Introduction to Business Analytics 1st Edition Solution Manual | Richardson & Watson

Chapterj01j–jSpecifyjthejQuestion:jUsingjBusinessjAnalyticsjtojAddressjBusinessjQuestions



Chapter 1 End-of-Chapter Assignment Solutions
j j j j




MultiplejChoicejQuestions
1. (LOj1.1)jAjcoordinated,jstandardizedjsetjofjactivitiesjconductedjbyjbothjpeoplejandjequipmentjtojaccomplishjajsp
ecificjbusinessjtaskjisjcalledj .
a. businessjprocesses
b. businessjanalysis
c. businessjprocedure
d. businessjvalue

2. (LOj1.2)jAccordingjtojthejinformationjvaluejchain,jdatajcombinedjwithjcontextjis
a. Information.
b. Knowledge.
c. Insight.
d. Value.

3. (LOj 1.5)jWhichjphasejofjthejSOARjanalyticsjmodeljaddressesjthejproperjwayjtojcommunicatejresultsjtojthejde
cisionjmaker?
a. Specifyjthejquestion
b. Obtainjthejdata
c. Analyzejthejdata
d. Reportjthejresults

4. (LOj1.5)jWhichjphasejofjthejSOARjanalyticsjmodeljinvolvesjfindingjthejmostjappropriatejdatajneededjtojaddressjth
ejbusinessjquestion?
a. Specifyjthejquestion
b. Obtainjthejdata
c. Analyzejthejdata
d. Reportjthejresults

5. (LOj1.5)jWhichjquestionsjseekjinformationjaboutjTesla’sjsalesjinjthejnextjquarter?
a. Whatjhappened?jWhatjisjhappening?
b. Whyjdidjitjhappen?jWhatjarejthejcausesjofjpastjresults?
c. Willjitjhappenjinjthejfuture?jWhatjisjthejprobabilityjsomethingjwilljhappen?jCanjwejforecastjwhatjwi
lljhappen?
d. Whatjshouldjwejdo,jbasedjonjwhatjwejexpectjwilljhappen?jHowjdojwejoptimizejourjperformancejbasedjonj
potentialjconstraints?


6. (LOj1.5)jWhichjquestionsjseekjinformationjonjthejroutingjofjproductsjfromjQueretaro,jMexicojtojChicago,jU
nitedjStatesjinjthejlastjquarter?
a. Whatjhappened?jWhatjisjhappening?
b. Whyjdidjitjhappen?jWhatjarejthejcausesjofjpastjresults?
c. Willjitjhappenjinjthejfuture?jWhatjisjthejprobabilityjsomethingjwilljhappen?jCanjwejforecastjwhatjwilljha
ppen?
d. Whatjshouldjwejdo,jbasedjonjwhatjwejexpectjwilljhappen?jHowjdojwejoptimizejourjperformancejbasedjonj
potentialjconstraints?


©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.

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, Chapterj01j–jSpecifyjthejQuestion:jUsingjBusinessjAnalyticsjtojAddressjBusinessjQuestions
7. (LOj1.5)jWhichjquestionsjaskjwhyjnetjincomejisjincreasingjwhenjrevenuesjarejdecreasing,jcounterjtojex
pectations?
a. Whatjhappened?jWhatjisjhappening?
b. Whyjdidjitjhappen?jWhatjarejthejcausesjofjpastjresults?
c. Willjitjhappenjinjthejfuture?jWhatjisjthejprobabilityjsomethingjwilljhappen?jCanjwejforecastjwhatjwilljha
ppen?
d. Whatjshouldjwejdo,jbasedjonjwhatjwejexpectjwilljhappen?jHowjdojwejoptimizejourjperformancejbasedjonj
potentialjconstraints?

8. (LOj1.5)jWhichjquestionsjhelpjmanagersjunderstandjhowjtojorganizejfuturejshipmentsjbasedjonjexpectedjde
mand?
a. Whatjhappened?jWhatjisjhappening?
b. Whyjdidjitjhappen?jWhatjarejthejcausesjofjpastjresults?
c. Willjitjhappenjinjthejfuture?jWhatjisjthejprobabilityjsomethingjwilljhappen?jCanjwejforecastjwhatjwilljha
ppen?
d. Whatjshouldjwejdo,jbasedjonjwhatjwejexpectjwilljhappen?jHowjdojwejoptimizejourjperformancejba
sedjonjpotentialjconstraints?

9. (LOj 1.5)jWhichjtermjrefersjtojthejcombinedjaccuracy,jvalidity,jandjconsistencyjofjdatajstoredjandjusedjoverjti
me?
a. Datajintegrity
b. Datajoverload
c. Datajvalue
d. Informationjvalue

10. (LOj1.3)jAjspecialistjwhojknowsjhowjtojworkjwith,jmanipulate,jandjstatisticallyjtestjdatajisja
a. decisionjmaker.
b. datajscientist.
c. datajanalyst.
d. decisionjscientist.

11. (LOj 1.4)jWhichjtypejofjanalystsjpredictsjthejamountjofjmoneyjthatjajcompanyjwilljreceivejfromjitsjcustomersjtojhel
pjmanagementjevaluatejfuturejinvestmentsjbasedjonjexpectedjinvestmentjperformance,jsuchjasjinvestmentsjinje
quipmentjorjemployeejtraining?
a. Marketingjanalyst
b. Operationsjanalyst
c. Financialjanalyst
d. Accountingjanalyst

12. (LOj1.4)jWhichjtypejofjanalystjaddressesjquestionsjregardingjtaxjandjauditing?
a. Marketingjanalyst
b. Operationsjanalyst
c. Financialjanalyst
d. Accountingjanalyst

13. (LOj 1.5)jSupposejajcompanyjhasjtimelyjproductjreviewsjthatjarejavailablejwhenjneeded,jbutjthejreviewsjarejbia
sed.jThesejproductjreviewsjarejwhichjtypejofjdata?
a. Reliable
b. Relevant
c. Curated
d. Consistent
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.



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, Chapterj01j–jSpecifyjthejQuestion:jUsingjBusinessjAnalyticsjtojAddressjBusinessjQuestions
14. (LOj1.6)jWhichjcommonjvisualizationjtypejshowsjtrendsjinjvaluesjoverjtime?
a. Linejgraph
b. Scatterplot
c. Piejchart
d. Barjchart

15. (LOj1.6)jWhichjcommonjvisualizationjtypejshowsjthejcompositionjofjvaluesjoverjtime?
a. Linejgraph
b. Scatterplot
c. Piejchart
d. Barjchart


DiscussionjQuestions
1. (LOj 1.1)jGivejfivejexamplesjofjbusinessjprocessesjatjTesla.j HowjdojtheyjcreatejbusinessjvaluejforjTeslajandjitsjsha
reholders?


SuggestedjSolution:
Answersjwilljvary,
1. Teslajprocuresjautomobilejpartsjfromjautojsuppliersj–
BecausejofjTesla’sjuniquejstyling,jgettingjqualityj
partsjfromjitsjsuppliersjonjajtimelyjbasisjwilljsupportjitsjmanufacturingjbusiness.
2. Teslajmanufacturesjbatteriesjforjitsjelectricjvehiclejatjitsjdesiredjspecificationsj–
jThejquantityjandjqualityjofjitsjbatteriesjarejofjcriticaljimportancejtojTesla.

3. Acceptingjandjprocessingjpreordersjfromjitsjcustomersj–
jTeslajreceivesjsomejindicationjofjthejdemandjforjeachjofjitsjproducts,jthatjhelpsjwithjplanning.

4. Teslajmarketsjitsjproductsj–jTeslajworksjtojgetjTeslajproductsjinjthejfrontjofjmindjforjitsjcustomers.
5. Teslajcarjandjtruckjdesignj–
jTeslajdesignsjitsjautomobilesjinjajwayjthatjwilljappealjtojitsjcustomersj(forjexample,jCybertruck).



2. (LOj 1.2)jExplainjthejinformationjvaluejchainjbyjsummarizingjhowjdatajarejtransformedjintojknowledgejinsightsjforj
decision-
making.jUsejthejexamplejofjajbookjreviewjonjAmazonjandjhowjitjmightjleadjAmazonjtojdecidejhowjmanyjofjthosejb
ooksjtojstockjatjitsjwarehouses.

SuggestedjSolution:
Amazonjallowsjthosejwhojpurchasejbooksjandjotherjproductsjatjitsjwebsitejtojgivejproductjreviewsjandjassignjpro
ductjratings.j Thejproductjreviewsjmayjprovidejtextjwhichjtextualjanalyticsjcouldjusejtojunderstandjthejgeneraljsen
timentjaboutjthejspecificjbook.j Thejproductjratingjcouldjalsojbejusedjtojunderstandjhowjwelljthejbookjisjlikedjbyjv
erifiedjbuyers.j Statisticaljcorrelationsjcouldjbejrunjamongjproductjreviewjsentiment,jproductjratingsjandjproductjs
alesjtojhelpjforecastjdemandjforjthejproduct.j ThisjwilljhelpjAmazonjdeterminejhowjmanyjbooksjtojkeepjinjitsjware
housejreadyjforjdelivery.
Thisjisjanjexamplejofjhowjdatajturnsjintojinformation,jknowledgejandjultimatelyjhelpsjwithjdecisionjmaking.


3. (LOj 1.3)jExplainjthejinformationjvaluejchainjbyjsummarizingjhowjdatajarejtransformedjintojknowledgejinsightsjfo
rjdecision-
making.jUsejthejexamplejofjajbookjreviewjofjthisjbookjonjAmazonjandjhowjitjmightjhelpjthejpublisher,jMcGrawjHi
ll,jdeterminejwhetherjtojrevisejthisjbookjforjajnew,jupdatedjeditionjasjthejdisciplinejofjdatajanalyticsjevolves.

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, Chapterj01j–jSpecifyjthejQuestion:jUsingjBusinessjAnalyticsjtojAddressjBusinessjQuestions
©jMcGrawjHilljLLC.jAlljrightsjreserved.jNojreproductionjorjdistributionjwithoutjthejpriorjwrittenjconsentjofjMcGrawjHilljLLC.




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