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 | | |
Chapter |1: |Specify |the |Question: |Using |Business |Analytics |to |Address |Business |Questions | |
Chapter |2: |Obtain |the |Data: |An |Introduction |to |Business |Data |Sources | |
Chapter |3: |Analyze |the |Data: |Basic |Statistics |and |Tools |Required |in |Business |Analytics | |
Chapter |4: |Analyze |the |Data: |Exploratory |Business |Analytics |(Descriptive |Analytics |and |Diagnostic |Analytics) | |
Chapter |5: |Analyze |the |Data: |Confirmatory |Business |Analytics |(Predictive |Analytics |and |Prescriptive |Analytics) | |
Chapter |6: |Report |the |Results: |Using |Data |Visualization | |
Chapter |7: |Marketing |Analytics | |
Chapter |8: |Accounting |Analytics | |
Chapter |9: |Financial |Analytics | |
Chapter |10: |Operations |Analytics | |
Chapter |11: |Advanced |Business |Analytics | |
Chapter |12: |Using |the |SOAR |Analytics |Model |to |Put |It |All |Together: |Three |Capstone |Projects | |
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
Chapter 1 End-of-Chapter Assignment Solutions
| | | |
Multiple |Choice |Questions
1. (LO |1.1) |A |coordinated, |standardized |set |of |activities |conducted |by |both |people |and |equipment |to
|accomplish |a|specific |business |task |is |called .
a. business |processes
b. business |analysis
c. business |procedure
d. business |value
2. (LO |1.2) |According |to |the |information |value |chain, |data |combined |with |context |is
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|decision |maker?
a. Specify |the |question
b. Obtain |the |data
c. Analyze |the |data
d. Report |the |results
4. (LO |1.5) |Which |phase |of |the |SOAR |analytics |model |involves |finding |the |most |appropriate |data |needed |to
|address|the |business |question?
a. Specify |the |question
b. Obtain |the |data
c. Analyze |the |data
d. Report |the |results
5. (LO |1.5) |Which |questions |seek |information |about |Tesla’s |sales |in |the |next |quarter?
a. What |happened? |What |is |happening?
b. Why |did |it |happen? |What |are |the |causes |of |past |results?
c. Will |it |happen |in |the |future? |What |is |the |probability |something |will |happen? |Can |we |forecast
|what|will |happen?
d. What |should |we |do, |based |on |what |we |expect |will |happen? |How |do |we |optimize |our |performance
|based|on |potential |constraints?
6. (LO |1.5) |Which |questions |seek |information |on |the |routing |of |products |from |Queretaro, |Mexico |to
|Chicago,|United |States |in |the |last |quarter?
a. What |happened? |What |is |happening?
b. Why |did |it |happen? |What |are |the |causes |of |past |results?
c. Will |it |happen |in |the |future? |What |is |the |probability |something |will |happen? |Can |we |forecast |what
|will|happen?
d. What |should |we |do, |based |on |what |we |expect |will |happen? |How |do |we |optimize |our |performance
|based|on |potential |constraints?
, 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,
|counter |to|expectations?
a. What |happened? |What |is |happening?
b. Why |did |it |happen? |What |are |the |causes |of |past |results?
c. Will |it |happen |in |the |future? |What |is |the |probability |something |will |happen? |Can |we |forecast |what
|will|happen?
d. What |should |we |do, |based |on |what |we |expect |will |happen? |How |do |we |optimize |our |performance
|based|on |potential |constraints?
8. (LO |1.5) |Which |questions |help |managers |understand |how |to |organize |future |shipments |based |on
|expected|demand?
a. What |happened? |What |is |happening?
b. Why |did |it |happen? |What |are |the |causes |of |past |results?
c. Will |it |happen |in |the |future? |What |is |the |probability |something |will |happen? |Can |we |forecast |what
|will|happen?
d. What |should |we |do, |based |on |what |we |expect |will |happen? |How |do |we |optimize |our
|performance|based |on |potential |constraints?
9. (LO |1.5) |Which |term |refers |to |the |combined |accuracy, |validity, |and |consistency |of |data |stored |and |used
|over|time?
a. Data |integrity
b. Data |overload
c. Data |value
d. Information |value
10. (LO |1.3) |A |specialist |who |knows |how |to |work |with, |manipulate, |and |statistically |test |data |is |a
a. decision |maker.
b. data |scientist.
c. data |analyst.
d. decision |scientist.
11. (LO |1.4) |Which |type |of |analysts |predicts |the |amount |of |money |that |a |company |will |receive |from |its
|customers |to|help |management |evaluate |future |investments |based |on |expected |investment |performance,
|such |as |investments |in |equipment |or |employee |training?
a. Marketing |analyst
b. Operations |analyst
c. Financial |analyst
d. Accounting |analyst
12. (LO |1.4) |Which |type |of |analyst |addresses |questions |regarding |tax |and |auditing?
a. Marketing |analyst
b. Operations |analyst
c. Financial |analyst
d. Accounting |analyst
13. (LO |1.5) |Suppose |a |company |has |timely |product |reviews |that |are |available |when |needed, |but |the |reviews
|are|biased. |These |product |reviews |are |which |type |of |data?
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.
4
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 | | |
Chapter |1: |Specify |the |Question: |Using |Business |Analytics |to |Address |Business |Questions | |
Chapter |2: |Obtain |the |Data: |An |Introduction |to |Business |Data |Sources | |
Chapter |3: |Analyze |the |Data: |Basic |Statistics |and |Tools |Required |in |Business |Analytics | |
Chapter |4: |Analyze |the |Data: |Exploratory |Business |Analytics |(Descriptive |Analytics |and |Diagnostic |Analytics) | |
Chapter |5: |Analyze |the |Data: |Confirmatory |Business |Analytics |(Predictive |Analytics |and |Prescriptive |Analytics) | |
Chapter |6: |Report |the |Results: |Using |Data |Visualization | |
Chapter |7: |Marketing |Analytics | |
Chapter |8: |Accounting |Analytics | |
Chapter |9: |Financial |Analytics | |
Chapter |10: |Operations |Analytics | |
Chapter |11: |Advanced |Business |Analytics | |
Chapter |12: |Using |the |SOAR |Analytics |Model |to |Put |It |All |Together: |Three |Capstone |Projects | |
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
Chapter 1 End-of-Chapter Assignment Solutions
| | | |
Multiple |Choice |Questions
1. (LO |1.1) |A |coordinated, |standardized |set |of |activities |conducted |by |both |people |and |equipment |to
|accomplish |a|specific |business |task |is |called .
a. business |processes
b. business |analysis
c. business |procedure
d. business |value
2. (LO |1.2) |According |to |the |information |value |chain, |data |combined |with |context |is
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|decision |maker?
a. Specify |the |question
b. Obtain |the |data
c. Analyze |the |data
d. Report |the |results
4. (LO |1.5) |Which |phase |of |the |SOAR |analytics |model |involves |finding |the |most |appropriate |data |needed |to
|address|the |business |question?
a. Specify |the |question
b. Obtain |the |data
c. Analyze |the |data
d. Report |the |results
5. (LO |1.5) |Which |questions |seek |information |about |Tesla’s |sales |in |the |next |quarter?
a. What |happened? |What |is |happening?
b. Why |did |it |happen? |What |are |the |causes |of |past |results?
c. Will |it |happen |in |the |future? |What |is |the |probability |something |will |happen? |Can |we |forecast
|what|will |happen?
d. What |should |we |do, |based |on |what |we |expect |will |happen? |How |do |we |optimize |our |performance
|based|on |potential |constraints?
6. (LO |1.5) |Which |questions |seek |information |on |the |routing |of |products |from |Queretaro, |Mexico |to
|Chicago,|United |States |in |the |last |quarter?
a. What |happened? |What |is |happening?
b. Why |did |it |happen? |What |are |the |causes |of |past |results?
c. Will |it |happen |in |the |future? |What |is |the |probability |something |will |happen? |Can |we |forecast |what
|will|happen?
d. What |should |we |do, |based |on |what |we |expect |will |happen? |How |do |we |optimize |our |performance
|based|on |potential |constraints?
, 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,
|counter |to|expectations?
a. What |happened? |What |is |happening?
b. Why |did |it |happen? |What |are |the |causes |of |past |results?
c. Will |it |happen |in |the |future? |What |is |the |probability |something |will |happen? |Can |we |forecast |what
|will|happen?
d. What |should |we |do, |based |on |what |we |expect |will |happen? |How |do |we |optimize |our |performance
|based|on |potential |constraints?
8. (LO |1.5) |Which |questions |help |managers |understand |how |to |organize |future |shipments |based |on
|expected|demand?
a. What |happened? |What |is |happening?
b. Why |did |it |happen? |What |are |the |causes |of |past |results?
c. Will |it |happen |in |the |future? |What |is |the |probability |something |will |happen? |Can |we |forecast |what
|will|happen?
d. What |should |we |do, |based |on |what |we |expect |will |happen? |How |do |we |optimize |our
|performance|based |on |potential |constraints?
9. (LO |1.5) |Which |term |refers |to |the |combined |accuracy, |validity, |and |consistency |of |data |stored |and |used
|over|time?
a. Data |integrity
b. Data |overload
c. Data |value
d. Information |value
10. (LO |1.3) |A |specialist |who |knows |how |to |work |with, |manipulate, |and |statistically |test |data |is |a
a. decision |maker.
b. data |scientist.
c. data |analyst.
d. decision |scientist.
11. (LO |1.4) |Which |type |of |analysts |predicts |the |amount |of |money |that |a |company |will |receive |from |its
|customers |to|help |management |evaluate |future |investments |based |on |expected |investment |performance,
|such |as |investments |in |equipment |or |employee |training?
a. Marketing |analyst
b. Operations |analyst
c. Financial |analyst
d. Accounting |analyst
12. (LO |1.4) |Which |type |of |analyst |addresses |questions |regarding |tax |and |auditing?
a. Marketing |analyst
b. Operations |analyst
c. Financial |analyst
d. Accounting |analyst
13. (LO |1.5) |Suppose |a |company |has |timely |product |reviews |that |are |available |when |needed, |but |the |reviews
|are|biased. |These |product |reviews |are |which |type |of |data?
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.
4
