Test Bank for Introduction to Business Analytics, 1st Edition By Vernon Richardson and Marcia Watson Verified Chapter's 1-12|Complete Guide A+

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


Questions
jh




Solution Manual for Introduction to Business Analytics,
jh jh jh jh jh jh jh




1st Edition
jh




By Vernon Richardson and Marcia Watson
jh jh jh jh jh




Verified Chapter's 1 - 12 | Complete
jh jh jh jh jh jh

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


Questions
jh




TABLE OF CONTENTS jh jh jh




Chapter 1: Specify the Question: Using Business Analytics to Address Business Questions
jh jh jh jh jh jh jh jh jh jh jh jh jh




Chapter 2: Obtain the Data: An Introduction to Business Data Sources
jh jh jh jh jh jh jh jh jh jh jh jh




Chapter 3: Analyze the Data: Basic Statistics and Tools Required in Business Analytics
jh jh jh jh jh jh jh jh jh jh jh jh jh jh




Chapter 4: Analyze the Data: Exploratory Business Analytics (Descriptive Analytics and Diagnostic Analytics)
jh jh jh jh jh jh jh jh jh jh jh jh jh jh




Chapter 5: Analyze the Data: Confirmatory Business Analytics (Predictive Analytics and Prescriptive Analytics)
jh
jh jh jh jh jh jh jh jh jh jh jh jh jh




Chapter 6: Report the Results: Using Data Visualization
jh jh jh jh jh jh jh jh jh




Chapter 7: Marketing Analytics
jh jh jh jh jh




Chapter 8: Accounting Analytics
jh jh jh jh jh




Chapter 9: Financial Analytics
jh jh jh jh jh




Chapter 10: Operations Analytics
jh jh jh jh jh




Chapter 11: Advanced Business Analytics
jh jh jh jh jh jh




Chapter 12: Using the SOAR Analytics Model to Put It All Together: Three Capstone Projects
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh

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


Questions
jh




Chapter 1 End-of-Chapter Assignment Solutions jh jh jh jh




Multiple Choice Questions jh jh




1. (LO 1.1) A coordinated, standardized set of activities conducted by both people and equipment to accomplish
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



aspecific business task is called
jh jh . jh jh jh jh




a. business processes jh



b. business analysis jh



c. business procedure jh



d. business value jh




2. (LO 1.2) According to the information value chain, data combined with context is
jh jh jh jh jh jh jh jh jh jh jh jh



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
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



jh thedecision maker?
jh jh



a. Specify the question jh jh



b. Obtain the data jh jh



c. Analyze the data jh jh



d. Report the results jh jh




4. (LO 1.5) Which phase of the SOAR analytics model involves finding the most appropriate data needed to
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



addressthe business question?
jh jh jh jh



a. Specify the question jh jh



b. Obtain the data jh jh



c. Analyze the data jh jh



d. Report the results jh jh




5. (LO 1.5) Which questions seek information about Tesla’s sales in the next quarter?
jh jh jh jh jh jh jh jh jh jh jh jh



a. What happened? What is happening? jh jh jh jh



b. Why did it happen? What are the causes of past results?
jh jh jh jh jh jh jh jh jh jh



c. Will it happen in the future? What is the probability something will happen? Can we forecast
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



whatwill happen? jh jh jh



d. What should we do, based on what we expect will happen? How do we optimize our performance
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



basedon potential constraints?
jh jh jh jh




6. (LO 1.5) Which questions seek information on the routing of products from Queretaro, Mexico to
jh jh jh jh jh jh jh jh jh jh jh jh jh jh



Chicago,United States in the last quarter?
jh jh jh jh jh jh jh



a. What happened? What is happening? jh jh jh jh



b. Why did it happen? What are the causes of past results?
jh jh jh jh jh jh jh jh jh jh



c. Will it happen in the future? What is the probability something will happen? Can we forecast what
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



willhappen? jh jh



d. What should we do, based on what we expect will happen? How do we optimize our performance
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



basedon potential constraints?
jh jh jh jh

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


Questions
7. (LO 1.5) Which questions ask why net income is increasing when revenues are decreasing, counter
jh
jh jh jh jh jh jh jh jh jh jh jh jh jh jh



toexpectations?
jh jh



a. What happened? What is happening? jh jh jh jh



b. Why did it happen? What are the causes of past results? jh jh jh jh jh jh jh jh jh jh



c. Will it happen in the future? What is the probability something will happen? Can we forecast what
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



willhappen? jh jh



d. What should we do, based on what we expect will happen? How do we optimize our performance
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



basedon potential constraints?
jh jh jh jh




8. (LO 1.5) Which questions help managers understand how to organize future shipments based on
jh jh jh jh jh jh jh jh jh jh jh jh jh



expecteddemand?
jh jh



a. What happened? What is happening? jh jh jh jh



b. Why did it happen? What are the causes of past results? jh jh jh jh jh jh jh jh jh jh



c. Will it happen in the future? What is the probability something will happen? Can we forecast what
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



willhappen? jh jh



d. What should we do, based on what we expect will happen? How do we optimize our
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



performancebased on potential constraints?
jh jh jh jh jh




9. (LO 1.5) Which term refers to the combined accuracy, validity, and consistency of data stored and used
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



overtime?
jh jh



a. Data integrity jh




b. Data overload jh




c. Data value jh




d. Information value jh




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



a. decision maker. jh




b. data scientist. jh




c. data analyst. jh




d. decision scientist. jh




11. (LO 1.4) Which type of analysts predicts the amount of money that a company will receive from its customers
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



tohelp management evaluate future investments based on expected investment performance, such as
jh jh jh jh jh jh jh jh jh jh jh jh jh



investments in equipment or employee training?
jh jh jh jh jh jh



a. Marketing analyst jh



b. Operations analyst jh



c. Financial analyst jh



d. Accounting analyst jh




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



a. Marketing analyst jh



b. Operations analyst jh



c. Financial analyst jh



d. Accounting analyst jh




13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh



arebiased. These product reviews are which type of data?
jh jh jh jh jh jh jh jh jh jh



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.
jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh jh




4