Fundamentals of Modern Data (Mid-term Exam)

Which of the following best describes the role of data in 21st-century businesses?

• Data is primarily used for archiving events

• Data enhances decision-making and innovation

• Data is irrelevant to strategic goals

• Data only serves the marketing department

Why is data considered a strategic asset?

• It is cheap and easy to store

• It helps organizations make informed decisions

• It reduces the need for technology

• It eliminates human input

Which industry is most likely to benefit from big data analytics?

• Only tech companies

• Only government agencies

• Any industry, including retail, healthcare, and finance

• None

A business that uses historical sales data to forecast inventory is demonstrating:

• Cloud computing

• Descriptive analysis

• Predictive analytics

• Data deletion

Which of the following is NOT a challenge faced in the data-driven era?

• Data privacy concerns

• Lack of digital talent

• Manual bookkeeping

• Overload of data sources

What distinguishes modern data practices from traditional ones?

• Use of filing cabinets

• Manual data calculations

• Automation and real-time insights

• Reliance on intuition only

What is one major reason businesses are investing in data-related technologies?

• To avoid legal obligations

• To better understand and engage customers

• To eliminate internet use

• To reduce employee numbers

What term describes the use of data to support operational decisions?

• Data redundancy

• Evidence-based decision making

• Manual reporting

• Business intuition

A key goal of digital transformation is to:

• Stop using analytics

• Integrate data into business processes

• Replace all staff with machines

• Archive customer data

In the modern business landscape, data is often referred to as:

• The new oil

• A cost center

• A liability

• An outdated tool