Solution Manual for Introduction to Business Analytics,
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1st Edition by Richardson and Watson
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Verified Chapter's 1 - 12 | Complete
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,TABLE OF CONTENTS
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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 Analytics)
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Chapter 5: Analyze the Data: Confirmatory Business Analytics (Predictive Analytics and Prescriptive 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 1 End-of-Chapter Assignment Solutions il` il` il` il`
Multiple Choice Questions il` il`
1. (LO 1.1) A coordinated, standardized set of activities conducted by both people and equipment to accomplish a
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specific business task is called
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a. business processes il`
b. business analysis il`
c. business procedure il`
d. business value il`
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 results to the
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decision maker?
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a. Specify the question il` il`
b. Obtain the data il` il`
c. Analyze the data il` il`
d. Report the results il` il`
4. (LO 1.5) Which phase of the SOAR analytics model involves finding the most appropriate data needed to addressthe
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business question?
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a. Specify the question il` il`
b. Obtain the data il` il`
c. Analyze the data il` il`
d. Report the results il` il`
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? il` il` il` il`
b. Why did it happen? What are the causes of past results? il` il` il` il` il` il` il` il` il` il`
c. Will it happen in the future? What is the probability something will happen? Can we forecast whatwill
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happen? il`
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
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potential constraints? il` il`
6. (LO 1.5) Which questions seek information on the routing of products from Queretaro, Mexico to Chicago,United
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States in the last quarter?
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a. What happened? What is happening? il` il` il` il`
b. Why did it happen? What are the causes of past results? il` il` il` il` il` il` il` il` il` il`
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
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happen? l̀i
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
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potential constraints? il` il`
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
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7. (LO 1.5) Which questions ask why net income is increasing when revenues are decreasing, counter to
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expectations?
l̀i
a. What happened? What is happening? il` il` il` il`
b. Why did it happen? What are the causes of past results? il` il` il` il` il` il` il` il` il` il`
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
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happen? l̀i
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` l̀i
potential constraints?
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8. (LO 1.5) Which questions help managers understand how to organize future shipments based on expected
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demand?
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a. What happened? What is happening? il` il` il` il`
b. Why did it happen? What are the causes of past results? il` il` il` il` il` il` il` il` il` il`
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
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happen? l̀i
d. What should we do, based on what we expect will happen? How do we optimize our performance
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based 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 used overtime?
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a. Data integrity il`
b. Data overload il`
c. Data value il`
d. Information value il`
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. il`
b. data scientist. il`
c. data analyst. il`
d. decision scientist. il`
11. (LO 1.4) Which type of analysts predicts the amount of money that a company will receive from its customers tohelp
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management evaluate future investments based on expected investment performance, such as investments in
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equipment or employee training?
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a. Marketing analyst il`
b. Operations analyst il`
c. Financial analyst il`
d. Accounting analyst il`
12. (LO 1.4) Which type of analyst addresses questions regarding tax and auditing?
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a. Marketing analyst il`
b. Operations analyst il`
c. Financial analyst il`
d. Accounting analyst il`
13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews are
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biased. These product reviews are which type of data?
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a. Reliable
b. Relevant
c. Curated
d. Consistent
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC.
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4
il` il` il` il` il` il`
1st Edition by Richardson and Watson
il` il` il` il` il`
Verified Chapter's 1 - 12 | Complete
il` il` il` il` il` il`
,TABLE OF CONTENTS
il` il` il`
Chapter 1: Specify the Question: Using Business Analytics to Address Business Questions
il` il` il` il` il` il` il` il` il` il` il` il` il`
Chapter 2: Obtain the Data: An Introduction to Business Data Sources
il` il` il` il` il` il` il` il` il` il` il` il`
Chapter 3: Analyze the Data: Basic Statistics and Tools Required in Business Analytics
il` il` il` il` il` il` il` il` il` il` il` il` il` il`
Chapter 4: Analyze the Data: Exploratory Business Analytics (Descriptive Analytics and Diagnostic Analytics)
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Chapter 5: Analyze the Data: Confirmatory Business Analytics (Predictive Analytics and Prescriptive 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 1 End-of-Chapter Assignment Solutions il` il` il` il`
Multiple Choice Questions il` il`
1. (LO 1.1) A coordinated, standardized set of activities conducted by both people and equipment to accomplish a
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il`
specific business task is called
l̀i il` . il` il` il`
a. business processes il`
b. business analysis il`
c. business procedure il`
d. business value il`
2. (LO 1.2) According to the information value chain, data combined with context is
il` il` il` il` il` il` il` il` il` il` il` il`
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 results to the
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il`
decision maker?
l̀i il`
a. Specify the question il` il`
b. Obtain the data il` il`
c. Analyze the data il` il`
d. Report the results il` il`
4. (LO 1.5) Which phase of the SOAR analytics model involves finding the most appropriate data needed to addressthe
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` l̀i
business question?
il` il`
a. Specify the question il` il`
b. Obtain the data il` il`
c. Analyze the data il` il`
d. Report the results il` il`
5. (LO 1.5) Which questions seek information about Tesla’s sales in the next quarter?
il` il` il` il` il` il` il` il` il` il` il` il`
a. What happened? What is happening? il` il` il` il`
b. Why did it happen? What are the causes of past results? il` il` il` il` il` il` il` il` il` il`
c. Will it happen in the future? What is the probability something will happen? Can we forecast whatwill
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il̀
happen? il`
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` l̀i
potential constraints? il` il`
6. (LO 1.5) Which questions seek information on the routing of products from Queretaro, Mexico to Chicago,United
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` l̀i
States in the last quarter?
il` il` il` il` il`
a. What happened? What is happening? il` il` il` il`
b. Why did it happen? What are the causes of past results? il` il` il` il` il` il` il` il` il` il`
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il`
happen? l̀i
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` l̀i
potential constraints? il` il`
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
il` il` il` il` il` il` il` il` il` il` il` il`
7. (LO 1.5) Which questions ask why net income is increasing when revenues are decreasing, counter to
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il`
expectations?
l̀i
a. What happened? What is happening? il` il` il` il`
b. Why did it happen? What are the causes of past results? il` il` il` il` il` il` il` il` il` il`
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il`
happen? l̀i
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` l̀i
potential constraints?
il` il`
8. (LO 1.5) Which questions help managers understand how to organize future shipments based on expected
il` il` il` il` il` il` il` il` il` il` il` il` il` il`
demand?
l̀i
a. What happened? What is happening? il` il` il` il`
b. Why did it happen? What are the causes of past results? il` il` il` il` il` il` il` il` il` il`
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
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happen? l̀i
d. What should we do, based on what we expect will happen? How do we optimize our performance
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il`
based on potential constraints?
il̀ il` il` il`
9. (LO 1.5) Which term refers to the combined accuracy, validity, and consistency of data stored and used overtime?
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a. Data integrity il`
b. Data overload il`
c. Data value il`
d. Information value il`
10. (LO 1.3) A specialist who knows how to work with, manipulate, and statistically test data is a
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il`
a. decision maker. il`
b. data scientist. il`
c. data analyst. il`
d. decision scientist. il`
11. (LO 1.4) Which type of analysts predicts the amount of money that a company will receive from its customers tohelp
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` l̀i
management evaluate future investments based on expected investment performance, such as investments in
il` il` il` il` il` il` il` il` il` il` il` il` il`
equipment or employee training?
il` il` il` il`
a. Marketing analyst il`
b. Operations analyst il`
c. Financial analyst il`
d. Accounting analyst il`
12. (LO 1.4) Which type of analyst addresses questions regarding tax and auditing?
il` il` il` il` il` il` il` il` il` il` il`
a. Marketing analyst il`
b. Operations analyst il`
c. Financial analyst il`
d. Accounting analyst il`
13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews are
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il`
biased. These product reviews are which type of data?
l̀i il` il` il` il` il` il` il` il`
a. Reliable
b. Relevant
c. Curated
d. Consistent
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC.
il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il` il`
4
