Retail Analytics & Business Performance Quiz II

What is the main objective of customer segmentation in business analytics?

• Identifying and targeting key customer groups.

• Determining brands to buy, quantities and allocations.

• Ensuring the appropriate staffing levels and capabilities.

• Determining the best sourcing and transportation options.

Which of the following statements about primary data collection is incorrect?

• It is also known as raw data.

• It is usually structured and easy to interpret.

• It is collected directly from the original source.

• Researchers are first to interact and draw conclusions from it.

Which of the following data collection methods involves the MOST interaction between the researcher and the participants?

• Interview.

• Closed ended questions.

• Opened ended questions.

• Observational and data collection.

What is the primary purpose of data cleaning?

• Analysing data structure.

• Mapping data for warehousing.

• Removing irrelevant data from the dataset.

• Converting data from one format to another.

What is ONE of the benefits resulting from having clean data?

• Greater client frustration.

• More challenges in monitoring errors.

• Increase error rates in decision making.

• More efficient business practices and quicker decision making decision.

Which characteristic of quality data refers to “the degree to which the data conforms to defined business rules or constraints”?

• Validity.

• Accuracy.

• Consistency.

• Completeness.

What is this method used to check data accuracy?

• Excel sheet for data entry.

• Repetitively analysing data.

• Checking the data with another source.

• Integrating the data with Python or SAS software.

What can be a cause of data inaccuracy?

• Data decay.

• Data standardisation.

• Lack of manual data entry.

• Well-caliberated equipment.

You need to interpret massive data collected for your business. In order for you to pitch your business to potential investors and you needs to

• Collect raw data.

• Present data to potential investors.

• Help make sense of numerical data.

• Code number before it can be analysed.

Which of the following is NOT a defining characteristics of norminal variable?

• The median and mode can be analysed.

• The numbers are used to categorise identify objects.

• The numbers can be divided into 2 or more categories.

• The numbers are exclusively qualitative with no use of numbers.