- (Topic 2)
Interested in ensuring that analytics continues to contribute value to the overall organization, the lead analyst suggests developing a long term plan to define how the enterprise will identify, store, manage, share, and use its data long-term.The analyst is proposing the development of a:
Correct Answer:
C
A data strategy is a long-term plan that defines how the enterprise will identify, store, manage, share, and use its data to achieve its business goals and objectives1. A data strategy aligns the data vision, mission, principles, and policies with the business strategy, and guides the data governance, data quality, data architecture, data security, data integration, data analytics, and data culture of the organization2. A data strategy helps the organization to leverage its data as a strategic asset, to create value, to improve performance, and to gain competitive advantage3.
A data roadmap is a document that outlines the specific actions, milestones, deliverables, and timelines for implementing the data strategy. A data roadmap is a tactical tool that helps the organization to prioritize, coordinate, and communicate its data initiatives, and to track its progress and outcomes. A data roadmap is not a long-term plan, but a dynamic and flexible plan that can be updated and revised as the data strategy evolves.
A business strategy is a high-level plan that defines how the enterprise will achieve its vision, mission, and goals in a competitive market. A business strategy sets the direction, scope, and value proposition of the organization, and guides its decisions on resource allocation, product development, customer segmentation, pricing, marketing, and differentiation. A business strategy is not a plan that defines how the enterprise will identify, store, manage, share, and use its data, but a plan that defines how the enterprise will create and sustain value for its stakeholders.
A data management plan is a document that describes the data that will be collected, generated, or used in a specific project, and how the data will be handled, stored, preserved, shared, and reused during and after the project. A data management plan is a operational tool that helps the project team to comply with the data policies, standards, and best practices of the organization, and to ensure the quality, integrity, security, and accessibility of the data. A data management plan is not a long-term plan, but a project- specific plan that can be modified and updated as the project progresses.
References:1: Guide to Business Data Analytics, IIBA, 2020, p. 392: Introduction to Business Data Analytics: An Organizational View, IIBA, 2019, p. 143: Data Strategy: The Definitive Guide, Tableau, . : Data Strategy: The Definitive Guide, Tableau, . : Data Roadmap: The Definitive Guide, Tableau, . : Business Strategy: The Definitive Guide, Tableau, . : Business Strategy: The Definitive Guide, Tableau, . : Data Management Plan: The Definitive Guide, Tableau, . : Data Management Plan: The Definitive Guide, Tableau, .
: Data Strategy: The Definitive Guide, Tableau, . : Guide to Business Data Analytics, IIBA, 2020, p. 39. : Introduction to Business Data Analytics: An Organizational View, IIBA, 2019, p. 14. : Data Strategy: The Definitive Guide, Tableau, . : Data Roadmap: The Definitive Guide, Tableau, . : Business Strategy: The Definitive Guide, Tableau, . : Data Management Plan: The Definitive Guide, Tableau, .
- (Topic 1)
A dataset contains 10 measures of workplace sustainability. The analytics team is in need of producing a single score of sustainability. Which of the following techniques if used would achieve this objective?
Correct Answer:
C
Factor analysis is the technique that, if used, would achieve the objective of producing a single score of sustainability, because it is a technique that reduces the dimensionality of a data set by identifying the underlying factors or latent variables that explain the variation and correlation among the observed variables. Factor analysis can help the analytics team combine the 10 measures of workplace sustainability into a smaller number of factors, and then derive a composite score ofsustainability based on the factor loadings and weights. Factor analysis can also help the analytics team simplify and interpret the data, and identify the key drivers of sustainability. References:
•Business Analysis Certification in Data Analytics, CBDA | IIBA®, CBDA Competencies, Domain 3: Analyze Data
•Understanding the Guide to Business Data Analytics, page 17
•Business Data Analytics (IIBA®-CBDA Exam preparation) | Udemy, Section 3: Analyze Data, Lecture 15: Factor Analysis
- (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 large bank has recently revamped their website, adding additional features such as financial investment opportunities, spending activity, and supporting reports. Which question will add value when evaluating how the website is being used?
Correct Answer:
C
Customer retention rate is a measure of how many customers continue to use a product or service over a given period of time. It is an important indicator of customer loyalty, satisfaction, and value. Customer retention rate can help the bank evaluate how the website is being used by comparing the number of customers who visited the website before and after the launch of the new features. A high customer retention rate would suggest that the new features are attractive, useful, and engaging for the customers, while a low customer retention rate would indicate that the new features are not meeting the customers?? needs or expectations. Customer retention rate can also help the bank identify the segments of customers who are more or less likely to use the website, and tailor their marketing and communication strategies accordingly. 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. 23-24.
✑ What is Customer Retention Rate?| HubSpot, HubSpot, accessed on January 20, 2024.
- (Topic 1)
A lab is conducting a study on protein interactions. They have used the data to create a graph visualization. In graph visualization, what would a layout be?
Correct Answer:
C
A layout is a way of arranging the nodes and links of a graph visualization to convey meaningful information about the data. A layout is determined by a dedicated algorithm that calculates the node positions based on certain criteria, such as minimizing edge crossings, maximizing node spacing, or emphasizing clusters12. A layout can also be influenced by user interaction, such as zooming, panning, or dragging3. References: 1: Guide to Business Data Analytics, IIBA, 2020, p. 642: Graph Drawing: Algorithms for the Visualization of Graphs, Giuseppe Di Battista et al., 1999, p. 33: Interactive Data Visualization: Foundations, Techniques, and Applications, Matthew O. Ward et al., 2015, p. 227.
