As the team discusses how to utilize the results of their data analysis to put forth a business recommendation, an analyst on the team voices concern over the current organizational culture presenting a roadblock to their ability to influence business decision making.Which of the following would be a justifiable concern at this stage of the team's efforts?
Answer(s): B
A justifiable concern at this stage of the team's efforts is changing the mindsets of business stakeholders to trust insights gleaned from data over experience and intuition. This is because some stakeholders may have a strong attachment to their own opinions or beliefs, and may resist or ignore data that contradicts them. This can create a barrier to data-driven decision making, which requires a culture of curiosity, openness, and evidence-based reasoning. The team needs to communicate the value and validity of their data analysis, and persuade the stakeholders to adopt a data-driven mindset12
1: Use Data to Accelerate Your Business Strategy 2: Data-Driven Decision Making: A Step-by-Step Guide
An analytics team is interested in reviewing the results of a public opinion poll that is going to be conducted at the end of the month. One of the factors the team is interested in, is ensuring the result set is statistically significant.Why would this factor be important to the team?
Answer(s): D
Ensuring the result set is statistically significant is important to the team because it means that the difference or relationship observed in the data is unlikely to be due to chance or sampling error. Statistical significance helps the team to assess the validity and reliability of their findings, and to draw meaningful conclusions and recommendations from the data. Statistical significance also helps the team to communicate their results with confidence and credibility to the stakeholders and decision makers12
1: An Easy Introduction to Statistical Significance (With Examples) - Scribbr 2: Statistical Significance in Experimentation and Data Analysis - All About Circuits
The outcome from an analytics initiative has resulted in key stakeholders wanting to move forward with a project to redesign the company's website. The business analyst has called a meeting to work on drafting a plan to assess the level of effort required to complete this work. Many of the invited participants redesigned the website before and were invited so they could provide estimates using their knowledge and experience from the past. The business analyst is using which method to estimate this work?
The business analyst is using the rough order of magnitude method to estimate this work. This method is based on expert opinion or experience from past projects, and it provides a quick and approximate estimate of the cost, time, or effort required for a project or a task. This method is useful when there is limited information or data available, or when a high-level estimate is needed for planning or budgeting purposes. However, this method also has a high degree of uncertainty and variability, and it should be refined as more details become available12
1: Project Estimation Techniques Business Analysts Should Know About 2: Estimation techniques for business analysts The Functional BA
The analytics team has been asked to provide an estimate of the number of customers they expect to have in 12 months. They debated how accurate that figure needs to be and determined that based on the availability of good data, they could predict within + or - 10%. This is an example of a:
Answer(s): A
A ROM estimate is a rough order of magnitude estimate that provides a quick and approximate estimate of the cost, time, or effort required for a project or a task. A ROM estimate is based on expert opinion or experience from past projects, and it usually has a large range of variation, such as+ or - 10%. A ROM estimate is useful when there is limited information or data available, or when a high-level estimate is needed for planning or budgeting purposes. However, a ROM estimate also has a high degree of uncertainty and variability, and it should be refined as more details become available12
1: Project Estimation Techniques Business Analysts Should Know About 2:Estimation techniques for business analysts The Functional BA
To gain traction on online sales, a retailer initiated a marketing campaign using banner ads. The company has requested their analytics team to evaluate the performance of the campaign. During the presentation, the analyst confirmed that the campaign did bring in a large number of net new customers to the website and met the target sales conversion rate. They also noted that there was a high number of repeat visitors not completing a sale.What decision would help the retailer improve sales conversion rates for repeat visitors?
According to the Business Data Analytics: A Decision-Making Paradigm1, one of the key steps in the analytics process is to communicate insights and recommendations to stakeholders. The analyst should present the findings in a clear and concise manner, and provide actionable suggestions to improve the business outcomes. In this case, the analyst has identified that repeat visitors are not completing a sale, which indicates a possible issue with the sales checkout process. Therefore, the analyst should recommend the retailer to streamline the sales checkout process, which could reduce friction, increase customer satisfaction, and boost sales conversion rates for repeat visitors.
Business Data Analytics: A Decision-Making Paradigm
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