted data

What type of data analytics answers the question 'what happened?'
Descriptive analytics

Which data analytics technique is used to forecast future events

Predictive analytics

What is an example of a descriptive analytics tool

Financial ratios

Which type of analytics provides recommendations for actions

Prescriptive analytics

What is an example of diagnostic analytics

Determining if increasing the IT budget increases employee efficiency

Which of the following is a tool for data visualization

Tableau

What level of expertise implies a deep understanding of techniques and tools

Mastery

Which programming language is recommended for awareness in data analytics

Python

What is the purpose of descriptive analytics

To answer the questions 'what happened?' or 'what is happening?'

Which accounting firm recommends developing skills in legacy technologies like Microsoft Excel

PricewaterhouseCoopers (PwC)

What are the four categories of data analytics

Descriptive, diagnostic, predictive, and prescriptive

Descriptive Analytics

Analytics that answer the questions 'what happened?' or 'what is happening?'

What type of analytics tries to answer 'why did this happen?'

Diagnostic analytics

Predictive Analytics

Analytics that answer the question 'what might happen in the future?'

What type of analytics provides recommendations to take action

Prescriptive analytics

Prescriptive Analytics

Analytics that answer the question 'what should be done?' and provide recommendations to take action

What is an example of a simple data analytic technique

Computing an average or a ratio

What is a common mistake in interpreting data analysis results

Confusing correlation with causation

What is confirmation bias

The tendency to interpret evidence in a way that supports one's desired belief or position

What should be considered first when designing a data story

The objectives of the stakeholder

What is the purpose of data visualization

To convey meaning through graphical representation of data

What is a data dashboard

A collection of key metrics and data points presented in visualizations

What is an important aspect of successful data storytelling

Considering the audience's needs and preferences

What is the role of artistic skills in data visualization

Understanding the audience's interpretation and using creativity to convey the message

What is the scientific aspect of data visualization

Understanding the fundamentals of good design

What is the difference between correlation and causation

Correlation indicates that two things occur at the same time, while causation implies that one event causes another.

What is data storytelling

The process of translating complex data analyses into simpler terms to aid in better decision making.

Why is it important to consider the audience's needs in data storytelling

To tailor the narrative to meet the stakeholders’ needs and ensure effective communication.

Data visualization

The use of a graphical representation of data to convey meaning.

Correlation

A statistical measure that indicates the extent to which two or more variables fluctuate together.

Causation

The action of causing something; the relationship between cause and effect.

What does automation refer to in the context of data analytics

The use of machines to perform tasks previously carried out by humans

What is RPA in the context of business automation

Robotic Process Automation

Which company offers a drag-and-drop interface for building bots

UIPath

What is the goal of UIPath's vice president regarding bots

To have a bot on every desktop

What is an example of a task that is suitable for basic automation

Repetitive, rules-based, and time-consuming tasks

What should be done before deploying automations on live data

Thoroughly test automations on training data

What is a potential risk of incorrect automation

Efficient input of incorrect data

What is a 'digital employee' in the context of business automation

A computer program that completes tasks previously performed by a human

What is the 'centaur' approach in business

Combining human and computer efforts to perform tasks

Why might data analytics not always be the right tool for decision-making

There may be insufficient reliable data to inform decisions

What new data infrastructure components has Ashton designed for S&S

Data lake, data warehouse, and data marts

What is the purpose of the new data infrastructure at S&S

To ensure employees have access to S&S’s data

What does Ashton propose to improve the design and timeliness of reports

Working with employees to design better reports and automating report creation

What mindset does Ashton want to instill in all employees at S&S

An analytics mindset

What is Ashton confident his plans will enable S&S to do

Make better data-driven decisions

Unstructured data internal or external to the organization is usually gathered and stored in which of the following

Data lake

Which one of the following items would be the best primary key for a table containing information about customers

Customer ID

Which one of the following characters would be the best delimiter

Pipe character (|)

An online sales company designed a program to evaluate customer purchases and send discount coupons for likely next purchases. What type of analytics is this an example of

Prescriptive analytics

When sharing the results of an analysis, which of the following is NOT a key principle to follow

Present the visualization in a timely manner

Which of the steps of an analytics mindset is the most difficult to automate

Ask the right questions

All the following characteristics of data are important in distinguishing big data from regular data EXCEPT:

Visualization

You are given an extract of one field from a database. The field has the value '11815 N. Diamond Dr.' Which type of data is contained in this field

Structured data

Programming a computer program to automatically perform a task previously performed by a human is an example of which of the following

Robotic process automation (RPA)

Good questions for data adhere to all the following principles EXCEPT:

Accurate