Description
Six questions to be solved
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Section A: Candidates should answer ALL FIVE questions and the total marks for this section is 50%.
Each question is worth 10
Please use this background information to answer your questions in this section: Traditional Independent
Financial Advisers (IFA) in the UK offer investment and insurance advice for the public to manage their
assets, but their services are expensive because it takes time and money to train a junior professional to
be a knowledgeable expert. After finishing your BSc study at Bayes Business School, you just joined a
new FinTech company as a junior data analyst. The three founders of this firm aim to use advanced
machine learning tools to offer computer-based automated online financial advice to the public without
using traditional IFA in order to reduce the costs, because they think the public who need financial advice
the most are more likely the poor people and do not have reasonable skill or knowledge to plan their life
or retirement in the future. The three founders have different backgrounds, two of them are computer/data
scientists whom have PhD degrees in machine learning and statistics, while one of them is an experienced
entrepreneur who does not have any university degree.
Question 1
According to the background information above, the main goal of this company is to provide financial
advice to the poor families by replacing traditional IFA with machine-based services. These three founders
hire you as their research assistant to implement data analytics about the potential opportunities and risks
of this business idea. In line with the content and knowledge that you have learnt from this module, please
describe a plan of your data analysis process for this project, think about any issues that may occur and
possible solutions.
(10 marks)
Question 2
Explain what are common biases in data collection (both qualitative and quantitative), please list at least
5 examples (without linking to the background information)? Based on your own judgement and supportive
argument, please discuss three of them that are potentially most relevant to your project in the above
Question A.1 and explain how to avoid these biases.
(10 marks)
Question 3
Since two of these founders are data scientists, they ask you to collect relevant data from social media
platforms. For example, you plan to do some online survey on the Facebook in order to understand the
opinion of individuals from poor families about this business idea. Please state any potential biases in data
collection specifically during this online survey on Facebook.
(10 marks)
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Question 4
In your project of Question A.1 as above, discuss any possible data analytics research methods that you
may apply to implement this project, based on your own understanding of your research question. You
should focus on the methods that we discussed in this module, explain possible pros and cons. You do
not need to implement these methods during the exam.
(10 marks)
Question 5
Based on the content and knowledge that you have learnt in the data visualisation session, please discuss
the following question: After three months of solid research and data analytics for this project, from both
qualitative and quantitative data, how do you plan to present your data/output/conclusion to these three
founders, for helping them to plan their business strategy?
(10 marks)
Section B – Candidates should answer the question. Your answer to this question should be within
reasonable word counts.
Question 6
The phenomenon: Social media has become a centre point of people’s daily lives. As much of the world
was in lockdown over the past year, consumers leveraged social media to stay connected with others and
for the experiences they used to get in person. Just as we saw this shift among consumers, businesses
also began to leverage social media to maintain and nurture their relationships with consumers. Now,
social media is a relied upon channel for businesses and consumers alike. Business executives across
the globe are increasingly relying on social data to inform strategic decision-making across their
organisation — even outside of marketing. And many expect social media will become the most important
resource for data and insights that inform key business decisions moving forward. For example, monitoring
your competitors’ social media presence can help you a lot when putting together your own strategy.
Your Tasks: Clearly define one research question about this phenomenon from the business perspective,
and then outline a detailed research design to answer the question.
Your answers should focus on your research plan but without actually carrying out the research. Your
answers should cover all stages and the entire process of research design with adequate justifications and
explanations. In particular, you should clearly define and justify one research question from the business
perspective in relation to this phenomenon; and then explain the reasons behind your choice of appropriate
methods for literature review, data collection and data analysis in order to answer your research question.
The research methods you choose can be inductive or deductive, qualitative or quantitative, depending
on the nature of your research question. You should explain why a particular method has been chosen
and its strengths and weaknesses in relation to your research question.
(50 marks)
End of Paper.
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