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