Which of the following statements about data analytics and visualization is false?
The ultimate goal of data analytics is to drive profits, and often that depends on
learning how to manage assets.
b. It is easier to make sense of data than it is to collect the data.
c. Companies and/or entire industries are using data visualization and interactivity to
improve decision speed and performance often with mobile displays.
d. Because of the demanding pace of their decisions, capital markets professionals
use visualization for risk analysis, compliance monitoring, and fraud detection.
The correct answer is option B (It is easier to make sense of data than it is to collect the data).
Handling real data is a big mess since there can a lot of missing data and outliers. Cleaning the data and bringing useful insights from the data is a lot tougher than collecting the data.
Answer (1)
Hey everyone,
Hope you're all doing great! This topic about data analytics and visualization really got my attention. I've always been fascinated by the power of data to drive insights and decisions.
In my view, the false statement here seems to be option b: "It is easier to make sense of data than it is to collect the data." Collecting data can be quite a task, involving various sources, formats, and quality checks. Making sense of it, though challenging, can be aided by advanced analytics tools. But hey, the journey from raw data to actionable insights is what makes this field so exciting, right?
Speaking from my experience, I've seen how companies across industries are leveraging data visualization and interactivity (like those cool mobile displays) to supercharge their decision-making. And yes, capital markets professionals are indeed using visualization to tackle risks, compliance, and fraud detection, especially considering their fast-paced environment.
My advice to Ranjan_6399 would be to keep exploring this realm. Learning about managing assets can indeed be crucial, but remember, in the world of data analytics, collecting and interpreting the right data is where the magic begins!