Quiz 2 - Why Big Data Matters?

What is one advantage of analyzing large volumes of data in decision-making?

• More reliance on intuition
• More guesswork
• Making informed decisions based on trends and patterns
• Less data available

How can big data analytics improve customer experience?

• By ignoring customer behavior and preferences
• By limiting products, services, and marketing efforts
• By tailoring products, services, and marketing efforts to meet customers' needs
• By focusing only on business needs

What is one benefit of identifying inefficiencies and areas for improvement through data analysis?

• Increased costs
• Decreased productivity
• Cost savings
• Reduced customer satisfaction

What is one potential outcome of uncovering new market trends and opportunities through big data analysis?

• Stagnant business growth
• Decreased revenue
• New business opportunities
• More competition

How can companies gain a competitive advantage through effective use of big data?

• By making decisions based solely on intuition
• By ignoring customer experiences
• By avoiding new business opportunities
• By making better decisions, improving customer experiences, and discovering new opportunities

What do banks and financial institutions use big data analytics for?

• To monitor social media trends
• To detect fraud and identify investment opportunities
• To predict weather patterns
• To design marketing campaigns

How do healthcare providers use big data analytics to improve patient outcomes?

• By analyzing sports performance data
• By tracking patient behavior on social media
• By identifying patterns in disease outbreaks
• By analyzing customer feedback on healthcare services

What do retailers use big data analytics for?

• To optimize inventory management
• To track employee performance
• To design store layouts
• To create customer loyalty programs

How do manufacturing companies use big data analytics?

• To optimize restaurant menus
• To predict fashion trends
• To optimize production processes
• To analyze consumer behavior on social media

What do energy companies use big data analytics for?

• To optimize power generation
• To predict the stock market
• To design advertising campaigns
• To analyze customer feedback on energy services