Chapter 1

Question 1

What is the definition of data?

Answer 1

Data consists of raw facts, figures, or details derived from observations and measurements

It serves as a raw input that generates actionable insights for strategic decision-making and understanding consumer trends.

Question 2

Data is classified into two primary types based on measurability: Qualitative Data and Quantitative Data. What are the subcategories of Qualitative Data?

Answer 2

• Nominal Data
• Ordinal Data

Nominal Data includes categories without a specific order (e.g., gender), while Ordinal Data includes categories with a meaningful order (e.g., satisfaction levels).

Question 3

What are the subcategories of Quantitative Data?

Answer 3

• Discrete Data
• Continuous Data

Discrete Data consists of countable values (e.g., number of students), while Continuous Data includes measurable values that can take any point within a range (e.g., temperature).

Question 4

What is Structured Data?

Answer 4

Highly organized information typically stored in rows and columns within relational databases

Examples include financial transaction records and customer details in CRM systems.

Question 5

What is Unstructured Data?

Answer 5

Information lacking a predefined data model, making it challenging to process

Examples include emails, social media posts, videos, and images.

Question 6

What is Semi-Structured Data?

Answer 6

Data that does not reside in a rigid table structure but contains tags or markers to separate elements

Examples include web server logs and data exchanged between web applications.

Question 7

What are the four primary origins for data collection?

Answer 7

• Internal Data
• External Data
• Primary Data
• Secondary Data

Internal Data is generated within an organization, while External Data is obtained from outside. Primary Data is firsthand information collected for research, and Secondary Data is pre-existing data repurposed for analysis.

Question 8

True or false: Accurate and timely data collection is essential for reducing risk and making informed decisions.

Answer 8

TRUE

Poor data quality can lead to flawed analysis and negative business outcomes.

Question 9

What ethical considerations must be adhered to in data collection?

Answer 9

• Privacy
• Transparency
• Security

These considerations are crucial to maintain stakeholder trust.