Working in the Business Data Analytics Marketplace >> Business Metrics for Data-Driven Companies
1. Data Scientists most often enter into that position by:
- No experience other than an aptitude working with quantitative data is required
- Earning a doctorate degree in statistics or computer science
- Earning a masters degree in data science
- Starting as a Business Analyst and gaining experience and additional technical skills on the job
2. Why is it important for Business Analysts to have “local knowledge” of business sectors?
- Business Analyst typically work in a specific business sector, such as insurance, and every sector has specialized metrics developed for that sector.
- Clients expect Business Analysts to be able to discuss their specific business environments in detail
- Client provided data typically only contains “local knowledge”
- All of the above
3. Why should a Business Data Analyst have SQL skills?
- To retrieve data from different types of databases throughout the organization
- To increase their efficiency and autonomy
- To be able to combine data from multiple sources to create new data sets and answer new questions.
- All of the above.
4. True or False: “NONE of the nine skills required of all Business Data Analysts are part of the skills used regularly by the typical software engineer.”
5. True or False: Strategic consulting firms with a software/systems integration focus often introduce the latest methods for achieving competitive advantage into a particular vertical market, such as retail pharmacies, which forces other companies in that vertical to use the same methods to stay competitive.
6. Hardware & software companies compete in a market that has a very unusual cost structure. This is because:
- These types of companies derive their value from developing and delivering proprietary intellectual property.
- They incur almost all their costs up front, before the first product is sold, while the incremental cost to create one more unit of the product is very low.
- It has high variable costs and low fixed costs.
- All of the above.
7. Business Data Analyst Tiffany Yu advises that in order to learn to write SQL queries well enough to be able to start gathering information for yourself, you will need to prepare (study) for about:
- One Month
- One Week
- A University Semester Course
- Six Weeks
8. Of the five business types represented among US companies, Traditional Strategic Business Consulting firms are the least likely to hire software engineers and technical project managers. Why?
- These firms focus on ways to improve business processes, such as increasing revenues and reducing risk.
- Strategic planning in the corporate world is critical to a firm’s success
- Analysts represent the largest single job type in these types of firms
- Strategic Business Consulting generally does not include developing or installing technology.
9. Which other type of Company represents the biggest threat to “bricks and mortar” Companies?
- Digital Companies
- Hardware and Software Companies
- Traditional Strategic Business Consulting firms
- Business Consulting firms with an IT focus
10. What software tool is Data Scientist Dai Li referring to, when he says, “Of course I also use [it]. It sounds like [it] is more nontechnical, but actually it is a very good tool. You can do a lot of data processing, data analysis, and data modeling if you are using [it] with very good efficiency.”
11. The current world leader in market share for remote (“cloud-based”) hosting of other companies’ data and applications is:
12. For brick and mortar businesses to survive digital competition, the most important factor is:
- Brand Awareness and customer loyalty
- Production efficiency
- Does the company deliver its product or service as quickly as its online competitors?
13. The term “Point-of-sale customization” means:
- Every online customer is unique and therefore can and should be shown different prices and products
- It is possible to attract new customers by using more customized incentives
- Targeting individual customers with coupons or other special offers when they visit a store, based on their past purchase history
- Bricks-and-mortar companies are at a disadvantage because they can’t track history as well as online companies
14. One survival strategy which will definitely NOT succeed for Barnes & Noble in its struggle with Amazon is:
- Offering lectures, classes, and other social events related to books in its stores
- Converting Barnes and Noble into more of an exclusive literary club for paying members
- Putting more resources into their web presence and online sales
- Selling coffee, food, and non-book gift items
15. What is the primary difference in business model between the two Digital Companies Uber and Airbnb?
- Uber transportation is only available in certain cities; Airbnb properties can be anywhere in the world
- Uber transportation is much less expensive than regular taxi service; Airbnb room prices are similar to traditional hotel rooms
- Uber is highly profitable; Airbnb is not.
- Uber sets prices for drivers; Airbnb lets property owners set prices themselves.