Business Analytics Module 1 Test Latest Update 2024- 2025 Actual Exam 250 Questions and 100% Verified Correct Answers Guaranteed A+
13 descriptive statistics - CORRECT ANSWER: N, sum, mean, median, mode, max/min, range, std deviation, variance, skewedness, kurtosis, standard error, sample variance
- types of charts - CORRECT ANSWER: area, bar, line, column, pie, scatter, histogram
analytics - CORRECT ANSWER: a process that involves the use of statistical techniques (measures of central tendency, graphs, and so on), information system software (data mining, sorting routines), and operations research methodologies (linear programming) to explore, visualize, discover and communicate patterns or trends in the data.
area chart - CORRECT ANSWER: ideal for contrasting two variables
BA Model - CORRECT ANSWER: Descriptive
Predictive Prescriptive
bar chart - CORRECT ANSWER: ideal for showing comparative improvement over time
Big data - CORRECT ANSWER: the collection of data sets that are so large and complex that software systems are hardly able to process them
Business analytics - CORRECT ANSWER: wheres analytics is focused on generating insightful information from data sources, business analytics goes the extra step to leverage analytics to create an improvement in measurable business performance. BA is a process beginning with business-related data collection and consisting of sequential application of descriptive, predictive, and prescriptive major analytical components, the outcome of which supports and demonstrates business decision-making and organizational performance. 1 / 2
Business Intelligence (BI) - CORRECT ANSWER: a set of processes and technologies that convert data into meaningful and useful information for business purposes.
Categorical Data - CORRECT ANSWER: data grouped by one or more characteristics. Usually involves cardinal numbers counted or expressed as percentages.
central limit theorem - CORRECT ANSWER: if all samples of a particular size are selected from any population, the sampling distribution of the sample mean is approximately a normal distribution. This approximation improves with larger samples.
cluster random sampling - CORRECT ANSWER: Stage 1: group sample elements geographically called
clusters Stage 2: apply SRS
column chart - CORRECT ANSWER: same as a bar chart
computer clouds - CORRECT ANSWER: hardware and software used for data remote storage, retrieval, and computational functions
confidence interval for a mean (sigma known) - CORRECT ANSWER: xbar +/- z(sigma/sqrt n)
confidence interval formula - CORRECT ANSWER: xbar +/- (z(sigma/sqrt n))
convenience sampling - CORRECT ANSWER: chosen because of proximity
Data Mining - CORRECT ANSWER: finding new, unique, and valuable information that can lead to a successful strategy
Data Privacy - CORRECT ANSWER: protection of shared data
data leaks competition
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