Analytics Basics
The three domains of the analytics discipline
What is Computer Science, Business and Statistics
The analytic technique that looks at "what" happened.
What is descriptive analytics.
The most important step in the data life cycle.
What is identify and formulate the problem.
The three types of items that can be entered into a cell in excel.
What is text, numbers and functions.
The Financial statements that you would see current assets, current liabilities and equity on.
What is Balance Sheet.
In the data hierarchy this is best represented by applied knowledge.
What is wisdom.
The type of analytics that focuses on "Why" things happened.
What is Diagnostic analytics.
Employee who would most likely create data visualization on an analytics team.
What is a data analyst.
Excel function used to count up the number of employee NAMES in a column of data.
What is =COUNTA()
Accounts payable is an example of this.
Hint: How would it be classified on the balance sheet.
What is a short-term liability.
Word that means data is found everywhere.
What is ubiquitous.
The type of analytics that uses both current and historical data to summarize and find patterns and common measures of internal information.
What is descriptive analytics.
Another term for time-based data.
What is temporal data.
You would use this instead of =SUMIF to compute subtotals for a series of unique product names.
What is a Pivot table.
Financial Statement that includes revenues, expenses and net income.
What is the income statement.
The year that big data really took off.
What is 2002
Why something has happened is the focus of what type of analytics?
What is diagnostic analytics.
This is important to consider when designing reports/visualizations/dashboards.
Hint: Starts with H and you want to be able to compare these over time.
What is the historical aspect.
If you are constantly changing them they won't be comparable and you lose the value in them.
TOTSAL is an example of this when used in the Name Box in excel.
What is a range name.
The numerator when you are computing YOY percentage change.
What is the current years results minus the prior years results.
Building operational efficiencies, improving decision making, increasing security and improving internal processes would all be considered this kind of focus for using data analytics.
What is internal focus.
Diagnostic analytics has us looking for deviations from the standard or normal thing that is expected. This is another name for that.
Hint: Starts with an A
What is an anomaly.
This is the first step when creating a report for a client or your boss.
What is "State the business metrics you wish to report."
Is it true or false that you need to sort first when using a VLOOKUP function.
What is False -sorting does not matter.
This ratio is net income divided by total equity.
What is ROE (Return on Equity)
Note that net income divided by total assets in ROA (Return on Assets) and net income divided by revenue is profit margin.