- (Topic 2)
The data analysis completed by the analytics team points to three potential options that could be recommended by the team each of which will help their organization meet their desired goal. Given that there is no significant difference in the results that each option would provide, the team will reach a final recommendation by determining value to be delivered to specific parts of the organization and:
Correct Answer:C
According to the IIBA??s Guide to Business Data Analytics, one of the steps in the data analysis process is to use the results to influence business decision making. This involves evaluating the feasibility, viability, and desirability of the potential options or solutions that are derived from the data analysis, and recommending the best option or solution that aligns with the business goals and objectives1. To evaluate the feasibility, viability, and desirability of the options or solutions, the data analysis team should consider the value to be delivered to specific parts of the organization and the impact of change for each one. The value to be delivered refers to the benefits, outcomes, or improvements that the option or solution will provide to the stakeholders, customers, or processes of the organization. The impact of change refers to the costs, risks, or challenges that the option or solution will entail for the implementation, adoption, or maintenance of the organization. By assessing the value and the impact of each option or solution, the data analysis team can compare and contrast the trade-offs, pros and cons, and strengths and weaknesses of each option or solution, and select the one that maximizes the value and minimizes the impact for the organization2.
The other options are not correct criteria for reaching a final recommendation. The functional unit with the most staff, the manager who wants the change the most, and the senior management are not relevant factors for evaluating the options or solutions, as they do not reflect the value or the impact of the options or solutions. The functional unit with the most staff may not be the most affected or the most important part of the organization for the data analysis project. The manager who wants the change the most may not have the authority, influence, or expertise to make the best decision for the organization. The senior management may not be the only or the final decision makers for the data analysis project, as they may delegate, consult, or collaborate with other stakeholders or experts. References:1: Guide to Business Data Analytics, IIBA, 2020, p. 572: Guide to Business Data Analytics, IIBA, 2020, p. 58. : Guide to Business Data Analytics, IIBA, 2020, p. 57. : Guide to Business Data Analytics, IIBA, 2020, p. 58.
- (Topic 1)
The analytics team has been asked to assess sales data from their company's website with the hopes of providing insights to help increase online sales. It's the first time the team is looking at this specific data and they are concerned about the quality of data that has been captured. They decide to use the following approach as the next step:
Correct Answer:D
Exploratory analysis is the approach that the analytics team should use as the next step, because it is a technique that allows them to examine the quality, structure, and characteristics of the data, without making any assumptions or hypotheses. Exploratory analysis can help the team identify any issues or anomalies in the data, such as missing values, outliers, or errors, and decide how to handle them. Exploratory analysis can also help the team discover any patterns, trends, or relationships in the data, and generate new research questions or hypotheses for further analysis. References:
•Business Analysis Certification in Data Analytics, CBDA | IIBA®, CBDA Competencies, Domain 3: Analyze Data
•Understanding the Guide to Business Data Analytics, page 16
•CERTIFICATION IN BUSINESS DATA ANALYTICS HANDBOOK - IIBA®, page 8, CBDA Exam Sample Questions and Self-Assessment, Question 8
- (Topic 1)
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:
Correct Answer: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 References: 1: Project Estimation Techniques Business Analysts Should Know About 2: Estimation techniques for business analysts – The Functional BA
- (Topic 2)
A clinical research organization is using predictive analytics to improve patient safety and decrease costs on its clinical trials. To ensure that a standard set of tools/techniques is identified and best practices adhered to, teams are required to create scenarios to generate appropriate data for initial analysis. This practice is required because it is almost certain that data will be difficult to come by for most research. Which concern would lead the team to establish scenario development as a required technique?
Correct Answer:A
Data validity refers to the extent to which data accurately represents the phenomenon or concept that it is intended to measure1. Data validity is essential for predictive analytics, as it affects the quality and credibility of the analysis results and the subsequent decisions or actions based on them. If data is invalid, the predictions may be inaccurate, misleading, or irrelevant. However, data validity may be challenging to ensure in clinical research, as data may be scarce, incomplete, inconsistent, or subject to errors or biases2. Therefore, the team may establish scenario development as a required technique to address this concern. Scenario development is a form of document analysis that involves creating hypothetical situations or stories based on assumptions, evidence, and logic to explore the possible outcomes or implications of a problem or opportunity3. Scenario development can help the team generate appropriate data for initial analysis by simulating different conditions, variables, or events that may affect the clinical trials, and by testing the validity of the data against the scenarios4.
References:1: Validity in data collection methods - OpenLearn - Open University, 2: Data Quality in Clinical Research - NCBI - NIH, 3: Scenario Analysis: How It Works and Examples - Investopedia, 4: Predictive Analytics using simulation models - AnyLogic
- (Topic 2)
An analyst calculates the average, median, and mode values for a dataset.What type of analytics is the analyst performing?
Correct Answer:D
Descriptive analytics is the type of analytics that summarizes and visualizes data to provide an overview of what has happened or is happening. Descriptive analytics uses techniques such as statistics, charts, graphs, and dashboards to display data in an understandable and meaningful way. Descriptive analytics can help analysts explore data, identify patterns, and communicate insights. Calculating theaverage, median, and mode values for a dataset is an example of descriptive analytics, as it provides a measure of central tendency for the data distribution. References:
✑ Certification in Business Data Analytics (IIBA ® - CBDA), IIBA, accessed on January 20, 2024.
✑ Business Data Analytics Certification - CBDA Competencies | IIBA®, IIBA, accessed on January 20, 2024.
✑ Guide to Business Data Analytics, IIBA, 2020, p. 15.
✑ The 4 Types Of Analytics Explained (With Examples), Analytics for Decisions, accessed on January 20, 2024.