chapter 1 quiz

Question 1

the IMPACT cycle includes what steps

Answer 1

identify the questions
master the data
perform test plan
address and refine results
communicate insights
track outcomes

Question 2

which data approach attempt to predict connections between 2 data items?

Answer 2

link prediction

Question 3

by the year 2024, the volume of data created, captured, copied, and consumed worldwide will be 149

Answer 3

zettabytes

Question 4

in which area were skills NOT emphasized for analytic-minded accountants?

Answer 4

data and systems analysis and design

Question 5

big data is often described by the four V’s which are

Answer 5

volume, velocity, veracity, variety

Question 6

Which data approach attempts to identify similar individuals based on data known about them?

Answer 6

Similarity matching

Question 7

Which skills were not emphasized that analytic-minded accountants should have?

Answer 7

Classification of test approaches

Question 8

Which of these terms is defined as being a central repository of descriptions for all of the data attributes of the dataset?

Answer 8

Data dictionary

Question 9

Which data approach attempts to assign each unit in a population into a small set of classes (or groups) where the unit best fits?

Answer 9

Classification

Question 10

Skills that analytic-minded accountants should have in the following 7 areas:

Answer 10

1. developed analytics mindset- know when and how data analytics can address business questions
2. data scrubbing and data preparation- comprehend the process needed to clean and prepare the data before analysis
3. data quality- recognize what it meant by data quality, be it completeness, reliability, or validity
4. descriptive data analysis- perform the basis analysis to understand the quality of the underlying data and its ability to address the business question
5. data analysis through data manipulation- demonstrate ability to sort, rearrange, merge, and reconfigure data in a manner that allows enhanced analysis. this may include diagnostic, predictive, or prescriptive analytics to appropriately analyze data.
6. statistical data analysis competency- identify and implement an approach that will use statistical data analysis to draw conclusions and make recommendations on a timely basis
7. data visualization and data reporting- report results of analysis in an accessible way to each varied decision maker and his or her specific needs