Exam 13: Data Analytics

As companies continue to embrace the evolution of data collection and data analytics, they also need to determine what data to collect. After establishing what data to collect, they may want to determine the best way to collect the needed information. Which of the following best represents information a burger restaurant would need to collect?

With the advent of analytical technology, organizations have been striving to incorporate more data analytics into their operations. This could result in hiring employees who have the skills necessary to assist the company in achieving these goals or an organization may choose to pay for training its existing employees so they can acquire these valuable skills. As it pertains to cost accounting, data analytical skills are immensely helpful and can be achieved in a number of ways. How can a person who is still in school obtain the data analytic skills that could help them to be an asset to a potential future employer?

Sarah is a manager of a regional bakery chain in the Midwest, and she is helping the corporate office evaluate the data they have been collecting. As decision makers for this organization evaluate the state of their data usage and framework, they will need to gather all relevant information and locate the correct data. Those occupying these positions will have to determine which sources of data are best and for what purposes. What are some of the questions that Sarah may ask to determine which sources of data are best and what purpose might they serve?

Decision-making involving data analytics includes a five-step process. Which of the following best represents the correct order for these steps?

As new aspects of technology work their way into normal business practices, professionals in various fields must adjust. One of the largest adjustments requires learning new terminology in both large and small regards. Which of the following represents an example of big data?

Joseph is a business student at a local university. He is looking over his transcripts to determine how his performance looks so far. He pulled the following report from his profile on the University's Student Information section: At his University, A = 4, B = 3, C = 2, D = 1, and F = 0. What are the average value, mode, and median for Joseph's GPA values so far?

One of the areas where data analytics helps organizations with is Strategy Formation. Companies will typically spend significant time, energy, and resources in this area as they lay out plans for the future. Which of the following is the best example of a company using data analytics for strategy formation?

Tara is a cost accountant for Jameson's Flavored Sparkling Water, and she is in the process of implementing a data analytics program. Management currently feels overwhelmed by the prospect of integrating a brand-new system of any kind, especially when they do not fully understand what that means for the company. Tara decided to create some documentation to put their minds at ease. With this goal in mind, please answer the following questions so Tara can complete her documentation. a. What are hard and soft data, where does each of these come from, and how much effort does this require? Can Tara exclusively use only one type or the other? b. What are internal and external data, and can you list several examples of sources for each? c. What are some of the categories of data a company may try to collect about its customers, and can you list several examples of items that fall within each category?

Using data analytics in cost accounting is proving to be a big opportunity to improve operations for various businesses. While data analytics have come a long way, there are still challenges and opportunities to consider. Which of the following is a challenge for an accountant that uses data analytics?

A public university has been evaluating its admissions policies and procedures. The university has recently seen a downturn in enrollment, and the university's leadership does not entirely understand why this happened. The university has not changed or updated their admissions decision-making processes in years. The current process uses an algorithm based on data available years ago to do enrollment modeling. What change or changes could they make to try and increase in the number of enrollments?

Marco Corp. is a medium-sized textile factory that supplies local boutiques in their area. In the past few years, they have experienced a lot of growth and would like to continue to grow at a manageable rate. Marco knows that to do so, they will need to become more data-informed in their decision-making processes. To make the best use of their available resources, which of the following should Marco Corp. consider?

Sampson Inc. is a producer of plastic products including bottles and sandwich bags. Management decided they need to be pre-informed about the financial performance of the organization and will use data analytics. As part of their predictive analytics, they are going to use regression analysis. Which of the following is a potential reason for using this method?

The management at Gellar Corp. is compiling data for their data analytics team. Gellar is a factory that produces gummy bear candy, and they are very interested in what changes can be made in the next few years to reduce costs. What specific technique could be utilized to evaluate various scenarios that management may envision happening?

Being career-ready has become a major objective for many accounting students as they prepare to graduate from college. It is not enough to just obtain a degree since employers now look for additional skills outside of hard technical skills. What are the top skills required for entry-level accountants, and why are they so important?

Eagle Inc. has been collecting data over the past year in a variety of areas for their business, both internally and externally. Management is eager to utilize this data and to analyze their findings, but they were advised to postpone this until the data is properly cleaned. What does it mean for data to be cleaned, and what does the cleaning process entail?

Chelsea's Candles is a medium-sized factory that produces candles that hold a small trinket in the wax. As the candle burns and the wax melts, eventually the trinket reveals itself. As part of their yearly review, they utilize data analytics to determine what changes they may need to implement in the coming year. Which of the following best represents a step in a higher-order type of analytics they may use?

Sophia owns a salon that provides an array of services for her customers. She has been collecting data for the past 2 years. The sales revenue from her five most-common services are shown below: Determine the average amount of two years' sales revenue for the service that makes up the largest percentage of the total average revenue.

Data analytics has been increasing in popularity as businesses realized these techniques provide unique insights that they would otherwise be unlikely to see. There are four main categories of data analytics each with its own benefits, complexities, and corresponding levels of insight provided to users. Which of the following is the most likely reason a company would choose to use diagnostic analytics?

Trevor is about to enter his third year of a pre-med program and knows the program will continue to become more competitive. He needs to ensure his GPA will be on par with that of his classmates. He has earned the following GPAs in courses to date: 4, 3, 3, 2, 2, 4, 4, 4, 4, 3, 3, 3, 3, 4, 2, 2, 3, 4, 4, and 3. Using Excel, determine the Mode and the Median for his GPAs thus far.

A company investigates what types of data it wants to gather and how they plan to collect it. They know a variety of methods can be employed, and each company will select the most cost-effective and secure option that meets their specific needs. Which of the following best represents an acceptable storage method a company could use to secure their data?