Exam 13: Data Analytics

Oren has been tasked to compile a list of information about their customers he feels his company, Legacy LL, should begin collecting. Legacy LL is a manufacturer of sports-themed apparel that is determined to not only retain existing customers but to attract new ones in coming years. What are the categories of data that Oren may consider for collection? What are some examples of the types of data collected within each category?

At the cross-section of descriptive and diagnostic analytics, there lies a place where analysts create a whole picture. The two types of data analytics accomplish different objectives but can also work together to create better analyses. Which of the following explains how the two types of data analytics are interrelated?

To protect consumers from undue harm from entities that would use unfair or deceptive trade practices, the United States created the Federal Trade Commission (FTC) Act. Which of the following is an example of behavior not permitted under this Act?

An area of business that uses data analytics to improve operations is supply chain management. Managers are constantly looking for ways to make their operations more efficient and cost-effective. Which of the following is a way that a light bulb manufacturer could use data analytics to improve its supply chain management?

Fancy Footwear is a premier designer and manufacturer of designer shoes for women. Over the past two years, they have concerted a lot of effort into both their Boots and Heels divisions. The results of their efforts are as follows: Management is interested in analyzing this data. Find out whether Boots or Heels had a greater percent change in the cost of goods sold (COGS) from Year 1 to year 2?

Data analytics has become a very high-demand skill for employees regardless of their industry. The goal of decision makers continues to gravitate towards increasing data accessibility and usability with an overall goal of making more data-informed decisions. Within the cost accounting sphere, outcomes achieved are divided into four areas. Which of the following a correct list of those areas?

Truman Corp. is a factory that produces plastic containers for food companies. Management has growing concerns that their performance is suffering and that they have lost control over certain processes due to higher than usual employee turnover. They would like to spend some time narrowing down what areas of production are most inefficient, but they are not entirely sure how to go about doing that. If you were working at Truman, then what approach would you suggest? Please, name a few examples of how your solution could directly impact and improve their operations.

As students prepare for a life beyond the classroom, they must anticipate what skills will best translate into the business world. Employers created lists of their most in-demand skills for entry-level accountants. Which of the following is an example of how an entry-level accountant could use one of these top-ranked skills?

As more practitioners acquire data analytics skills, organizations have made a concerted effort to collect data to analyze and to find new ways to use that analysis. A positive byproduct of this is that decision-making options have improved, and organizations have used these techniques to improve the insights arrived at. Which of the following is a way that a healthcare organization could use data analytics to eliminate non-value-added activities?

Accountants are the traditional stewards of accounting information and are in-tune with the financial health of an organization. As data analytics becomes a more prevalent force within the business world, accountants acquire new skills in this area. In doing so, they have become strategic business partners with decision makers. Which of the following is an example of why accountants are well-suited for data analytics?

Data analytics serve a number of purposes for an organization, and each type of analytics provides an opportunity for an organization to make evaluations of a given situation. While the questions raised and answered by analytics can vary from organization to organization, the overall goals of making a business the best version of itself remain true. As it pertains to cost accounting, in what contexts have organizations used data analytics, and is it pertinent to use analytics in all four contexts discussed in the chapter?

Data analytics can be broken into four broad categories. Each category serves a unique purpose and will vary by value and complexity. Which of the following correctly identifies the four categories?

In data analytics, decision makers will express a variety of needs for the data gathered. How do hard data and soft data factor into their decision making? What about internal data and external data?

To protect consumers from undue harm from entities that would use unfair or deceptive trade practices, the United States created the Federal Trade Commission (FTC) Act. Which of the following is an example of a violation over which the FTC has jurisdiction?

As a result of people's increased internet usage, companies have an enormous amount of user data. These companies can spend a lot of time and effort trying to determine how to best use this information for themselves. Which of the following represents an appropriate use of data a company collected from its users?

An organizational area that often needs attention but may be overlooked is Performance Evaluation. Having a well-developed and thorough performance evaluation system helps a company have successful and productive employees. Which of the following is an appropriate rationale for using data analytics to improve performance evaluation?

Monica has been working with her IT department to capture user data from online profiles potential customers create on the company's website. Monica is working on a project to build internal customer profiles so that they can tailor offers and target emails to unique preferences. After she receives an Excel document, she realizes that there appear to be some erroneous records and duplicate entries and that some required fields are blank. What stage of the data cleaning process will correct these errors?

Fancy Footwear is a premier designer and manufacturer of designer shoes for women. Over the past two years, they have concerted a lot of effort into both their Boots and Heels divisions. The results of these efforts are shown here: Management is interested in analyzing this data. What is the percent change in Net Income for both the Boots and Heels divisions from Year 1 to year 2? (Use parentheses around a number to indicate a negative value or loss.)

As a result of people's increased internet usage, companies have an enormous amount of user data. These companies can spend a lot of time and effort trying to determine how to best use this information for themselves. Which of the following represents an inappropriate use of data a company collected from its users?

Corbin Inc. is a small factory, and they are in the process of evaluating their data storage system. The biggest question management needs to answer is whether their current setup is enough for their needs or if they should invest in a more robust and comprehensive system. Which of the following types of information would be found in the customers module of a data storage system?