Test Bank for Business Analytics 2nd Edition by Evans

Test Bank for Business Analytics 2nd Edition by Evans Business Analytics (Evans) Chapter 1 Introduction to Business Analytics 1) Descriptive analytics: A) can predict risk and find relationships in data not readily apparent with traditional analyses. B) helps companies classify their customers into segments to develop specific marketing campaigns. C) helps detect hidden patterns in large quantities of data to group data into sets to predict behavior. D) can use mathematical techniques with optimization to make decisions that take into account the uncertainty in the data. Answer: B Diff: 1 Blooms: Remember Topic: Scope of Business Analytics LO1: Explain and provide examples of descriptive, predictive, and prescriptive analytics. LO2: Compare and contrast tools for presenting and organizing data 2) A manager at Gampco Inc. wishes to know the company's revenue and profit in its previous quarter. Which of the following business analytics will help the manager? A) prescriptive analytics B) normative analytics C) descriptive analytics D) predictive analytics Answer: C Diff: 1 Blooms: Apply AACSB: Analytic Skills Topic: Scope of Business Analytics LO1: Explain and provide examples of descriptive, predictive, and prescriptive analytics. LO2: Describe the major tools and criteria for decision making. 3) Predictive analytics: A) summarizes data into meaningful charts and reports that can be standardized or customized. B) identifies the best alternatives to minimize or maximize an objective. C) uses data to determine a course of action to be executed in a given situation. D) detects patterns in historical data and extrapolates them forward in time. Answer: D Diff: 2 Blooms: Remember Topic: Scope of Business Analytics