10.1.3 The key requirements of a data governance framework Quiz

What is the main purpose of predictive analytics in business?

• To describe past events

• To predict future outcomes

• To summarise current data

• To evaluate risks

Which technique is used to predict future values based on existing data points?

• Interpolation

• Extrapolation

• Forecasting

• Trend analysis

What does trend analysis primarily focus on?

• Identifying risks

• Summarising data

• Evaluating patterns over time

• Predicting outliers

Which of these is a method of risk identification in analytics?

• Regression analysis

• Time series analysis

• SWOT analysis

• Cluster analysis

What is interpolation used for in predictive analytics?

• Predicting future trends

• Filling gaps within known data

• Identifying risks

• Analysing outliers

How does forecasting differ from extrapolation?

• It uses historical data

• It only predicts short-term trends

• It incorporates broader variables

• It predicts without known data

Why is it important to identify patterns between variables in business analytics?

• To improve data storage

• To make informed decisions

• To reduce data redundancy

• To enhance presentation

Which method is most suitable for evaluating the influence of outliers on a dataset?

• Mean calculation

• Mode calculation

• Regression analysis

What does risk evaluation in analytics involve?

• Predicting future risks

• Identifying potential risks

• Assessing the impact of risks

• Avoiding all risks

What is the primary goal of using predictive analytics in business?

• To reduce operational costs

• To enhance decision-making

• To increase data accuracy

• To summarise past data