BIA basics

What is data

• Information

• facts and statistics collected together for reference or analysis

• processed collection of content

• all of the above

Sources of collection of data

• Public

• Internal

• External

• Software

• All of the above

Business Analysis and Business Analytics are the terms that can be used synonymously

• True

• False

The process of discovering patterns and insights from large datasets using statistical methods, machine learning, and artificial intelligence.

• Data Mining

• Data Visualization

• Data Warehousing

• Data Management

The graphical representation of data and information to facilitate understanding and decision-making. It includes charts, graphs, and dashboards.

• Data Mining

• Data Visualization

• Data Warehousing

• Data Management

A centralized repository for storing and managing data from various sources. It is designed for query and analysis rather than transaction processing.

• Data Warehousing

• Data Mart

• Data Management

• None of these

A subset of a data warehouse focused on a specific area or department within an organization. It contains summarized and aggregated data for a particular business function.

• Data Warehousing

• Data Mart

• Data Management

• None of these

Analyzing historical data to gain insights into past performance. Examples include dashboards, scorecards, and data visualizations.

• Descriptive Analytics

• Predictive Analytics

• Prescriptive Analytics

• None of these

Forecasting future outcomes based on historical data patterns. Examples include regression analysis, time series forecasting, and predictive modeling.

• Descriptive Analytics

• Predictive Analytics

• Prescriptive Analytics

• None of these

Recommending actions to optimize future outcomes. Examples include optimization algorithms, decision trees, and simulation models.

• Descriptive Analytics

• Predictive Analytics

• Prescriptive Analytics

• None of these