Exam (elaborations)
Isds 710 Midterm Questions And Answers Latest Update
- Course
- ISDS 710
- Institution
- Louisiana State University
Isds 710 Midterm Questions And Answers Latest Update
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Solution 2024/2025Pepper
Isds 710 Midterm Questions And Answers
Latest Update
Cost Cutting as Strategy to Improve Company performance
Data Analytics
Intuition + Data = Powerful Insights --> Good Decisions
What is hypothesis-driven analytics strategy?
1. Intent
2. Hypothesis
3. Analysis
4. Testing
What do hypotheses do and how are they validated?
Hypothesis help to narrow down where to find the most likely answer -- then
validated by data to come up with convergent solution
What distinguishes the success of organizations
It's ability to respond to challenge
Who can benefit from analytis?
Everybody
The difference between explorer and detective modes of solving problems
Detective - uses clues towards finding solutions
Explorer - blinding looks for solution (treasure)
, Solution 2024/2025
Pepper
Difference between data science and decision science
data science - technical track; designed to derive insight from data
decision science - business track, designed to align stakeholders so that the
valuable insight produced using dat science can be inserted into decision
making process and converted into action.
What must an analyst do to be sucessfull
- Engage enthusiastically and appropriate with stakeholders
- Utilizes influence and soft skills to build alignment with stakeholders
- Utilizes question/answer session with counterparts to provide what is being
asked of the data/clues towards answers
Pros and Cons of Business Analytics
Pros: Quick and easy, can be learned by most business professionals and
done in common tools like excel.
Cons: Not exhaustive, so may miss the top parameter that can drive the
biggest business outcome.
Pros and Cons of Advanced Analytics
Pros: Can evaluate hudneres of metrics and can thus identify the most
important parameters to drive biggest business outcomes.
Cons: Time and resource intensive, Need specialized modeling skills and
advance statistical tools.
Difference between business intelligence and analytics
Business intelligence - inclusive of all operations from when the data is
collected to when data is access after it had been cleaned or stored.
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