Explain the importance of an ethical approach for data analysis and business decision making. Then, discuss some of the potential pitfalls of hypothesis testing. Finally, identify some of the legal regulations in various industries that impact ethics and decision making.
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Review the example Code of Ethics for Data Analysts
Answer the following question in 3-4 paragraphs:
Explain the importance of an ethical approach for data analysis and business decision making. Then, discuss some of the potential pitfalls of hypothesis testing. Finally, identify some of the legal regulations in various industries that impact ethics and decision making.
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- Describe the value of business intelligence and the role that BI software plays in achieving that value.Explore the ethical considerations of using AI-powered algorithms to predict and preempt customer conflicts. How can companies balance predictive analytics with privacy concerns?Discuss the principles of data warehousing in a business intelligence context. How does a data warehouse differ from a transactional database, and what are the benefits of using data warehousing for reporting and analytics?
- Research on 3 ethical challenges/issues encountered in the practice of Business Analytics/Intelligence.For each ethical challenge/issue, there should be:• Description and explanation of the ethical challenges/issues• Example• Possible solutions/recommendations on how to mitigate the situationDescribe the role of OLAP (Online Analytical Processing) in data warehousing, and how it enables multidimensional analysis of data for decision-making.How would you justify to Mobile Adventures' executives that they should treat their player data as a valuable business asset? What are at least two ways in which Mobile Adventures could monetize (i.e., realize additional revenue from) the data they currently collect from game players? What are the major threats to Mobile Adventures' data, and what policies and procedures would you recommend to mitigate these threats?
- Mercy's corporate data model benefits? Is Mercy's entrance into big data making a well-designed model that specifies the company's data needs and goals more or less important?Answer the following scenarios by providing the applicable analysis type and benefits: a. The Marketing Department is planning a "direct mailing" campaign. To minimize the cost of the campaign it should determine which customers are most likely to respond to the offer. b. The Sales Department, in order to increase sales, has to decide which combination of products should be recommended to a particular customer. c. The Marketing Department is to prepare or modify the products and services offer so that it optimally matches the needs of different customers. d. The CRM Department is to determine the profile of clients who intend to resign from our services, and then take actions to keep themSports over the years have become highly competitive — today, the scenarios are so intense that a minute can completely flip the course of a game. And to stay one step ahead of the rivals, sports teams are opting to use analytics. And it is not only because of the competitive pressure but also because of the fan base who seek detailed information about players, their performance, and why the team won or lost. Select a cricket sport and explain how sports analytics is used in that sport.
- In light of the fact that research always contains the possibility of error, we have to be careful not to present research results as causal relationships when they are only correlations. And yet, sometimes correlation is used. For example, in car insurance, male drivers are correlated with more accidents, so insurance companies charge them more. It would be impossible to actually test this for causation. Given the above, how do we balance this possibility of error with the need to have statistical results to inform our business decisions?Good problem statement includes both a statement of: Select one: a. research objectives and research hypothesis b. research hypothesis and research questions c. research topic and research objectives d. research objectives and research questions When we are reasoning from the specific to the general, we are using ____________contrast, when we are reasoning from the general to the specific, we are using __________ reasoning. In reasoning. Select one: a. Theoretical; predictive b. Deductive; inductive c. Inductive; deductive d. Predictive; theoreticalDiscuss the concept of data integration in data warehousing. Why is it essential for effective data analysis in business intelligence?