C723 Quantitative Analysis For Business Practice Questions - Set 5 - 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 of the following represents data that can be directly measured or observed in a business setting?

a) Subjective Data

b) Non-numeric Data

c) Objective Data

d) Descriptive Data

Question 2: Which probability concept is represented by the likelihood of either event A or event B occurring?

a) Conditional Probability

b) Joint Probability

c) Probability of Intersection

d) Probability of Union

Question 3: In statistics, what term is used to describe the most common or frequently occurring value in a dataset?

a) Mean

b) Median

c) Mode

d) Range

Question 4: Which chart type is most effective for showing the relationship between two continuous variables?

a) Bar Chart

b) Pie Chart

c) Scatter Plot

d) Histogram

Question 5: What type of analysis method helps businesses weigh the financial costs and benefits of a potential decision?

a) Sensitivity Analysis

b) Cost-Benefit Analysis

c) Regression Analysis

d) Inventory Analysis

Question 6: Which term refers to the calculated difference between the highest and lowest values in a dataset?

a) Mean

b) Median

c) Range

d) Variance

Question 7: In hypothesis testing, which hypothesis asserts that there is no effect or relationship between variables?

a) Control Hypothesis

b) Null Hypothesis

c) Alternative Hypothesis

d) Dependent Hypothesis

Question 8: What type of sampling is used when each member of a population has an equal chance of being selected?

a) Convenience Sampling

b) Systematic Sampling

c) Stratified Sampling

d) Random Sampling

Question 9: In decision analysis, what is the main purpose of using a payoff table?

a) To visualize task dependencies

b) To calculate inventory levels

c) To compare financial outcomes of alternatives

d) To track time spent on projects

Question 10: Which method helps managers understand how a small change in one variable may impact the overall outcome?

a) Sensitivity Analysis

b) Forecasting

c) Inventory Analysis

d) Linear Programming

Question 11: What is the primary purpose of a histogram in data visualization?

a) To display the percentage composition of categories

b) To show the frequency distribution of quantitative data

c) To represent cumulative frequency

d) To illustrate relationships between variables

Question 12: Which sampling method divides a population into groups and randomly selects items from each group?

a) Random Sampling

b) Convenience Sampling

c) Stratified Sampling

d) Systematic Sampling

Question 13: In project management, what does the critical path represent?

a) The sequence of tasks with no slack time

b) The tasks that can be delayed without impact

c) The tasks requiring the most resources

d) The shortest series of project tasks

Question 14: Which graphical model resembles a branching tree and helps visualize decision alternatives and possible outcomes?

a) Network Diagram

b) Fishbone Diagram

c) Decision Tree

d) Gantt Chart

Question 15: In probability, which term describes the likelihood of an event occurring given that another event has already occurred?

a) Joint Probability

b) Conditional Probability

c) Marginal Probability

d) Relative Probability

Question 16: What does a project’s work breakdown structure (WBS) help achieve?

a) Defining the project’s critical path

b) Assigning project resources

c) Breaking down deliverables into tasks

d) Scheduling tasks in sequence

Question 17: Which statistical tool is used to organize pairs of numbers to identify relationships between variables?

a) Histogram

b) Pie Chart

c) Scatter Diagram

d) Bar Chart

Question 18: What does the term "feasible region" mean in linear programming?

a) The point of highest profitability

b) The area satisfying all constraints

c) The optimal solution

d) The region with negative values only

Question 19: In quantitative analysis, which measure quantifies the amount of spread in a dataset?

a) Mean

b) Range

c) Standard Deviation

d) Mode

Question 20: What type of distribution model assumes each possible outcome is equally likely?

a) Uniform Distribution

b) Normal Distribution

c) Exponential Distribution

d) Skewed Distribution

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