Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
bb bb bb bb bb bb bb bb bb bb bb bb
Solution Manual for Introduction to Business Analytics,
bb bb bb bb bb bb bb
1st Edition
bb
By Vernon Richardson and Marcia Watson
bb bb bb bb bb
Verified Chapter's 1 - 12 | Complete
bb bb bb bb bb bb
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
bb bb bb bb bb bb bb bb bb bb bb bb
TABLE OF CONTENTS bb bb bb
Chapter 1: Specify the Question: Using Business Analytics to Address Business Questions
bb bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 2: Obtain the Data: An Introduction to Business Data Sources
bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 3: Analyze the Data: Basic Statistics and Tools Required in Business Analytics
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 4: Analyze the Data: Exploratory Business Analytics (Descriptive Analytics and Diagnostic Analytics)
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 5: Analyze the Data: Confirmatory Business Analytics (Predictive Analytics and Prescriptive Analytics)
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 6: Report the Results: Using Data Visualization
bb bb bb bb bb bb bb bb bb
Chapter 7: Marketing Analytics
bb bb bb bb bb
Chapter 8: Accounting Analytics
bb bb bb bb bb
Chapter 9: Financial Analytics
bb bb bb bb bb
Chapter 10: Operations Analytics
bb bb bb bb bb
Chapter 11: Advanced Business Analytics
bb bb bb bb bb bb
Chapter 12: Using the SOAR Analytics Model to Put It All Together: Three Capstone Projects
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
bb bb bb bb bb bb bb bb bb bb bb bb
Chapter1 End-of-ChapterAssignment Solutions bb bb bb bb
Multiple Choice Questions bb bb
1. (LO 1.1) A coordinated, standardized set of activities conducted by both people and equipment to accomplish a
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
specific business task is called
b bb . bb bb bb
a. business processes bb
b. business analysis bb
c. business procedure bb
d. business value bb
2. (LO 1.2) According to the information value chain, data combined with context is
bb bb bb bb bb bb bb bb bb bb bb bb
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
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
decision maker?
b bb
a. Specify the question bb bb
b. Obtain the data bb bb
c. Analyze the data bb bb
d. Report the results bb bb
4. (LO 1.5) Which phase of the SOAR analytics model involves finding the most appropriate data needed to addressthe
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
business question?
bb bb
a. Specify the question bb bb
b. Obtain the data bb bb
c. Analyze the data bb bb
d. Report the results bb bb
5. (LO 1.5) Which questions seek information about Tesla’s sales in the next quarter?
bb bb bb bb bb bb bb bb bb bb bb bb
a. What happened? What is happening? bb bb bb bb
b. Why did it happen? What are the causes of past results? bb bb bb bb bb bb bb bb bb bb
c. Will it happen in the future? What is the probability something will happen? Can we forecast whatwill
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
happen? bb
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
potential constraints? bb bb
6. (LO 1.5) Which questions seek information onthe routing of products from Queretaro, Mexico to Chicago,
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
United States in the last quarter?
b bb bb bb bb bb
a. What happened? What is happening? bb bb bb bb
b. Why did it happen? What are the causes of past results? bb bb bb bb bb bb bb bb bb bb
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
potential constraints? bb bb
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
bb bb bb bb bb bb bb bb bb bb bb bb
7. (LO 1.5) Which questions ask why net income is increasing when revenues are decreasing, counter to
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
expectations?
b
a. What happened? What is happening? bb bb bb bb
b. Why did it happen? What are the causes of past results?
bb bb bb bb bb bb bb bb bb bb
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
potential constraints?
bb bb
8. (LO 1.5) Which questions help managers understand how to organize future shipments based on expected
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
demand?
b
a. What happened? What is happening? bb bb bb bb
b. Why did it happen? What are the causes of past results?
bb bb bb bb bb bb bb bb bb bb
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
based on potential constraints?
b bb bb bb
9. (LO 1.5) Which term refers to the combined accuracy, validity, and consistency of data stored and used over
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
time?
b
a. Data integrity bb
b. Data overload bb
c. Data value bb
d. Information value bb
10. (LO 1.3) A specialist who knows how to work with, manipulate, and statistically test data is a
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
a. decision maker. bb
b. data scientist. bb
c. data analyst. bb
d. decision scientist. bb
11. (LO 1.4) Which type of analysts predicts the amount of money that a company will receive from its customers tohelp
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
management evaluate future investments based on expected investment performance, such as investments in
bb bb bb bb bb bb bb bb bb bb bb bb bb
equipment or employee training?
bb bb bb bb
a. Marketing analyst bb
b. Operations analyst bb
c. Financial analyst bb
d. Accounting analyst bb
12. (LO 1.4) Which type of analyst addresses questions regarding tax and auditing?
bb bb bb bb bb bb bb bb bb bb bb
a. Marketing analyst bb
b. Operations analyst bb
c. Financial analyst bb
d. Accounting analyst bb
13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews are
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
biased. These product reviews are which type of data?
b bb bb bb bb bb bb bb bb
a. Reliable
b. Relevant
c. Curated
d. Consistent
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent ofMcGraw Hill LLC.
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
4
bb bb bb bb bb bb bb bb bb bb bb bb
Solution Manual for Introduction to Business Analytics,
bb bb bb bb bb bb bb
1st Edition
bb
By Vernon Richardson and Marcia Watson
bb bb bb bb bb
Verified Chapter's 1 - 12 | Complete
bb bb bb bb bb bb
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
bb bb bb bb bb bb bb bb bb bb bb bb
TABLE OF CONTENTS bb bb bb
Chapter 1: Specify the Question: Using Business Analytics to Address Business Questions
bb bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 2: Obtain the Data: An Introduction to Business Data Sources
bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 3: Analyze the Data: Basic Statistics and Tools Required in Business Analytics
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 4: Analyze the Data: Exploratory Business Analytics (Descriptive Analytics and Diagnostic Analytics)
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 5: Analyze the Data: Confirmatory Business Analytics (Predictive Analytics and Prescriptive Analytics)
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
Chapter 6: Report the Results: Using Data Visualization
bb bb bb bb bb bb bb bb bb
Chapter 7: Marketing Analytics
bb bb bb bb bb
Chapter 8: Accounting Analytics
bb bb bb bb bb
Chapter 9: Financial Analytics
bb bb bb bb bb
Chapter 10: Operations Analytics
bb bb bb bb bb
Chapter 11: Advanced Business Analytics
bb bb bb bb bb bb
Chapter 12: Using the SOAR Analytics Model to Put It All Together: Three Capstone Projects
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
bb bb bb bb bb bb bb bb bb bb bb bb
Chapter1 End-of-ChapterAssignment Solutions bb bb bb bb
Multiple Choice Questions bb bb
1. (LO 1.1) A coordinated, standardized set of activities conducted by both people and equipment to accomplish a
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
specific business task is called
b bb . bb bb bb
a. business processes bb
b. business analysis bb
c. business procedure bb
d. business value bb
2. (LO 1.2) According to the information value chain, data combined with context is
bb bb bb bb bb bb bb bb bb bb bb bb
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
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
decision maker?
b bb
a. Specify the question bb bb
b. Obtain the data bb bb
c. Analyze the data bb bb
d. Report the results bb bb
4. (LO 1.5) Which phase of the SOAR analytics model involves finding the most appropriate data needed to addressthe
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
business question?
bb bb
a. Specify the question bb bb
b. Obtain the data bb bb
c. Analyze the data bb bb
d. Report the results bb bb
5. (LO 1.5) Which questions seek information about Tesla’s sales in the next quarter?
bb bb bb bb bb bb bb bb bb bb bb bb
a. What happened? What is happening? bb bb bb bb
b. Why did it happen? What are the causes of past results? bb bb bb bb bb bb bb bb bb bb
c. Will it happen in the future? What is the probability something will happen? Can we forecast whatwill
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
happen? bb
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
potential constraints? bb bb
6. (LO 1.5) Which questions seek information onthe routing of products from Queretaro, Mexico to Chicago,
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
United States in the last quarter?
b bb bb bb bb bb
a. What happened? What is happening? bb bb bb bb
b. Why did it happen? What are the causes of past results? bb bb bb bb bb bb bb bb bb bb
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
potential constraints? bb bb
, Chapter 01 – Specify the Question: Using Business Analytics to Address Business Questions
bb bb bb bb bb bb bb bb bb bb bb bb
7. (LO 1.5) Which questions ask why net income is increasing when revenues are decreasing, counter to
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
expectations?
b
a. What happened? What is happening? bb bb bb bb
b. Why did it happen? What are the causes of past results?
bb bb bb bb bb bb bb bb bb bb
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance basedon
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
potential constraints?
bb bb
8. (LO 1.5) Which questions help managers understand how to organize future shipments based on expected
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
demand?
b
a. What happened? What is happening? bb bb bb bb
b. Why did it happen? What are the causes of past results?
bb bb bb bb bb bb bb bb bb bb
c. Will it happen in the future? What is the probability something will happen? Can we forecast what will
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
happen? b
d. What should we do, based on what we expect will happen? How do we optimize our performance
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
based on potential constraints?
b bb bb bb
9. (LO 1.5) Which term refers to the combined accuracy, validity, and consistency of data stored and used over
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
time?
b
a. Data integrity bb
b. Data overload bb
c. Data value bb
d. Information value bb
10. (LO 1.3) A specialist who knows how to work with, manipulate, and statistically test data is a
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
a. decision maker. bb
b. data scientist. bb
c. data analyst. bb
d. decision scientist. bb
11. (LO 1.4) Which type of analysts predicts the amount of money that a company will receive from its customers tohelp
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b
management evaluate future investments based on expected investment performance, such as investments in
bb bb bb bb bb bb bb bb bb bb bb bb bb
equipment or employee training?
bb bb bb bb
a. Marketing analyst bb
b. Operations analyst bb
c. Financial analyst bb
d. Accounting analyst bb
12. (LO 1.4) Which type of analyst addresses questions regarding tax and auditing?
bb bb bb bb bb bb bb bb bb bb bb
a. Marketing analyst bb
b. Operations analyst bb
c. Financial analyst bb
d. Accounting analyst bb
13. (LO 1.5) Suppose a company has timely product reviews that are available when needed, but the reviews are
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
biased. These product reviews are which type of data?
b bb bb bb bb bb bb bb bb
a. Reliable
b. Relevant
c. Curated
d. Consistent
© McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent ofMcGraw Hill LLC.
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
4
