Chapter 01 – Specify the Question: Using BusinessAnalytics to Address Business Questions
b b b b b b b b b b b b
Solution Manual for Introduction to Business Analytics,
b b b b b b b
1st Edition
b
ByVernon Richardson and Marcia Watson
b b b b b
Verified Chapter's 1 - 12| Complete
b b b b b b
, Chapter 01 – Specify the Question: Using BusinessAnalytics to Address Business Questions
b b b b b b b b b b b b
TABLEOFCONTENTS b b b
Chapter 1: Specify the Question: Using Business Analytics to Address Business Questions
b b b b b b b b b b b bb
Chapter 2: Obtain the Data: An Introduction to Business Data Sources
b b b b b b b b b b bb
Chapter 3: Analyze the Data: Basic Statistics and Tools Required in Business Analytics
b b b b b b b b b b b b bb
Chapter 4: Analyze the Data: Exploratory Business Analytics (Descriptive Analytics and Diagnostic Analytics)
b b b b b b b b b b b b bb
Chapter 5: Analyze the Data: Confirmatory Business Analytics (Predictive Analytics and Prescriptive Analytics)
b b b b b b b b b b b b bb
Chapter 6: Report the Results: Using Data Visualization
b b b b b b b bb
Chapter 7: Marketing Analytics
b b b bb
Chapter 8: Accounting Analytics
b b b bb
Chapter 9: Financial Analytics
b b b bb
Chapter 10: Operations Analytics
b b b bb
Chapter 11: Advanced Business Analytics
b b b b bb
Chapter 12: Using the SOAR Analytics Model to Put It All Together: Three Capstone Projects
b b b b b b b b b b b b b b bb
, Chapter 01 – Specify the Question: Using BusinessAnalytics to Address Business Questions
b b b b b b b b b b b b
Chapter1End-of-ChapterAssignmentSolutions b b b b
MultipleChoiceQuestions b b
1. (LO 1.1) A coordinated, standardized set of activities conducted by both people and equipment to accomplish a
b b b b b b b b b b b b b b b b
specific business taskis called
b b . b b b
a. business processes b
b. business analysis b
c. business procedure b
d. business value b
2. (LO1.2) According to the informationvalue chain, data combined with context is
b b b b b b b b b b b b
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
b b b b b b b b b b b b b b b b b
decision maker?
b b
a. Specify the question b b
b. Obtain the data b b
c. Analyze the data b b
d. Report the results b b
4. (LO 1.5) Which phase of the SOAR analytics model involves finding the most appropriate data needed to addressthe
b b b b b b b b b b b b b b b b b b
business question?
b b
a. Specify the question b b
b. Obtain the data b b
c. Analyze the data b b
d. Report the results b b
5. (LO 1.5) Which questionsseek information about Tesla’s sales in the next quarter?
b b b b b b b b b b b b
a. What happened? What is happening? b b b b
b. Why did it happen? What are the causes of past results?
b b b b b b b b b b
c. Willit happen in the future? What is the probabilitysomethingwill happen? Can we forecast whatwill
b b b b b b b b b b b b b b b b b
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
b b b b b b b b b b b b b b b b b b
potential constraints? b b
6. (LO1.5) Which questionsseek information onthe routing of products from Queretaro, Mexico to Chicago,
b b b b b b b b b b b b b b b
United States in the last quarter?
b b b b b b
a. What happened? What ishappening? b b b b
b. Why did it happen? What are the causes ofpast results?b b b b b b b b b b
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
b b b b b b b b b b b b b b b b b
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
b b b b b b b b b b b b b b b b b b
potential constraints? b b
, Chapter 01 – Specify the Question: Using BusinessAnalytics to Address Business Questions
b b b b b b b b b b b b
7. (LO 1.5) Which questions ask why net income is increasing when revenues are decreasing, counter to
b b b b b b b b b b b b b b b
expectations?
b
a. What happened? What is happening? b b b b
b. Why did it happen? What are the causes of past results?
b b b b b b b b b b
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
b b b b b b b b b b b b b b b b b
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
b b b b b b b b b b b b b b b b b b
potential constraints?
b b
8. (LO 1.5) Which questions help managers understand how to organize future shipments based on expected
b b b b b b b b b b b b b b
demand?
b
a. What happened? What is happening? b b b b
b. Why did it happen? What are the causes ofpast results?
b b b b b b b b b b
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
b b b b b b b b b b b b b b b b b
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performancebased
b b b b b b b b b b b b b b b b b
on potential constraints?
b b b
9. (LO1.5) Which term refers to the combined accuracy,validity, and consistency of data storedand used overtime?
b b b b b b b b b b b b b b b b b b
a. Dataintegrity b
b. Data overload b
c. Data value b
d. Informationvalue b
10. (LO1.3) A specialist who knows how to workwith, manipulate, and statistically test datais a
b b b b b b b b b b b b b b b b
a. decision maker. b
b. datascientist. b
c. data analyst. b
d. decision scientist. b
11. (LO1.4) Which type ofanalysts predicts the amount of money thata company will receive from its customers tohelp
b b b b b b b b b b b b b b b b b b b b
management evaluate future investments based on expected investment performance, such as investments in
b b b b b b b b b b b b b
equipment or employee training?
b b b b
a. Marketing analyst b
b. Operations analyst b
c. Financial analyst b
d. Accounting analyst b
12. (LO1.4) Whichtype ofanalyst addresses questions regarding tax and auditing?
b b b b b b b b b b b
a. Marketing analyst b
b. Operations analyst b
c. Financial analyst b
d. Accountinganalyst b
13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews are
b b b b b b b b b b b b b b b b b
biased. These product reviews are which type of data?
b b b b b b b b b
a. Reliable
b. Relevant
c. Curated
d. Consistent
© McGrawHill LLC. All rights reserved. No reproduction or distributionwithout thepriorwritten consent ofMcGrawHill LLC.
b b b b b b b b b b b b b b b b b b b
4
b b b b b b b b b b b b
Solution Manual for Introduction to Business Analytics,
b b b b b b b
1st Edition
b
ByVernon Richardson and Marcia Watson
b b b b b
Verified Chapter's 1 - 12| Complete
b b b b b b
, Chapter 01 – Specify the Question: Using BusinessAnalytics to Address Business Questions
b b b b b b b b b b b b
TABLEOFCONTENTS b b b
Chapter 1: Specify the Question: Using Business Analytics to Address Business Questions
b b b b b b b b b b b bb
Chapter 2: Obtain the Data: An Introduction to Business Data Sources
b b b b b b b b b b bb
Chapter 3: Analyze the Data: Basic Statistics and Tools Required in Business Analytics
b b b b b b b b b b b b bb
Chapter 4: Analyze the Data: Exploratory Business Analytics (Descriptive Analytics and Diagnostic Analytics)
b b b b b b b b b b b b bb
Chapter 5: Analyze the Data: Confirmatory Business Analytics (Predictive Analytics and Prescriptive Analytics)
b b b b b b b b b b b b bb
Chapter 6: Report the Results: Using Data Visualization
b b b b b b b bb
Chapter 7: Marketing Analytics
b b b bb
Chapter 8: Accounting Analytics
b b b bb
Chapter 9: Financial Analytics
b b b bb
Chapter 10: Operations Analytics
b b b bb
Chapter 11: Advanced Business Analytics
b b b b bb
Chapter 12: Using the SOAR Analytics Model to Put It All Together: Three Capstone Projects
b b b b b b b b b b b b b b bb
, Chapter 01 – Specify the Question: Using BusinessAnalytics to Address Business Questions
b b b b b b b b b b b b
Chapter1End-of-ChapterAssignmentSolutions b b b b
MultipleChoiceQuestions b b
1. (LO 1.1) A coordinated, standardized set of activities conducted by both people and equipment to accomplish a
b b b b b b b b b b b b b b b b
specific business taskis called
b b . b b b
a. business processes b
b. business analysis b
c. business procedure b
d. business value b
2. (LO1.2) According to the informationvalue chain, data combined with context is
b b b b b b b b b b b b
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
b b b b b b b b b b b b b b b b b
decision maker?
b b
a. Specify the question b b
b. Obtain the data b b
c. Analyze the data b b
d. Report the results b b
4. (LO 1.5) Which phase of the SOAR analytics model involves finding the most appropriate data needed to addressthe
b b b b b b b b b b b b b b b b b b
business question?
b b
a. Specify the question b b
b. Obtain the data b b
c. Analyze the data b b
d. Report the results b b
5. (LO 1.5) Which questionsseek information about Tesla’s sales in the next quarter?
b b b b b b b b b b b b
a. What happened? What is happening? b b b b
b. Why did it happen? What are the causes of past results?
b b b b b b b b b b
c. Willit happen in the future? What is the probabilitysomethingwill happen? Can we forecast whatwill
b b b b b b b b b b b b b b b b b
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
b b b b b b b b b b b b b b b b b b
potential constraints? b b
6. (LO1.5) Which questionsseek information onthe routing of products from Queretaro, Mexico to Chicago,
b b b b b b b b b b b b b b b
United States in the last quarter?
b b b b b b
a. What happened? What ishappening? b b b b
b. Why did it happen? What are the causes ofpast results?b b b b b b b b b b
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
b b b b b b b b b b b b b b b b b
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
b b b b b b b b b b b b b b b b b b
potential constraints? b b
, Chapter 01 – Specify the Question: Using BusinessAnalytics to Address Business Questions
b b b b b b b b b b b b
7. (LO 1.5) Which questions ask why net income is increasing when revenues are decreasing, counter to
b b b b b b b b b b b b b b b
expectations?
b
a. What happened? What is happening? b b b b
b. Why did it happen? What are the causes of past results?
b b b b b b b b b b
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
b b b b b b b b b b b b b b b b b
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
b b b b b b b b b b b b b b b b b b
potential constraints?
b b
8. (LO 1.5) Which questions help managers understand how to organize future shipments based on expected
b b b b b b b b b b b b b b
demand?
b
a. What happened? What is happening? b b b b
b. Why did it happen? What are the causes ofpast results?
b b b b b b b b b b
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
b b b b b b b b b b b b b b b b b
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performancebased
b b b b b b b b b b b b b b b b b
on potential constraints?
b b b
9. (LO1.5) Which term refers to the combined accuracy,validity, and consistency of data storedand used overtime?
b b b b b b b b b b b b b b b b b b
a. Dataintegrity b
b. Data overload b
c. Data value b
d. Informationvalue b
10. (LO1.3) A specialist who knows how to workwith, manipulate, and statistically test datais a
b b b b b b b b b b b b b b b b
a. decision maker. b
b. datascientist. b
c. data analyst. b
d. decision scientist. b
11. (LO1.4) Which type ofanalysts predicts the amount of money thata company will receive from its customers tohelp
b b b b b b b b b b b b b b b b b b b b
management evaluate future investments based on expected investment performance, such as investments in
b b b b b b b b b b b b b
equipment or employee training?
b b b b
a. Marketing analyst b
b. Operations analyst b
c. Financial analyst b
d. Accounting analyst b
12. (LO1.4) Whichtype ofanalyst addresses questions regarding tax and auditing?
b b b b b b b b b b b
a. Marketing analyst b
b. Operations analyst b
c. Financial analyst b
d. Accountinganalyst b
13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews are
b b b b b b b b b b b b b b b b b
biased. These product reviews are which type of data?
b b b b b b b b b
a. Reliable
b. Relevant
c. Curated
d. Consistent
© McGrawHill LLC. All rights reserved. No reproduction or distributionwithout thepriorwritten consent ofMcGrawHill LLC.
b b b b b b b b b b b b b b b b b b b
4
