Solution manual for introduction to business analytics 1st edition by vernon richardson and marcia watson

Chapterb01b–
bSpecifybthebQuestion:bUsingbBusinessbAnalyticsbtobAddressbBusinessbQuestions




Chapter 1 End-of-Chapter Assignment Solutions
b b b b




MultiplebChoicebQuestions
1. (LOb1.1)bAbcoordinated,bstandardizedbsetbofbactivitiesbconductedbbybbothbpeoplebandbequipmentbtobaccomplishb
abspecificbbusinessbtaskbisbcalled .
a. businessbprocesses
b. businessbanalysis
c. businessbprocedure
d. businessbvalue

2. (LOb1.2)bAccordingbtobthebinformationbvaluebchain,bdatabcombinedbwithbcontextbis
a. Information.
b. Knowledge.
c. Insight.
d. Value.

3. (LOb1.5)bWhichbphasebofbthebSOARbanalyticsbmodelbaddressesbthebproperbwaybtobcommunicatebresultsbtobth
ebdecisionbmaker?
a. Specifybthebquestion
b. Obtainbthebdata
c. Analyzebthebdata
d. Reportbthebresults

4. (LOb1.5)bWhichbphasebofbthebSOARbanalyticsbmodelbinvolvesbfindingbthebmostbappropriatebdatabneededbtobaddres
sbthebbusinessbquestion?
a. Specifybthebquestion
b. Obtainbthebdata
c. Analyzebthebdata
d. Reportbthebresults

5. (LOb1.5)bWhichbquestionsbseekbinformationbaboutbTesla’sbsalesbinbthebnextbquarter?
a. Whatbhappened?bWhatbisbhappening?
b. Whybdidbitbhappen?bWhatbarebthebcausesbofbpastbresults?
c. Willbitbhappenbinbthebfuture?bWhatbisbthebprobabilitybsomethingbwillbhappen?bCanbwebforecastbwha
tbwillbhappen?
d. Whatbshouldbwebdo,bbasedbonbwhatbwebexpectbwillbhappen?bHowbdobweboptimizebourbperformancebbase
dbonbpotentialbconstraints?


6. (LOb1.5)bWhichbquestionsbseekbinformationbonbthebroutingbofbproductsbfrombQueretaro,bMexicobtobChicago
,bUnitedbStatesbinbtheblastbquarter?
a. Whatbhappened?bWhatbisbhappening?
b. Whybdidbitbhappen?bWhatbarebthebcausesbofbpastbresults?
c. Willbitbhappenbinbthebfuture?bWhatbisbthebprobabilitybsomethingbwillbhappen?bCanbwebforecastbwhatbwil
lbhappen?
d. Whatbshouldbwebdo,bbasedbonbwhatbwebexpectbwillbhappen?bHowbdobweboptimizebourbperformancebbase
dbonbpotentialbconstraints?


©bMcGrawbHillbLLC.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGrawbHillbLL
C.
1

, Chapterb01b–
bSpecifybthebQuestion:bUsingbBusinessbAnalyticsbtobAddressbBusinessbQuestions
7. (LOb1.5)bWhichbquestionsbaskbwhybnetbincomebisbincreasingbwhenbrevenuesbarebdecreasing,bcounterbt
obexpectations?
a. Whatbhappened?bWhatbisbhappening?
b. Whybdidbitbhappen?bWhatbarebthebcausesbofbpastbresults?
c. Willbitbhappenbinbthebfuture?bWhatbisbthebprobabilitybsomethingbwillbhappen?bCanbwebforecastbwhatbwil
lbhappen?
d. Whatbshouldbwebdo,bbasedbonbwhatbwebexpectbwillbhappen?bHowbdobweboptimizebourbperformancebbase
dbonbpotentialbconstraints?

8. (LOb1.5)bWhichbquestionsbhelpbmanagersbunderstandbhowbtoborganizebfuturebshipmentsbbasedbonbexpecte
dbdemand?
a. Whatbhappened?bWhatbisbhappening?
b. Whybdidbitbhappen?bWhatbarebthebcausesbofbpastbresults?
c. Willbitbhappenbinbthebfuture?bWhatbisbthebprobabilitybsomethingbwillbhappen?bCanbwebforecastbwhatbwil
lbhappen?
d. Whatbshouldbwebdo,bbasedbonbwhatbwebexpectbwillbhappen?bHowbdobweboptimizebourbperformanc
ebbasedbonbpotentialbconstraints?

9. (LOb1.5)bWhichbtermbrefersbtobthebcombinedbaccuracy,bvalidity,bandbconsistencybofbdatabstoredbandbusedbove
rbtime?
a. Databintegrity
b. Databoverload
c. Databvalue
d. Informationbvalue

10. (LOb1.3)bAbspecialistbwhobknowsbhowbtobworkbwith,bmanipulate,bandbstatisticallybtestbdatabisba
a. decisionbmaker.
b. databscientist.
c. databanalyst.
d. decisionbscientist.

11. (LOb1.4)bWhichbtypebofbanalystsbpredictsbthebamountbofbmoneybthatbabcompanybwillbreceivebfrombitsbcustomersbt
obhelpbmanagementbevaluatebfuturebinvestmentsbbasedbonbexpectedbinvestmentbperformance,bsuchbasbinvestme
ntsbinbequipmentborbemployeebtraining?
a. Marketingbanalyst
b. Operationsbanalyst
c. Financialbanalyst
d. Accountingbanalyst

12. (LOb1.4)bWhichbtypebofbanalystbaddressesbquestionsbregardingbtaxbandbauditing?
a. Marketingbanalyst
b. Operationsbanalyst
c. Financialbanalyst
d. Accountingbanalyst

13. (LOb1.5)bSupposebabcompanybhasbtimelybproductbreviewsbthatbarebavailablebwhenbneeded,bbutbthebreviewsbar
ebbiased.bThesebproductbreviewsbarebwhichbtypebofbdata?
a. Reliable
b. Relevant
c. Curated
d. Consistent
©bMcGrawbHillbLLC.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGrawbHillbLLC.



2

, Chapterb01b–
bSpecifybthebQuestion:bUsingbBusinessbAnalyticsbtobAddressbBusinessbQuestions
14. (LOb1.6)bWhichbcommonbvisualizationbtypebshowsbtrendsbinbvaluesboverbtime?
a. Linebgraph
b. Scatterplot
c. Piebchart
d. Barbchart

15. (LOb1.6)bWhichbcommonbvisualizationbtypebshowsbthebcompositionbofbvaluesboverbtime?
a. Linebgraph
b. Scatterplot
c. Piebchart
d. Barbchart

DiscussionbQuestions
1. (LOb1.1)bGivebfivebexamplesbofbbusinessbprocessesbatbTesla.bHowbdobtheybcreatebbusinessbvaluebforbTeslabandbits
bshareholders?




SuggestedbSolution:
Answersbwillbvary,
1. Teslabprocuresbautomobilebpartsbfrombautobsuppliersb–
BecausebofbTesla’sbuniquebstyling,bgettingbqualitybpartsbfrombitsbsuppliersbonbabtimelybbasisbwillbsupportbitsbma
nufacturingbbusiness.
2. Teslabmanufacturesbbatteriesbforbitsbelectricbvehiclebatbitsbdesiredbspecificationsb–
bThebquantitybandbqualitybofbitsbbatteriesbarebofbcriticalbimportancebtobTesla.


3. Acceptingbandbprocessingbpreordersbfrombitsbcustomersb–
bTeslabreceivesbsomebindicationbofbthebdemandbforbeachbofbitsbproducts,bthatbhelpsbwithbplanning.


4. Teslabmarketsbitsbproductsb–bTeslabworksbtobgetbTeslabproductsbinbthebfrontbofbmindbforbitsbcustomers.
5. Teslabcarbandbtruckbdesignb–
bTeslabdesignsbitsbautomobilesbinbabwaybthatbwillbappealbtobitsbcustomersb(forbexample,bCybertruck).




2. (LOb1.2)bExplainbthebinformationbvaluebchainbbybsummarizingbhowbdatabarebtransformedbintobknowledgebinsights
forbdecision-
b

making.bUsebthebexamplebofbabbookbreviewbonbAmazonbandbhowbitbmightbleadbAmazonbtobdecidebhowbmanybofbth
osebbooksbtobstockbatbitsbwarehouses.


SuggestedbSolution:
Amazonballowsbthosebwhobpurchasebbooksbandbotherbproductsbatbitsbwebsitebtobgivebproductbreviewsbandbassignbp
roductbratings.bThebproductbreviewsbmaybprovidebtextbwhichbtextualbanalyticsbcouldbusebtobunderstandbthebgener
albsentimentbaboutbthebspecificbbook.bThebproductbratingbcouldbalsobbebusedbtobunderstandbhowbwellbthebbookbisbl
ikedbbybverifiedbbuyers.bStatisticalbcorrelationsbcouldbbebrunbamongbproductbreviewbsentiment,bproductbratingsba
ndbproductbsalesbtobhelpbforecastbdemandbforbthebproduct.b ThisbwillbhelpbAmazonbdeterminebhowbmanybbooksbtob
keepbinbitsbwarehousebreadybforbdelivery.
Thisbisbanbexamplebofbhowbdatabturnsbintobinformation,bknowledgebandbultimatelybhelpsbwithbdecisionbmaking.


3. (LOb1.3)bExplainbthebinformationbvaluebchainbbybsummarizingbhowbdatabarebtransformedbintobknowledgebinsight
sbforbdecision-
making.bUsebthebexamplebofbabbookbreviewbofbthisbbookbonbAmazonbandbhowbitbmightbhelpbthebpublisher,bMcGra
©bMcGrawbHillbLLC.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGrawbHillbLL
C.
3

, Chapterb01b–
w bHill,bdetermine
bSpecify bwhether
bthebQuestion: btobrevise
bUsingbBusiness bthisbbook
bAnalytics forbabnew,
btobbAddress bupdated
bBusiness beditionbasbthebdisciplinebofbdatabanalyticsbevol
bQuestions

ves.




©bMcGrawbHillbLLC.bAllbrightsbreserved.bNobreproductionborbdistributionbwithoutbthebpriorbwrittenbconsentbofbMcGrawbHillbLL
C.
4