C723 UNIT 2 TEST QUESTIONS & ANSWERS
The foundational basis of utilizing quantitative analysis is ensuring the use of
_____________ data in order to better understand a business problem. - Answers -
objective and subjective - Wrong
When describing a cause-and-effect relationship, variables are used. One variable is
typically impacted by another. The variable that is not impacted by another variable is
called what? - Answers - Independent variable
Estimated future demand is quantified using a business forecast. A pool supply
company's operations manager may find forecasting helpful in order to predict and
manage the amount of chemical container ________ for the upcoming summer
seasonal months. - Answers - production
One method of data collection is the use of closed-ended questions. What is the
advantage of using this method for data collection? - Answers - The answers to the
questions are quantifiable and can be categorized.
Quantitative analysis uses statistics as a key methodology, even when problems are
complex. The key benefit of using statistics is that it can help develop conclusions about
a(n) ________ based on a smaller ________ that is representative of the whole. The
primary purpose of using statistics in quantitative analysis is the collecting, analyzing,
and ________ of data. - Answers - population, measurement (Wrong), inputting
(Wrong)
Gathering and analyzing ________ data is a key business function. Numbers are used
to measure and ________ data, such as a company's profit, cost, inventory, or
sometimes a loss. - Answers - numerical, quantify
Select whether the following is an example of using quantitative methods or qualitative
methods: After a recent release of a new CD, the music producer wants to know what
listeners think of the new contemporary sound. - Answers - Qualitative
Given the following scenario, select whether it represents subjective or objective
analysis: The business analyst prepared a spreadsheet with the most recent quarterly
figures. It contained the business' performance on revenue for each product as well as
the profit or loss on each product. - Answers - Objective
Quantitative analysis is a method used to help a business find solutions to problems.
The decision-making process should include preparing a quantitative analysis. At what
point in the process should the analysis be incorporated? - Answers - At the beginning
before the decision is made
, Solving problems is a normal part of any ongoing business. Quantitative analysis is a
method used to solve many of the problems. Quantitative analysis necessitates the
analyzing of differences in numerical data for what purpose? - Answers - To resolve,
reconcile, and understand the reasons behind the numerical data differences
Quantitative analysis will require identifying the dependent and independent variables.
This will determine the cause and effect relationship of the variables. The ________
variable acts as the impacting factor, while the ________ acts as the achieved, or
resultant, variable. - Answers - independent, dependent
[True/False] The hotel manager is fed up with bad customer reviews. The manager
wants to prepare and use the hotel's own comment card to solicit customer opinions
prior to customers ending their stay. This is a good opportunity to create and test a
quantitative model. - Answers - False
The development of the research question is an important first step of the entire
research process. It is incorrect to formulate that the research question and the
hypothesis are the same activity. The ________ makes a descriptive statement or
assertion about some occurrence whereas the ________ makes two differing
statements. These two statements are called the null and the ________ . - Answers -
research questions, hypothesis, alternative
Strategic business endeavors are critical to moving a business forward. Executives and
managers have decisions to make in regard to which endeavors they will undertake.
Quantitative analysis is part of that decision-making process. The process of making a
decision is the fact that decisions are made on ________ strategic initiatives. When
preparing a quantitative analysis, there can be ________ alternative initiatives that are
considered and evaluated. - Answers - single (wrong), two or more
[True/False] The following is a business problem that can be solved using expected
monetary analysis: A manufacturing plant owner is budgeting for next year's capital
investment. The alternatives considered include opportunities to either invest in a new
electronic control system or rewire the existing control system. The number of labor
hours, the cost, and the ability to increase output varies for each alternative. - Answers -
True
Inventory managers face a variety of decision-making opportunities that require the use
of quantitative analysis. For example, they make decisions about how much inventory is
necessary to service customers' needs or how long will it take to receive new inventory
after it is ordered. Customers do not like for their favorite store to have empty shelves;
however, it is not cost effective for the business to hold too much inventory. In
performing inventory analysis, the costs associated with holding the extra inventory on-
hand is called - Answers - carrying costs
There are many different problems that a business can encounter. Some of the
problems are clear and understandable, thus leading to a concise analysis. Other
The foundational basis of utilizing quantitative analysis is ensuring the use of
_____________ data in order to better understand a business problem. - Answers -
objective and subjective - Wrong
When describing a cause-and-effect relationship, variables are used. One variable is
typically impacted by another. The variable that is not impacted by another variable is
called what? - Answers - Independent variable
Estimated future demand is quantified using a business forecast. A pool supply
company's operations manager may find forecasting helpful in order to predict and
manage the amount of chemical container ________ for the upcoming summer
seasonal months. - Answers - production
One method of data collection is the use of closed-ended questions. What is the
advantage of using this method for data collection? - Answers - The answers to the
questions are quantifiable and can be categorized.
Quantitative analysis uses statistics as a key methodology, even when problems are
complex. The key benefit of using statistics is that it can help develop conclusions about
a(n) ________ based on a smaller ________ that is representative of the whole. The
primary purpose of using statistics in quantitative analysis is the collecting, analyzing,
and ________ of data. - Answers - population, measurement (Wrong), inputting
(Wrong)
Gathering and analyzing ________ data is a key business function. Numbers are used
to measure and ________ data, such as a company's profit, cost, inventory, or
sometimes a loss. - Answers - numerical, quantify
Select whether the following is an example of using quantitative methods or qualitative
methods: After a recent release of a new CD, the music producer wants to know what
listeners think of the new contemporary sound. - Answers - Qualitative
Given the following scenario, select whether it represents subjective or objective
analysis: The business analyst prepared a spreadsheet with the most recent quarterly
figures. It contained the business' performance on revenue for each product as well as
the profit or loss on each product. - Answers - Objective
Quantitative analysis is a method used to help a business find solutions to problems.
The decision-making process should include preparing a quantitative analysis. At what
point in the process should the analysis be incorporated? - Answers - At the beginning
before the decision is made
, Solving problems is a normal part of any ongoing business. Quantitative analysis is a
method used to solve many of the problems. Quantitative analysis necessitates the
analyzing of differences in numerical data for what purpose? - Answers - To resolve,
reconcile, and understand the reasons behind the numerical data differences
Quantitative analysis will require identifying the dependent and independent variables.
This will determine the cause and effect relationship of the variables. The ________
variable acts as the impacting factor, while the ________ acts as the achieved, or
resultant, variable. - Answers - independent, dependent
[True/False] The hotel manager is fed up with bad customer reviews. The manager
wants to prepare and use the hotel's own comment card to solicit customer opinions
prior to customers ending their stay. This is a good opportunity to create and test a
quantitative model. - Answers - False
The development of the research question is an important first step of the entire
research process. It is incorrect to formulate that the research question and the
hypothesis are the same activity. The ________ makes a descriptive statement or
assertion about some occurrence whereas the ________ makes two differing
statements. These two statements are called the null and the ________ . - Answers -
research questions, hypothesis, alternative
Strategic business endeavors are critical to moving a business forward. Executives and
managers have decisions to make in regard to which endeavors they will undertake.
Quantitative analysis is part of that decision-making process. The process of making a
decision is the fact that decisions are made on ________ strategic initiatives. When
preparing a quantitative analysis, there can be ________ alternative initiatives that are
considered and evaluated. - Answers - single (wrong), two or more
[True/False] The following is a business problem that can be solved using expected
monetary analysis: A manufacturing plant owner is budgeting for next year's capital
investment. The alternatives considered include opportunities to either invest in a new
electronic control system or rewire the existing control system. The number of labor
hours, the cost, and the ability to increase output varies for each alternative. - Answers -
True
Inventory managers face a variety of decision-making opportunities that require the use
of quantitative analysis. For example, they make decisions about how much inventory is
necessary to service customers' needs or how long will it take to receive new inventory
after it is ordered. Customers do not like for their favorite store to have empty shelves;
however, it is not cost effective for the business to hold too much inventory. In
performing inventory analysis, the costs associated with holding the extra inventory on-
hand is called - Answers - carrying costs
There are many different problems that a business can encounter. Some of the
problems are clear and understandable, thus leading to a concise analysis. Other
