Introduction to Business Analytics (1st Edition) by Vernon Richardson and Marcia Watson — Solution Manual for Business Analytics Problems and Applications

Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions


Solution Manual for Introduction to Business Analytics,
1st Edition
By Vernon Richardson and Marcia Watson
Verified Chapter's 1 - 12 | Complete

, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions




TABLE OF CONTENTS Qg Qg Qg




Chapter 1: Specify the Question: Using Business Analytics to Address Business Questions
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Chapter 2: Obtain the Data: An Introduction to Business Data Sources
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Chapter 3: Analyze the Data: Basic Statistics and Tools Required in Business Analytics
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Chapter 4: Analyze the Data: Exploratory Business Analytics (Descriptive Analytics and Diagnostic
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Analytics)
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Chapter 5: Analyze the Data: Confirmatory Business Analytics (Predictive Analytics and Prescriptive
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Analytics)
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Chapter 6: Report the Results: Using Data Visualization
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Chapter 7: Marketing Analytics
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Chapter 8: Accounting Analytics
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Chapter 9: Financial Analytics
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Chapter 10: Operations Analytics
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Chapter 11: Advanced Business Analytics
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Chapter 12: Using the SOAR Analytics Model to Put It All Together: Three Capstone Projects
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, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions



Chapter 1 End-of-Chapter Assignment Solutions
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Multiple Choice Questions
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1. (LO 1.1) A coordinated, standardized set of activities conducted by both people and equipment to
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accomplish aspecific business task is called .
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a. business processes Qg


b. business analysis Qg


c. business procedure Qg


d. business value Qg




2. (LO 1.2) According to the information value chain, data combined with context is
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a. Information.
b. Knowledge.
c. Insight.
d. Value.

3. (LO 1.5) Which phase of the SOAR analytics model addresses the proper way to communicate
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Qgresults to thedecision maker?
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a. Specify the question Qg Qg


b. Obtain the data Qg Qg


c. Analyze the data Qg Qg


d. Report the results Qg Qg




4. (LO 1.5) Which phase of the SOAR analytics model involves finding the most appropriate data needed
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to addressthe business question?
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a. Specify the question Qg Qg


b. Obtain the data Qg Qg


c. Analyze the data Qg Qg


d. Report the results Qg Qg




5. (LO 1.5) Which questions seek information about Tesla’s sales in the next quarter?
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a. What happened? What is happening?
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b. Why did it happen? What are the causes of past results?
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c. Will it happen in the future? What is the probability something will happen? Can we
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forecast whatwill happen?
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d. What should we do, based on what we expect will happen? How do we optimize our
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performance basedon potential constraints?
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6. (LO 1.5) Which questions seek information on the routing of products from Queretaro, Mexico to
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Chicago,United States in the last quarter?
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a. What happened? What is happening?
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b. Why did it happen? What are the causes of past results?
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c. Will it happen in the future? What is the probability something will happen? Can we
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forecast what willhappen?
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d. What should we do, based on what we expect will happen? How do we optimize our
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performance basedon potential constraints?
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, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
7. (LO 1.5) Which questions ask why net income is increasing when revenues are decreasing,
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counter toexpectations?
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a. What happened? What is happening? Qg Qg Qg Qg


b. Why did it happen? What are the causes of past results?
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c. Will it happen in the future? What is the probability something will happen? Can we
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forecast what willhappen?
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d. What should we do, based on what we expect will happen? How do we optimize our
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performance basedon potential constraints?
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8. (LO 1.5) Which questions help managers understand how to organize future shipments based on
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expecteddemand?
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a. What happened? What is happening? Qg Qg Qg Qg


b. Why did it happen? What are the causes of past results?
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c. Will it happen in the future? What is the probability something will happen? Can we
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forecast what willhappen?
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d. What should we do, based on what we expect will happen? How do we optimize our
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performancebased on potential constraints?
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9. (LO 1.5) Which term refers to the combined accuracy, validity, and consistency of data stored and
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Qgused overtime?
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a. Data integrity Qg


b. Data overload Qg


c. Data value Qg


d. Information value Qg




10. (LO 1.3) A specialist who knows how to work with, manipulate, and statistically test data is a
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a. decision maker. Qg


b. data scientist. Qg


c. data analyst. Qg


d. decision scientist. Qg




11. (LO 1.4) Which type of analysts predicts the amount of money that a company will receive from its
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customers tohelp management evaluate future investments based on expected investment
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performance, such as investments in equipment or employee training?
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a. Marketing analyst Qg


b. Operations analyst Qg


c. Financial analyst Qg


d. Accounting analyst Qg




12. (LO 1.4) Which type of analyst addresses questions regarding tax and auditing?
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a. Marketing analyst Qg


b. Operations analyst Qg


c. Financial analyst Qg


d. Accounting analyst Qg




13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the
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reviews arebiased. These product reviews are which type of data?
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a. Reliable
b. Relevant
c. Curated
d. Consistent
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