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Understanding Data in Business Analytics
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Understanding Data in Business Analytics
Understanding Data in Business Analytics
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1
Question
What is the value of data in business analytics?
Answer
Data is a valuable asset that helps build sustainable competitive advantage, enabling 'supernormal profits' and justifying high valuation numbers for data-driven organizations like Netflix and Uber.
2
Question
What does the word 'data' derive from?
Answer
The word data comes from the Latin root 'datum' for 'given', and in plural form becomes facts that are given or known to be true.
3
Question
What is primary data?
Answer
Primary data is data that is collected 'at source' and specifically for the research at hand, actively elicited or passively observed from individuals, groups, organizations, etc.
4
Question
What are some methods of collecting primary data?
Answer
Surveys, interviews, and focus groups are methods that fall under the ambit of primary data collection.
5
Question
What are the disadvantages of primary data collection?
Answer
The disadvantages of primary data collection include "high costs and time consumption".
6
Question
What is secondary data?
Answer
Secondary data is data that has been previously collected for a purpose that is not specific to the current research at hand.
7
Question
How is data generated through a designed experiment?
Answer
In a designed experiment, the scientist designs the experiment and generates the data, controlling different factors while studying the effect of an important variable on the outcome.
8
Question
What are the 3 ways to collect existing data?
Answer
1. Complete enumeration, 2. Sample survey, and 3. Available sources where the data was collected for a different purpose.
9
Question
4 SQL Commands Categories
Answer
1. Data Definition Language (DDL) 2. Data Manipulation Language (DML) 3. Data Control Language (DCL) 4. Transaction Control Language (TCL)
10
Question
DDL
Answer
Data Definition Language
11
Question
Data Definition Language (DDL)
Answer
deals with the database schemas and structure
12
Question
DML
Answer
Data Manipulation Language
13
Question
Data Manipulation Language (DML)
Answer
deals with tasks like storing, modifying, retrieving, deleting, and updating the data in/from the database.
14
Question
DCL
Answer
Data Control Language
15
Question
Data Control Language (DCL)
Answer
used to uphold the database security during multiple user data environment. The database administrator (DBA) is responsible for “grant/revoke” privileges on database objects.
16
Question
TCL
Answer
Transaction Control Language
17
Question
Transaction Control Language (TCL)
Answer
enable you to control and handle transactions to keep up the trustworthiness of the information within SQL statements.
18
Question
What is complete enumeration?
Answer
Complete enumeration is collecting data on all items, individuals, or firms, exemplified by the census.
19
Question
What is a sample survey?
Answer
A sample survey collects data on a representative sample rather than the entire population.
20
Question
What are the 2 sources from which secondary data can be collected?
Answer
Secondary data can be collected from 1. Internal Sources (collected by the company) and 2. External Sources (collected by third-party providers or government agencies).
21
Question
What are structured data?
Answer
Structured data includes sales records, financial reports, and customer records that have a defined format.
22
Question
What is unstructured data?
Answer
Unstructured data is in the form of free-flow text, images, audio, and videos that are difficult to store in a traditional database.
23
Question
What is semi-structured or hybrid data?
Answer
Semi-structured or hybrid data is data that is somewhere in between structured and unstructured, such as a product web page with structured product details and unstructured user reviews.
24
Question
What is time-series data?
Answer
Time-series data is where a single unit is observed over multiple time points.
25
Question
What is cross-sectional data?
Answer
Cross-sectional data is where many units are observed once.
26
Question
What is panel data?
Answer
Panel data involves many units observed over multiple time periods, which can be balanced or unbalanced.
27
Question
4 Data Types and Primary Scales
Answer
1. Nominal 2. Ordinal 3. Interval 4. Ratio
28
Question
What is nominal data?
Answer
Nominal data is a categorical variable scale that labels variables into distinct classifications without a quantitative value or order.
29
Question
What is ordinal data?
Answer
Ordinal data is a variable measurement scale that depicts the order of variables without indicating the difference between them.
30
Question
What is interval data?
Answer
Interval data is a numerical scale where the order of variables is known and the differences between variables are computable.