TEST BANK For Business Analytics: Data Analysis & Decision
Making, 8th Edition by (S. Christian Albright, 2024) Verified
Chapters 1 - 19, Complete Newest Version
Business Analytics (BA) - ANSWER: -The use of data, information technology,
statistical
analysis, quantitative methods, and mathematical
or computer-based models to help managers gain
improved insight about their business operations
and make better, fact based decisions
-process of transforming data into actions
through analysis and insights in the context of
organizational decision making and problem solving
What are three parts of business analytics? - ANSWER: 1) Descriptive
2) Predictive
3) Prescriptive
Descriptive - ANSWER: use data to analyze past and current business performance;
consolidate/ summarize data; "what were or what are"
Predictive - ANSWER: Use historical data to predict future performance.
Detect patterns and extrapolate forward in time; "what will"
Prescriptive - ANSWER: Use data to make decisions among many alternatives.
Optimization; "what should or what is best"
The chief financial officer for a small manufacturing firm would like to estimate the
net profit that the firm could expect over the next three years. Which analytics tools
would most likely be used for this scenario? - ANSWER: Predictive
A human resource manager needs to understand whether the company's current
employee mix has the skills and capabilities needed to achieve the goals laid out by a
new strategic plan. Which analytics tools would most likely be used for this scenario?
- ANSWER: descriptive
A financial advisor would like to develop the best mix of stocks, bonds, and other
investments for a client to achieve a comfortable level of risk. Which analytics tools
would most likely be used for this scenario? - ANSWER: prescriptive
A large service firm wishes to determine how to invest the cash received from its
financial product to achieve the best return. Which analytics tools would most likely
be used for this scenario? - ANSWER: prescriptive
, A logistics company wants to better understand the relative profitability of its
numerous customers over the past three years. Which analytics tools would most
likely be used for this scenario? - ANSWER: descriptive
A disaster relief agency needs to allocate its budget for the next year among various
relief efforts and programs. Which analytics tools would most likely be used for this
scenario? - ANSWER: prescriptive
An automobile company would like to determine the number of vehicles it could sell
next year based on the proposed price. Which analytics tools would most likely be
used for this scenario? - ANSWER: predictive
A baseball team would like to set ticket prices for different sections in its stadium to
attract the highest number of fans throughout the season. Which analytics tools
would most likely be used for this scenario? - ANSWER: prescriptive
What are ways one might use business analytics in real life? - ANSWER: -A store
might keep track of inventory and use it to decide what items are in demand.
-A reporter could analyze social media posts to see what types of people are more
likely to share unverified news stories.
-An automobile owner can predict when the next maintenance will be due by
recording things such as the miles driven and gas mileage. This would help them
budget accordingly.
-A golf player might use statistics to help to diagnose problems and improve their
game
Net Present Value (NPV) - ANSWER: the sum of the present values of expected
future cash flows from an investment, minus the cost of that investment
range names - ANSWER: can be used to greatly simplify some database calculations
=IF( condition, value if true, value if false) - ANSWER: returns one value if the
condition is true and another if the condition is false
=AND( condition1, condition2, ...) - ANSWER: returns TRUE if all of the conditions is
true and FALSE if not
=OR( condition1, condition2, ...) - ANSWER: returns TRUE if at least one of the
conditions is true and FALSE if none are
Pivot tables - ANSWER: powerful tool for distilling complex data set into meaningful
information
metric - ANSWER: a unit of measurement that provides a way to objectively quantify
performance or summarize a set of data; can be discrete or continuous
Making, 8th Edition by (S. Christian Albright, 2024) Verified
Chapters 1 - 19, Complete Newest Version
Business Analytics (BA) - ANSWER: -The use of data, information technology,
statistical
analysis, quantitative methods, and mathematical
or computer-based models to help managers gain
improved insight about their business operations
and make better, fact based decisions
-process of transforming data into actions
through analysis and insights in the context of
organizational decision making and problem solving
What are three parts of business analytics? - ANSWER: 1) Descriptive
2) Predictive
3) Prescriptive
Descriptive - ANSWER: use data to analyze past and current business performance;
consolidate/ summarize data; "what were or what are"
Predictive - ANSWER: Use historical data to predict future performance.
Detect patterns and extrapolate forward in time; "what will"
Prescriptive - ANSWER: Use data to make decisions among many alternatives.
Optimization; "what should or what is best"
The chief financial officer for a small manufacturing firm would like to estimate the
net profit that the firm could expect over the next three years. Which analytics tools
would most likely be used for this scenario? - ANSWER: Predictive
A human resource manager needs to understand whether the company's current
employee mix has the skills and capabilities needed to achieve the goals laid out by a
new strategic plan. Which analytics tools would most likely be used for this scenario?
- ANSWER: descriptive
A financial advisor would like to develop the best mix of stocks, bonds, and other
investments for a client to achieve a comfortable level of risk. Which analytics tools
would most likely be used for this scenario? - ANSWER: prescriptive
A large service firm wishes to determine how to invest the cash received from its
financial product to achieve the best return. Which analytics tools would most likely
be used for this scenario? - ANSWER: prescriptive
, A logistics company wants to better understand the relative profitability of its
numerous customers over the past three years. Which analytics tools would most
likely be used for this scenario? - ANSWER: descriptive
A disaster relief agency needs to allocate its budget for the next year among various
relief efforts and programs. Which analytics tools would most likely be used for this
scenario? - ANSWER: prescriptive
An automobile company would like to determine the number of vehicles it could sell
next year based on the proposed price. Which analytics tools would most likely be
used for this scenario? - ANSWER: predictive
A baseball team would like to set ticket prices for different sections in its stadium to
attract the highest number of fans throughout the season. Which analytics tools
would most likely be used for this scenario? - ANSWER: prescriptive
What are ways one might use business analytics in real life? - ANSWER: -A store
might keep track of inventory and use it to decide what items are in demand.
-A reporter could analyze social media posts to see what types of people are more
likely to share unverified news stories.
-An automobile owner can predict when the next maintenance will be due by
recording things such as the miles driven and gas mileage. This would help them
budget accordingly.
-A golf player might use statistics to help to diagnose problems and improve their
game
Net Present Value (NPV) - ANSWER: the sum of the present values of expected
future cash flows from an investment, minus the cost of that investment
range names - ANSWER: can be used to greatly simplify some database calculations
=IF( condition, value if true, value if false) - ANSWER: returns one value if the
condition is true and another if the condition is false
=AND( condition1, condition2, ...) - ANSWER: returns TRUE if all of the conditions is
true and FALSE if not
=OR( condition1, condition2, ...) - ANSWER: returns TRUE if at least one of the
conditions is true and FALSE if none are
Pivot tables - ANSWER: powerful tool for distilling complex data set into meaningful
information
metric - ANSWER: a unit of measurement that provides a way to objectively quantify
performance or summarize a set of data; can be discrete or continuous
