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