Suppose you are an analyst for an electricity provider.
a) The demand for electricity depends on a number of factors (e.g., weather or economic factors). List at least four factors and explain how they may affect the demand for electricity. (Make sure you include references. Limit your answer to 500 words.)
b) A qualitative methodology would be suitable for examining at least two of the factors identified in part a) of this question. Explain the procedures you would use to conduct the study of those factors and to determine how they will affect the demand for electricity. (Review Module 5, and elaborate how the techniques can be used to collect data relevant to the factors, and how this data can be analysed. Limit your answer to 500 words.)
Briefly explain what grounded theory is. When would you prefer the grounded theory approach in analysing qualitative data? (Limit your answer to 500 words.)
b) Focus groups and in-depth interviews are two methods to obtain qualitative data. Give an example when you prefer using focus group rather than in-depth interview. Explain your answer. (Limit your answer to 500 words.)
c) Briefly discuss why “business intelligence tools” are necessary for the modern business. Write the basic steps of virtuous cycle of data mining. (Limit your answer to 500 words.)
d) Besides MS Excel, suggest one software package for analysing quantitative data. Identify two advantages and one disadvantage of this package compared to MS Excel. (Limit your answer to 500 words.)