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 ato athe ainformation avalue achain, adata acombined awith acontext ais
a. Information.
b. Knowledge.
c. Insight.
d. Value.
3. (LO a1.5) aWhich aphase aof athe aSOAR aanalytics amodel aaddresses athe aproper away ato acommunicate
aresults ato atheadecision amaker?
a. Specify athe aquestion
b. Obtain athe adata
c. Analyze athe adata
d. Report athe aresults
4. (LO a1.5) aWhich aphase aof athe aSOAR aanalytics amodel ainvolves afinding athe amost aappropriate adata aneeded
ato aaddressathe abusiness aquestion?
a. Specify athe aquestion
b. Obtain athe adata
c. Analyze athe adata
d. Report athe aresults
5. (LO a1.5) aWhich aquestions aseek ainformation aabout aTesla’s asales ain athe anext aquarter?
a. What ahappened? aWhat ais ahappening?
b. Why adid ait ahappen? aWhat aare athe acauses aof apast aresults?
c. Will ait ahappen ain athe afuture? aWhat ais athe aprobability asomething awill ahappen? aCan awe
aforecast awhatawill ahappen?
d. What ashould awe ado, abased aon awhat awe aexpect awill ahappen? aHow ado awe aoptimize aour
aperformance abasedaon apotential aconstraints?
6. (LO a1.5) aWhich aquestions aseek ainformation aon athe arouting aof aproducts afrom aQueretaro, aMexico
ato aChicago,aUnited aStates ain athe alast aquarter?
a. What ahappened? aWhat ais ahappening?
b. Why adid ait ahappen? aWhat aare athe acauses aof apast aresults?
c. Will ait ahappen ain athe afuture? aWhat ais athe aprobability asomething awill ahappen? aCan awe
aforecast awhat awillahappen?
d. What ashould awe ado, abased aon awhat awe aexpect awill ahappen? aHow ado awe aoptimize aour
aperformance abasedaon apotential aconstraints?
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
7. (LO a1.5) aWhich aquestions aask awhy anet aincome ais aincreasing awhen arevenues aare adecreasing,
acounter atoaexpectations?
a. What ahappened? aWhat ais ahappening?
b. Why adid ait ahappen? aWhat aare athe acauses aof apast aresults?
c. Will ait ahappen ain athe afuture? aWhat ais athe aprobability asomething awill ahappen? aCan awe
aforecast awhat awillahappen?
d. What ashould awe ado, abased aon awhat awe aexpect awill ahappen? aHow ado awe aoptimize aour
aperformance abasedaon apotential aconstraints?
8. (LO a1.5) aWhich aquestions ahelp amanagers aunderstand ahow ato aorganize afuture ashipments abased aon
aexpectedademand?
a. What ahappened? aWhat ais ahappening?
b. Why adid ait ahappen? aWhat aare athe acauses aof apast aresults?
c. Will ait ahappen ain athe afuture? aWhat ais athe aprobability asomething awill ahappen? aCan awe
aforecast awhat awillahappen?
d. What ashould awe ado, abased aon awhat awe aexpect awill ahappen? aHow ado awe aoptimize aour
aperformanceabased aon apotential aconstraints?
9. (LO a1.5) aWhich aterm arefers ato athe acombined aaccuracy, avalidity, aand aconsistency aof adata astored aand
aused aoveratime?
a. Data aintegrity
b. Data aoverload
c. Data avalue
d. Information avalue
10. (LO a1.3) aA aspecialist awho aknows ahow ato awork awith, amanipulate, aand astatistically atest adata ais aa
a. decision amaker.
b. data ascientist.
c. data aanalyst.
d. decision ascientist.
11. (LO a1.4) aWhich atype aof aanalysts apredicts athe aamount aof amoney athat aa acompany awill areceive afrom aits
acustomers atoahelp amanagement aevaluate afuture ainvestments abased aon aexpected ainvestment
aperformance, asuch aas ainvestments ain aequipment aor aemployee atraining?
a. Marketing aanalyst
b. Operations aanalyst
c. Financial aanalyst
d. Accounting aanalyst
12. (LO a1.4) aWhich atype aof aanalyst aaddresses aquestions aregarding atax aand aauditing?
a. Marketing aanalyst
b. Operations aanalyst
c. Financial aanalyst
d. Accounting aanalyst
13. (LO a1.5) aSuppose aa acompany ahas atimely aproduct areviews athat aare aavailable awhen aneeded, abut athe
areviews aareabiased. aThese aproduct areviews aare awhich atype aof adata?
a. Reliable
b. Relevant
c. Curated
d. Consistent
© aMcGraw aHill aLLC. aAll arights areserved. aNo areproduction aor adistribution awithout athe aprior awritten aconsent aof aMcGraw aHill
aLLC.
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 ato athe ainformation avalue achain, adata acombined awith acontext ais
a. Information.
b. Knowledge.
c. Insight.
d. Value.
3. (LO a1.5) aWhich aphase aof athe aSOAR aanalytics amodel aaddresses athe aproper away ato acommunicate
aresults ato atheadecision amaker?
a. Specify athe aquestion
b. Obtain athe adata
c. Analyze athe adata
d. Report athe aresults
4. (LO a1.5) aWhich aphase aof athe aSOAR aanalytics amodel ainvolves afinding athe amost aappropriate adata aneeded
ato aaddressathe abusiness aquestion?
a. Specify athe aquestion
b. Obtain athe adata
c. Analyze athe adata
d. Report athe aresults
5. (LO a1.5) aWhich aquestions aseek ainformation aabout aTesla’s asales ain athe anext aquarter?
a. What ahappened? aWhat ais ahappening?
b. Why adid ait ahappen? aWhat aare athe acauses aof apast aresults?
c. Will ait ahappen ain athe afuture? aWhat ais athe aprobability asomething awill ahappen? aCan awe
aforecast awhatawill ahappen?
d. What ashould awe ado, abased aon awhat awe aexpect awill ahappen? aHow ado awe aoptimize aour
aperformance abasedaon apotential aconstraints?
6. (LO a1.5) aWhich aquestions aseek ainformation aon athe arouting aof aproducts afrom aQueretaro, aMexico
ato aChicago,aUnited aStates ain athe alast aquarter?
a. What ahappened? aWhat ais ahappening?
b. Why adid ait ahappen? aWhat aare athe acauses aof apast aresults?
c. Will ait ahappen ain athe afuture? aWhat ais athe aprobability asomething awill ahappen? aCan awe
aforecast awhat awillahappen?
d. What ashould awe ado, abased aon awhat awe aexpect awill ahappen? aHow ado awe aoptimize aour
aperformance abasedaon apotential aconstraints?
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
7. (LO a1.5) aWhich aquestions aask awhy anet aincome ais aincreasing awhen arevenues aare adecreasing,
acounter atoaexpectations?
a. What ahappened? aWhat ais ahappening?
b. Why adid ait ahappen? aWhat aare athe acauses aof apast aresults?
c. Will ait ahappen ain athe afuture? aWhat ais athe aprobability asomething awill ahappen? aCan awe
aforecast awhat awillahappen?
d. What ashould awe ado, abased aon awhat awe aexpect awill ahappen? aHow ado awe aoptimize aour
aperformance abasedaon apotential aconstraints?
8. (LO a1.5) aWhich aquestions ahelp amanagers aunderstand ahow ato aorganize afuture ashipments abased aon
aexpectedademand?
a. What ahappened? aWhat ais ahappening?
b. Why adid ait ahappen? aWhat aare athe acauses aof apast aresults?
c. Will ait ahappen ain athe afuture? aWhat ais athe aprobability asomething awill ahappen? aCan awe
aforecast awhat awillahappen?
d. What ashould awe ado, abased aon awhat awe aexpect awill ahappen? aHow ado awe aoptimize aour
aperformanceabased aon apotential aconstraints?
9. (LO a1.5) aWhich aterm arefers ato athe acombined aaccuracy, avalidity, aand aconsistency aof adata astored aand
aused aoveratime?
a. Data aintegrity
b. Data aoverload
c. Data avalue
d. Information avalue
10. (LO a1.3) aA aspecialist awho aknows ahow ato awork awith, amanipulate, aand astatistically atest adata ais aa
a. decision amaker.
b. data ascientist.
c. data aanalyst.
d. decision ascientist.
11. (LO a1.4) aWhich atype aof aanalysts apredicts athe aamount aof amoney athat aa acompany awill areceive afrom aits
acustomers atoahelp amanagement aevaluate afuture ainvestments abased aon aexpected ainvestment
aperformance, asuch aas ainvestments ain aequipment aor aemployee atraining?
a. Marketing aanalyst
b. Operations aanalyst
c. Financial aanalyst
d. Accounting aanalyst
12. (LO a1.4) aWhich atype aof aanalyst aaddresses aquestions aregarding atax aand aauditing?
a. Marketing aanalyst
b. Operations aanalyst
c. Financial aanalyst
d. Accounting aanalyst
13. (LO a1.5) aSuppose aa acompany ahas atimely aproduct areviews athat aare aavailable awhen aneeded, abut athe
areviews aareabiased. aThese aproduct areviews aare awhich atype aof adata?
a. Reliable
b. Relevant
c. Curated
d. Consistent
© aMcGraw aHill aLLC. aAll arights areserved. aNo areproduction aor adistribution awithout athe aprior awritten aconsent aof aMcGraw aHill
aLLC.
4
