Exam (elaborations)

TEST BANK for Business Analytics: Communicating with Numbers 2nd Edition by Sanjiv Jaggia, Alison Kelly and Kevin Lertwachara. ISBN10: ISBN. (All Chapters 1-18) GUARANTEED PASS

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business analytics
test bank for business analytics communicating
test bank for business analytics

Institution Business Analytics:
Course Business Analytics:

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TEST BANK for Business Analytics:
Communicating with Numbers 2nd Edition by
Sanjiv Jaggia, Alison Kelly and Kevin
Lertwachara. ISBN10: ISBN. (All Chapters 1-18)
GUARANTEED PASS

What is the law of supply? - ANS-as price increases, quantity
supplied increases

What is a change in quantity supplied? - ANS-the variation in the
amount of a good or service that producers are willing and able to
sell at a specific price, typically due to a change in that price.

change in supply - ANS-a shift of the supply curve, which
changes the quantity supplied at any given price

List the five factors that cause the Supply Curve to shift. - ANS-1.)
input prices
2.) technology
3.) Number of sellers
4.) expectations
5.) government policies

input prices - ANS-a measure of the average prices of labor, raw
materials, and other inputs that firms use to produce goods and
services

, technology - ANS-Improvements in technology can enhance
production efficiency, allowing producers to create more goods at
a lower cost.

What is business analytics? - ANS-the scientific process of
transforming data into insight for making better decisions

IMPACT Cycle (steps) - ANS-1. Identify the questions
2. Master the data
3. Perform the test plan
4. Address and refine results
5. Communicate insights
6. Track outcomes

Identifying the question (I) - ANS-Define the problem or
opportunity clearly. What needs to be addressed?

Master the data (M) - ANS-this involves collecting relevant
quantitative and qualitative data from various sources. Ensure
that the data is accurate, comprehensive, and suitable for
analysis. Mastering the data also means understanding its
limitations and potential biases.

Perform the test plan (P) - ANS-Develop and execute a test plan
based on the identified questions and the mastered data. This
step may involve statistical analysis, experiments, or simulations
to evaluate hypotheses or assess the impact of different variables

Address and refine results (A) - ANS-Analyze the outcomes of the
tests and address any unexpected results or discrepancies. This
may involve refining the methods used or revisiting the data to
ensure robustness.

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TEST BANK for Business Analytics: Communicating with Numbers 2nd Edition by Sanjiv Jaggia, Alison Kelly and Kevin Lertwachara. ISBN10: ISBN. (All Chapters 1-18) GUARANTEED PASS

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