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1.What’s an attribute? What’s a data instance?

2.What’s noise? How can noise be reduced in a dataset?

3.Define outlier. Describe 2 different approaches to detect outliers in a dataset.

4.Describe 3 different techniques to deal with missing values in a dataset. Explain when each of these techniques would be most appropriate.

5.Given a sample dataset with missing values, apply an appropriate technique to deal with them.

6.Give 2 examples in which aggregation is useful.

7.Given a sample dataset, apply aggregation of data values.

8.What’s sampling?

9.What’s simple random sampling? Is it possible to sample data instances using a distribution different from the uniform distribution? If so, give an example of a probability distribution of the data instances that is different from uniform (i.e., equal probability).

10.What’s stratified sampling?

Sample Solution

Data instance

What is an attribute? An attribute is a specification that defines a property of an object, element, or file. It may also refer to or set the specific value for a given instance of such. For clarity, attributes should more correctly be considered metadata. What is a data instance? Data are the given information to be processed and stored. For example, in a digital photograph, the pattern of recorded light from the CCD in a camera could provide the data. A data instance is one particular piece of digital information. This is comparable to how an organism is one particular plant or animal of a species.

to get supplies from. This makes the bargaining power of supplier low. However, despite high number of suppliers, the suppliers do no compete within the industry for products, which means that A2 company can only purchase what the suppliers provide. This gives the supplier a high bargaining power. To sustain in this competitive industry, A2 milk can get supplies from multiple suppliers, more flexibility within its supply chain. Or they can encourage better relationship with the supplier can benefit on both sides.

The extend of rivalry between competitors

This factor determines competitive level in the industry, whether does the firms have control over the prices of goods and services (My Accounting Course, 2019).

If the rivalry among the existing companies in this industry is intense it will result to decrease in prices and profitability. A2 Milk operates in a very competitive industry. This competition does take toll on the overall long term profitability of the organization. To stay in such a competitive market, A2 Milk needs to focus on differentiating its products so that competitors will have less effect on its customers that seek its unique products. As the industry is growing, A2 Milk can focus on new customers rather than winning the ones from existing companies. The A2 Milk can conduct market research to understand the supply-demand situation within the industry and prevent overproduction.

Conclusion on Industry Analysis

In conclusion, by analysing all the five competitive forces of A2 Milk strategists can gain a complete picture of what impacts the profitability of the industry. They can identify trends early on and can quickly respond to exploit the emerging opportunity and shape forces in their favour.

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