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 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 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 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
