Test Bank — Business Analytics, 2nd Edition — Sanjiv Jaggia, Alison Kelly, Kevin Lertwachara & Leida Chen All 1-18 Chapters Covered With Questions And Verified Solutions With Detailed Rationales And Case Study.

Test Bank — Business Analytics, 2nd Edition — Sanjiv Jaggia,
Alison Kelly, Kevin Lertwachara & Leida Chen All 1-18
Chapters Covered With Questions And Verified Solutions
With Detailed Rationales And Case Study.

, TABLE OF CONTENT


1. Introduction to Business Analytics
2. Data Management and Wrangling
3. Summary Measures
4. Data Visualization
5. Probability and Probability Distributions
6. Statistical Inference
7. Regression Analysis
8. More Topics in Regression Analysis
9. Logistic Regression
10. Forecasting with Time Series Data
11. Introduction to Data Mining
12. Supervised Data Mining: k-Nearest Neighbors and
Naïve Bayes
13. Supervised Data Mining: Decision Trees
14. Unsupervised Data Mining
15. Spreadsheet Modeling
16. Risk Analysis and Simulation
17. Optimization: Linear Programming
18. More Applications in Optimization

, CHAPTER 1

Introduction to Business Analytics



Multiple-Choice Questions

1. Business analytics is primarily focused on:
A. Long-term strategic planning only
B. Using data, statistical analysis, and modeling to drive decision-making
C. Manual bookkeeping
D. Employee training programs

Correct Answer: B
Rationale: Business analytics uses data and quantitative methods to inform and improve business
decisions.



2. Descriptive analytics is used to:
A. Predict future outcomes
B. Understand past and current performance
C. Optimize resource allocation automatically
D. Replace human decision-making

Correct Answer: B
Rationale: Descriptive analytics summarizes historical data to identify patterns and insights.



3. Predictive analytics involves:
A. Explaining why something happened
B. Forecasting future events based on data
C. Data cleaning only
D. Reporting historical metrics

Correct Answer: B
Rationale: Predictive analytics uses statistical models to estimate likely future outcomes.



4. Prescriptive analytics differs from predictive analytics in that it:
A. Focuses only on historical data
B. Recommends actions based on predictions
C. Ignores probabilities
D. Is limited to financial data

, Correct Answer: B
Rationale: Prescriptive analytics suggests optimal actions using predictive insights.



5. Key components of business analytics include:
A. Data, analytics models, and business knowledge
B. Financial audits only
C. Human resources management
D. Marketing campaigns exclusively

Correct Answer: A
Rationale: Effective analytics integrates data, statistical methods, and domain expertise.



6. A major benefit of business analytics is:
A. Eliminating all risk
B. Improving decision-making and operational efficiency
C. Replacing managers
D. Avoiding data collection

Correct Answer: B
Rationale: Analytics enhances decision quality, but does not eliminate uncertainty.



7. Which of the following is NOT a type of business analytics?
A. Descriptive
B. Predictive
C. Prescriptive
D. Reactive

Correct Answer: D
Rationale: Reactive is not a formal category; analytics is proactive in nature.



8. Data-driven decision-making requires:
A. Ignoring intuition
B. Reliable, accurate, and timely data
C. Only financial statements
D. Historical knowledge only

Correct Answer: B
Rationale: Decisions must be based on high-quality data to be effective.



9. A common challenge in implementing business analytics is:
A. Data overload and poor data quality
B. High predictive accuracy