Exam 3: Modeling and Evaluation: Going From Defining Business Problems and Data Understanding to Analyzing Data and Answering Questions

A target is a manually assigned category applied to a record based on an event.

Data profiling typically involves unstructured data.

When working with a predictive model,under fitting the data is most likely caused by ________.

While overfitting data could lead to an error rate of 0 (zero),it is unlikely that you would be able to ________ your results.

Which approach to data analytics attempts to predict,for each unit,the numerical value of some variable?

Which of the following best describes a dependent variable?

Which approach to data analytics attempts to forecast a relationship between two data items?

Benford's Law (be sure to answer all 3 parts): Part A: Briefly describe Benford's Law. Part B: Draw a graph that exemplifies data which conforms to Benford's Law (i.e.,what it should look like). Part C: Briefly describe how auditors could utilize Benford's Law while conducting testwork.

XBRL is used to facilitate the exchange of financial reporting information between the company and the Securities and Exchange Commission.

________ refers to data that is stored in a database or spreadsheet that is readily searchable.

Which approach to data analytics attempts to discover associations between individuals based on transactions involving them?

Chapter 3 discussed 5 (five)data analytics approaches or techniques are most common to address our accounting questions.List and define 3 of the 5 data analytics approaches.Next,describe how each of the 3 data analytics approaches you list could be used by credit card companies to identify fraudulent credit card activity.

Retail stores often request customers' zip codes at the end of a sales transaction.This is an example of which data approach?

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

What is the difference between structured data and unstructured data? Provide an example of each.