C723 Quantitative Analysis For Business Practice Questions - Set 1 - Part 3

Test your knowledge of Quantitative Analysis For Business concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: Which sampling method divides a population into natural clusters and then selects items from each cluster?

a) Random Sampling

b) Systematic Sampling

c) Convenience Sampling

d) Stratified Sampling

Question 42: In project management, which tool is used to calculate the longest sequence of tasks that determines a project's minimum completion time?

a) Gantt Chart

b) Critical Path Method (CPM)

c) Fishbone Diagram

d) Decision Tree

Question 43: Which model applies three different time estimates—optimistic, pessimistic, and most likely—to estimate a task's duration?

a) Decision Tree

b) Gantt Chart

c) Beta Distribution Method

d) EOQ Model

Question 44: Which graph is best used for showing the proportion of categories within a single data set?

a) Bar Chart

b) Line Graph

c) Histogram

d) Pie Chart

Question 45: When considering the "expected value" in a decision tree, what does it represent?

a) The total profit possible from all outcomes

b) A weighted average of possible outcomes based on probability

c) The highest possible gain from a decision

d) The lowest risk alternative

Question 46: Which of the following is primarily used to optimize resources within defined constraints, commonly maximizing profits or minimizing costs?

a) Gantt Chart

b) Linear Programming

c) Decision Tree

d) Fishbone Diagram

Question 47: What type of trend in data represents a regular, repeating pattern over specific intervals, such as quarterly sales peaks?

a) Cyclical Trend

b) Seasonal Trend

c) Random Trend

d) Moving Average

Question 48: In hypothesis testing, what does the null hypothesis (H₀) represent?

a) An assumption of a relationship between variables

b) A prediction about dependent variables

c) A statement asserting no relationship between variables

d) An untestable assumption

Question 49: What is the term for the subset of a population used to make inferences about the entire population?

a) Data Set

b) Population

c) Sample

d) Control Group

Question 50: Which decision criterion aims to maximize the smallest gain or minimize the largest loss, often used in conservative decision-making?

a) Maximax Criterion

b) Maximin Criterion

c) Expected Value Criterion

d) Minimax Criterion

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