Solution Manual for Introduction to Business Analytics, 1st Edition By Vernon Richardson and Marcia Watson, Verified Chapters 1 - 12, Complete Newest Version

Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
v v v v v v v v v v v v




Solution Manual for Introduction to Business Analytics,
v v v v v v v




1st Edition
v




By Vernon Richardson and Marcia Watson
v v v v v




Verified Chapter's 1 - 12 | Complete
v v v v v v

, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
v v v v v v v v v v v v




TABLE OF CONTENTS v v v




Chapter 1: Specify the Question: Using Business Analytics to Address Business Questions
v v v v v v v v v v v vv




Chapter 2: Obtain the Data: An Introduction to Business Data Sources
v v v v v v v v v v vv




Chapter 3: Analyze the Data: Basic Statistics and Tools Required in Business Analytics
v v v v v v v v v v v v vv




Chapter 4: Analyze the Data: Exploratory Business Analytics (Descriptive Analytics and Diagnostic Analytics)
v v v v v v v v v v v v vv




Chapter 5: Analyze the Data: Confirmatory Business Analytics (Predictive Analytics and Prescriptive Analytics)
v v v v v v v v v v v v vv




Chapter 6: Report the Results: Using Data Visualization
v v v v v v v vv




Chapter 7: Marketing Analytics
v v v vv




Chapter 8: Accounting Analytics
v v v vv




Chapter 9: Financial Analytics
v v v vv




Chapter 10: Operations Analytics
v v v vv




Chapter 11: Advanced Business Analytics
v v v v vv




Chapter 12: Using the SOAR Analytics Model to Put It All Together: Three Capstone Projects
v v v v v v v v v v v v v v vv

, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
v v v v v v v v v v v v




Chapter 1 End-of-Chapter Assignment Solutions v v v v




Multiple Choice Questions v v




1. (LO 1.1) A coordinated, standardized set of activities conducted by both people and equipment to accomplish
v v v v v v v v v v v v v v v




aspecific business task is called
v v v . v v v




a. business processes v




b. business analysis v




c. business procedure v




d. business value v




2. (LO 1.2) According to the information value chain, data combined with context is
v v v v v v v v v v v v




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
v v v v v v v v v v v v v v v v




v thedecision maker?
v v




a. Specify the question v v




b. Obtain the data v v




c. Analyze the data v v




d. Report the results v v




4. (LO 1.5) Which phase of the SOAR analytics model involves finding the most appropriate data needed to addressthe
v v v v v v v v v v v v v v v v v v




business question?
v v




a. Specify the question v v




b. Obtain the data v v




c. Analyze the data v v




d. Report the results v v




5. (LO 1.5) Which questions seek information about Tesla’s sales in the next quarter?
v v v v v v v v v v v v




a. What happened? What is happening? v v v v




b. Why did it happen? What are the causes of past results?
v v v v v v v v v v




c. Will it happen in the future? What is the probability something will happen? Can we forecast whatwill
v v v v v v v v v v v v v v v v v




happen? v




d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
v v v v v v v v v v v v v v v v v v




potential constraints?
v v




6. (LO 1.5) Which questions seek information on the routing of products from Queretaro, Mexico to
v v v v v v v v v v v v v v




Chicago,United States in the last quarter?
v v v v v v v




a. What happened? What is happening? v v v v




b. Why did it happen? What are the causes of past results?
v v v v v v v v v v




c. Will it happen in the future? What is the probability something will happen? Can we forecast what
v v v v v v v v v v v v v v v v




willhappen? v v




d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
v v v v v v v v v v v v v v v v v v




potential constraints?
v v

, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
v v v v v v v v v v v v




7. (LO 1.5) Which questions ask why net income is increasing when revenues are decreasing, counter
v v v v v v v v v v v v v v




toexpectations?
v v




a. What happened? What is happening? v v v v




b. Why did it happen? What are the causes of past results?v v v v v v v v v v




c. Will it happen in the future? What is the probability something will happen? Can we forecast what
v v v v v v v v v v v v v v v v




willhappen? v v




d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
v v v v v v v v v v v v v v v v v v




potential constraints?
v v




8. (LO 1.5) Which questions help managers understand how to organize future shipments based on
v v v v v v v v v v v v v




expecteddemand?
v v




a. What happened? What is happening? v v v v




b. Why did it happen? What are the causes of past results?
v v v v v v v v v v




c. Will it happen in the future? What is the probability something will happen? Can we forecast what
v v v v v v v v v v v v v v v v




willhappen? v v




d. What should we do, based on what we expect will happen? How do we optimize our
v v v v v v v v v v v v v v v




performancebased on potential constraints?
v v v v v




9. (LO 1.5) Which term refers to the combined accuracy, validity, and consistency of data stored and used
v v v v v v v v v v v v v v v v




overtime?
v v




a. Data integrity v




b. Data overload v




c. Data value v




d. Information value v




10. (LO 1.3) A specialist who knows how to work with, manipulate, and statistically test data is a
v v v v v v v v v v v v v v v v




a. decision maker. v




b. data scientist. v




c. data analyst. v




d. decision scientist. v




11. (LO 1.4) Which type of analysts predicts the amount of money that a company will receive from its customers tohelp
v v v v v v v v v v v v v v v v v v v v




management evaluate future investments based on expected investment performance, such as investments in
v v v v v v v v v v v v v




equipment or employee training?
v v v v




a. Marketing analyst v




b. Operations analyst v




c. Financial analyst v




d. Accounting analyst v




12. (LO 1.4) Which type of analyst addresses questions regarding tax and auditing?
v v v v v v v v v v v




a. Marketing analyst v




b. Operations analyst v




c. Financial analyst v




d. Accounting analyst v




13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews
v v v v v v v v v v v v v v v v




arebiased. These product reviews are which type of data?
v v v v v v v v v v




a. Reliable
b. Relevant
c. Curated
d. Consistent
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC.
v v v v v v v v v v v v v v v v v v v




4