C723 Quantitative Analysis For Business Practice Questions - Set 4 - Part 1

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 1: Which graph is best suited for displaying the frequency of occurrences within set intervals in quantitative data?

a) Pie Chart

b) Line Graph

c) Histogram

d) Scatter Plot

Question 2: What is the purpose of using a Gantt chart in project management?

a) To analyze root causes

b) To track task durations and dependencies

c) To evaluate inventory needs

d) To conduct financial forecasts

Question 3: In quantitative analysis, which technique evaluates each decision alternative by multiplying its payoff with the probability of occurrence?

a) Expected Value Analysis

b) Forecasting

c) Cost-Benefit Analysis

d) Sensitivity Analysis

Question 4: Which variable in an experiment represents the observed effect influenced by changes in the independent variable?

a) Control Variable

b) Dependent Variable

c) Independent Variable

d) Extraneous Variable

Question 5: What does a scatter plot reveal when data points move from the bottom left to the top right?

a) Negative Correlation

b) No Correlation

c) Positive Correlation

d) Random Correlation

Question 6: Which probability method calculates the likelihood of an event based solely on observed data from past events?

a) Subjective Probability

b) Empirical Probability

c) Conditional Probability

d) Theoretical Probability

Question 7: When the critical path of a project is identified, what does it represent?

a) The most expensive tasks in the project

b) The tasks with zero slack time that must finish on schedule

c) The tasks with the shortest durations

d) Tasks with flexibility in timing

Question 8: Which of the following is a typical characteristic of a project?

a) Routine, ongoing tasks

b) An indefinite timeline

c) A unique, time-bound objective

d) Flexible end goals

Question 9: Which decision-making tool organizes decisions, outcomes, and probabilities in a visual, branching format?

a) Gantt Chart

b) Payoff Table

c) Decision Tree

d) Fishbone Diagram

Question 10: In statistical analysis, what does a median represent?

a) The average of data points

b) The middle value in an ordered dataset

c) The most frequently occurring value

d) The difference between the maximum and minimum values

Question 11: Which term describes a trend in data that is random and does not follow a predictable pattern?

a) Cyclical Trend

b) Seasonal Trend

c) Stationary Trend

d) Random Trend

Question 12: What is the primary benefit of using descriptive statistics?

a) To make predictions about future data

b) To summarize and describe data in a meaningful way

c) To determine cause-and-effect relationships

d) To compare multiple variables simultaneously

Question 13: Which hypothesis is tested to determine if a relationship exists between variables?

a) Alternative Hypothesis

b) Null Hypothesis

c) Control Hypothesis

d) Observational Hypothesis

Question 14: In project scheduling, which time estimate is often represented as the best-case scenario?

a) Most Likely Time

b) Pessimistic Time

c) Expected Time

d) Optimistic Time

Question 15: Which tool is commonly used in project management to calculate the amount of time a project will take by considering task dependencies?

a) Beta Distribution

b) Critical Path Method (CPM)

c) Histogram

d) Cost-Benefit Analysis

Question 16: What term is used to describe the part of a population that is observed to draw inferences about the entire population?

a) Sample

b) Control Group

c) Subset

d) Variable

Question 17: Which statistical technique is used to organize and display categorical data in the form of bars to show frequencies?

a) Pie Chart

b) Histogram

c) Scatter Plot

d) Bar Chart

Question 18: Which decision-making criterion focuses on minimizing the maximum possible loss for each alternative?

a) Maximin Criterion

b) Maximax Criterion

c) Expected Value Criterion

d) Risk Avoidance Criterion

Question 19: In quantitative analysis, what does the range measure in a dataset?

a) The central tendency

b) The difference between the maximum and minimum values

c) The spread of data points around the mean

d) The most frequent value

Question 20: In project management, which step involves breaking down deliverables into smaller, manageable tasks?

a) Creating a Gantt Chart

b) Implementing Project Crashing

c) Developing a Work Breakdown Structure (WBS)

d) Conducting Risk Analysis

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