I
What is the first stage of the impact cycle?
Identify the question
What is the second stage in the impact cycle?
Master the data
What is the third step of the impact cycle?
Perform the test plan
What is the fourth step in the impact cycle?
Address and refine the results
What does the "C" stand for in the impact cycle?
Communicate insights
What do you do in this first stage of the IMPACT CYCLE?
You want to identify the questions you may want to answer.
What is a data dictionary?
Centralized repository of descriptions for all of the data attributes of the dataset
What are the 3 analyses to assess what is considered in rejecting/accepting a loan?
1. debt to income ratios and the number of rejected loans
2. the length of employment and number of rejected loans
3. the credit (or risk) score and number of rejected loans
What charts are appropriate for qualitative data and can help address and refine data?
Bar (or column) charts, pie charts, stacked bar charts
*Other charts that function well for showing proportions - tree maps and heat maps, symbol maps, word clouds
*Charts that can depict more complex data - line charts, bow and whisker plots, scatter plots, filled geographic maps
What does the "T" stand for in the impact cycle?
Track outcomes
What additional attributes do you want to consider when thinking about identifying the questions you are trying to solve?
1. Who is the audience?
2. What is the scope of the data?
3. How will the results of the data be used?
What are the 4 relational database terms?
primary key, foreign key, composite primary key, and descriptive attributes
What are the 3 debt to income ratio buckets?
high: debt is greater than 20% of income
medium: debt is between 10-20% of income
low: debt is less than 10% of income
What do you do with the data in this stage?
We slice, dice, and manipulate the data to find correlations, test hypotheses, ask further questions, ask peers what they think and revise and rerun the data
What are the four key communication objectives?
1. attention
2. understand (what you are talking about)
3. remember (what you are talking about)
4. act (make sure people act)
What are the Microsoft track software tools?
excel, power automate, power query, and power bi
What are useful, established characteristics of relational databases?
completeness, no redundancy, business rules enforcement, and communication and integration of business processes
What are the four main types of data analytics?
Descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics
In what ways can quantitative data be broken into?
ratio and interval data and then discrete and continuous data
What are the five steps for better visual storytelling?
1. identify the right data
2. choose the right visualizations
3. calibrate visuals to your message
4. remove unnecessary noise
5. focus attention on what is important
What does it mean that the impact cycle is iterative?
Once insights are gained and outcomes are tracked, new more refined questions emerge that may use the same or different data sources with potentially different analyses and so they impact cycle will start again with these new insights and new developed questions
What is the ETL process?
1. determine the purpose and scope of the data request
2. obtain the data
3. validate the data for completeness and integrity
4. sanitize the data
5. load the data in preparation for data analysis
What are the eight different approaches to understanding the data?
Classification, regression, similarity matching, clustering, co-occurrence grouping, profiling, link prediction, and data reduction
What are the two main approaches that are used by accountants today in regards to descriptive analytics?
Summary statistics: Describe the location, spread, shape, and dependence of a set of observations. These commonly include the count, sum, minimum, maximum, mean or average, standard deviation, median, quartiles, correlation covariance, and frequency that describe a specific measurable value
Data reduction: A data approach that attempts to reduce the amount of information that needs to be considered to focus on the most critical items (e.g., highest cost, highest risk, largest impact, etc.)
Which types of charts are appropriate to compare audit revenues by state? Which are not?
are appropriate: bubble chart, stacked column chart, pie chart, and symbol chart
are not: area chart, line chart, column chart, histogram, stacked area chart, waterfall chart