Descriptive Statistics and Business Analytics1

What is the primary purpose of Business Analytics?

• To store large amounts of data

• To create visual presentations

• To gain insights and make data-driven decisions

• To analyze historical data only

Which type of analytics focuses on understanding past performance?

• Predictive Analytics

• Prescriptive Analytics

• Descriptive Analytics

• Cognitive Analytics

What does the DIKW Pyramid represent?

• Data, Insight, Knowledge, Wisdom

• Data, Information, Knowledge, Wisdom

• Data, Information, Knowledge, Wealth

• Data, Information, Knowledge, Work

Which of the following is NOT a measure of central tendency?

• Mean

• Median

• Mode

• Standard Deviation

What is the purpose of Exploratory Data Analysis (EDA)?

• To visualize data only

• To optimize business processes

• To create predictive models

• To summarize key characteristics of datasets

Which of the following is a primary source of data?

• Commercial data sources

• Government reports

• Customer market surveys

• Online research

What is the formula for calculating the median of grouped data?

• Mean = sum of observations / number of observations

• Median = Lm + ((n/2) - fc) / fm * wm

• Mode = Lm + (fm - f0) / (2fm - f0 - f2) * wm

• Median = (n + 1) / 2

Which type of analytics uses statistical models to forecast future outcomes?

• Diagnostic Analytics

• Prescriptive Analytics

• Predictive Analytics

• Descriptive Analytics

What does a frequency table do?

• Summarizes data into charts

• Displays data in graphical form

• Calculates mean and median

• Arrays data by assigned numerical value

What is the main goal of Business Analytics?

• To automate data entry processes

• To enhance data visualization techniques

• To increase data storage capacity

• To narrow down useful datasets for decision-making