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 questionsseek 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. Willit happen in the future? What is the probabilitysomethingwill happen? Can we forecast whatwill
* * * * * * * * * * * * * * * * *
happen?*
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
* * * * * * * * * * * * * * * * * *
potential constraints?
* *
6. (LO1.5) Which questionsseek information onthe routing of products from Queretaro, Mexico to
* * * * * * * * * * * * * *
Chicago,United States in the last quarter?
* * * * * * *
a. What happened? What ishappening? * * * *
b. Why did it happen? What are the causes ofpast results?
* * * * * * * * * *
c. Will it happen in the future? What is the probability something will happen? Can we forecast what
* * * * * * * * * * * * * * * *
willhappen?
* *
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
* * * * * * * * * * * * * * * * * *
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
* * * * * * * * * * * * * *
toexpectations?
* *
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
* * * * * * * * * * * * * * * *
willhappen? * *
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
* * * * * * * * * * * * * * * * * *
potential constraints?* *
8. (LO 1.5) Which questions help managers understand how to organize future shipments based on
* * * * * * * * * * * * *
expecteddemand?
* *
a. What happened? What is happening? * * * *
b. Why did it happen? What are the causes ofpast results? * * * * * * * * * *
c. Will it happen in the future? What is the probability something will happen? Can we forecast what
* * * * * * * * * * * * * * * *
willhappen? * *
d. What should we do, based on what we expect will happen? How do we optimize our performancebased
* * * * * * * * * * * * * * * * *
on potential constraints?
* * *
9. (LO1.5) Which term refers to the combined accuracy,validity, and consistency of data storedand used overtime?
* * * * * * * * * * * * * * * * * *
a. Dataintegrity *
b. Data overload *
c. Data value *
d. Informationvalue *
10. (LO1.3) A specialist who knows how to workwith, manipulate, and statistically test datais a
* * * * * * * * * * * * * * * *
a. decision maker. *
b. datascientist. *
c. data analyst. *
d. decision scientist. *
11. (LO1.4) Which type ofanalysts predicts the amountof money thata company will receive from its customers tohelp
* * * * * * * * * * * * * * * * * * * *
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. (LO1.4) Whichtype ofanalyst addresses questions regarding tax and auditing?
* * * * * * * * * * *
a. Marketing analyst *
b. Operations analyst *
c. Financial analyst *
d. Accountinganalyst *
13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews
* * * * * * * * * * * * * * * *
arebiased. These product reviews are which type of data?
* * * * * * * * * *
a. Reliable
b. Relevant
c. Curated
d. Consistent
© McGrawHill LLC. All rights reserved. No reproduction or distributionwithout theprior written consent ofMcGrawHill 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 questionsseek 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. Willit happen in the future? What is the probabilitysomethingwill happen? Can we forecast whatwill
* * * * * * * * * * * * * * * * *
happen?*
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
* * * * * * * * * * * * * * * * * *
potential constraints?
* *
6. (LO1.5) Which questionsseek information onthe routing of products from Queretaro, Mexico to
* * * * * * * * * * * * * *
Chicago,United States in the last quarter?
* * * * * * *
a. What happened? What ishappening? * * * *
b. Why did it happen? What are the causes ofpast results?
* * * * * * * * * *
c. Will it happen in the future? What is the probability something will happen? Can we forecast what
* * * * * * * * * * * * * * * *
willhappen?
* *
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
* * * * * * * * * * * * * * * * * *
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
* * * * * * * * * * * * * *
toexpectations?
* *
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
* * * * * * * * * * * * * * * *
willhappen? * *
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
* * * * * * * * * * * * * * * * * *
potential constraints?* *
8. (LO 1.5) Which questions help managers understand how to organize future shipments based on
* * * * * * * * * * * * *
expecteddemand?
* *
a. What happened? What is happening? * * * *
b. Why did it happen? What are the causes ofpast results? * * * * * * * * * *
c. Will it happen in the future? What is the probability something will happen? Can we forecast what
* * * * * * * * * * * * * * * *
willhappen? * *
d. What should we do, based on what we expect will happen? How do we optimize our performancebased
* * * * * * * * * * * * * * * * *
on potential constraints?
* * *
9. (LO1.5) Which term refers to the combined accuracy,validity, and consistency of data storedand used overtime?
* * * * * * * * * * * * * * * * * *
a. Dataintegrity *
b. Data overload *
c. Data value *
d. Informationvalue *
10. (LO1.3) A specialist who knows how to workwith, manipulate, and statistically test datais a
* * * * * * * * * * * * * * * *
a. decision maker. *
b. datascientist. *
c. data analyst. *
d. decision scientist. *
11. (LO1.4) Which type ofanalysts predicts the amountof money thata company will receive from its customers tohelp
* * * * * * * * * * * * * * * * * * * *
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. (LO1.4) Whichtype ofanalyst addresses questions regarding tax and auditing?
* * * * * * * * * * *
a. Marketing analyst *
b. Operations analyst *
c. Financial analyst *
d. Accountinganalyst *
13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews
* * * * * * * * * * * * * * * *
arebiased. These product reviews are which type of data?
* * * * * * * * * *
a. Reliable
b. Relevant
c. Curated
d. Consistent
© McGrawHill LLC. All rights reserved. No reproduction or distributionwithout theprior written consent ofMcGrawHill LLC.
* * * * * * * * * * * * * * * * * * *
4
