Summary C723 Quantitative Analysis for
Business WGU Questions with Correct Detailed
Expert Verified Answers and Solutions latest
updated version 2025
Decision models --- correct precise answer ---are used to identify a
business problem and develop alternative solutions.
Payoff tables --- correct precise answer ---will quantify the costs and
benefits of each solution alternative.
Decision trees --- correct precise answer ---will be used to identify
the alternatives and probabilities of occurrence.
Network analysis --- correct precise answer ---refers to the network
of activities required to complete a business project.
Quantitative analysis --- correct precise answer ---provides methods
to analyze large or small amounts of data to look for patterns, trends,
and relationships.
,Mathematical analysis --- correct precise answer ---can help
managers make strategic decisions and find statistically supported
solutions to business questions. These are functional areas over a
period of time.
Data may be categorized as either --- correct precise answer ---
subjective or objective.
Subjective data --- correct precise answer ---obtained through surveys
and interviews, are considered non-measurable,
data typically include personal perceptions, such as likes, dislikes,
attitudes, and opinions.
Objective data are --- correct precise answer ---measurable and
typically arise from observation or testing in business areas like sales,
operations, manufacturing, and logistics.
Data must be valid: that is, the data must accurately represent the
true business relationship at hand. Further, the data must be reliable:
if we sought to characterize a particular business relationship by
gathering data several different times (different samples), the data
would reflect the relationship the same way with every sample.
,Examples of quantitative analysis --- correct precise answer ---cost-
benefit analysis, inventory analysis, logistical analysis, and
forecasting revenue.
quantitative analysis approach --- correct precise answer ---defines a
problem and then develops a mathematical model to represent the
particular business situation. The model allows managers to make
inferences regarding the data.
Total Revenue --- correct precise answer ---p=$xq $X is the revenue
earned per item sold, Q is the quantity of items sold.
Company XYZ can use this equation to forecast its revenue if X
remains constant
Steps in Quantitative Analysis --- correct precise answer ---1. Define
problem.
2. Develop mathematical model.
3. Prepare and input data.
4. Find best solution.
5. Test solution.
, 6. Analyze results.
7. Implement solution.
Cause and effect use --- correct precise answer ---independent and
dependent variables. A dependent variable is the variable that is being
measured, or affected. The independent variable is free to change in a
given model.
The dependent variable is affected by the changes in the causing
independent variable. Although only one dependent variable is
considered, many independent variables can have an effect.
fishbone diagram is sometimes --- correct precise answer ---used to
determine the cause of a problem.
moderating relationship --- correct precise answer ---the relationship
between the dependent and independent variables depends on the
level of the moderating variable.
mediating variable --- correct precise answer ---explains the
relationship between the dependent and independent variables.
Business WGU Questions with Correct Detailed
Expert Verified Answers and Solutions latest
updated version 2025
Decision models --- correct precise answer ---are used to identify a
business problem and develop alternative solutions.
Payoff tables --- correct precise answer ---will quantify the costs and
benefits of each solution alternative.
Decision trees --- correct precise answer ---will be used to identify
the alternatives and probabilities of occurrence.
Network analysis --- correct precise answer ---refers to the network
of activities required to complete a business project.
Quantitative analysis --- correct precise answer ---provides methods
to analyze large or small amounts of data to look for patterns, trends,
and relationships.
,Mathematical analysis --- correct precise answer ---can help
managers make strategic decisions and find statistically supported
solutions to business questions. These are functional areas over a
period of time.
Data may be categorized as either --- correct precise answer ---
subjective or objective.
Subjective data --- correct precise answer ---obtained through surveys
and interviews, are considered non-measurable,
data typically include personal perceptions, such as likes, dislikes,
attitudes, and opinions.
Objective data are --- correct precise answer ---measurable and
typically arise from observation or testing in business areas like sales,
operations, manufacturing, and logistics.
Data must be valid: that is, the data must accurately represent the
true business relationship at hand. Further, the data must be reliable:
if we sought to characterize a particular business relationship by
gathering data several different times (different samples), the data
would reflect the relationship the same way with every sample.
,Examples of quantitative analysis --- correct precise answer ---cost-
benefit analysis, inventory analysis, logistical analysis, and
forecasting revenue.
quantitative analysis approach --- correct precise answer ---defines a
problem and then develops a mathematical model to represent the
particular business situation. The model allows managers to make
inferences regarding the data.
Total Revenue --- correct precise answer ---p=$xq $X is the revenue
earned per item sold, Q is the quantity of items sold.
Company XYZ can use this equation to forecast its revenue if X
remains constant
Steps in Quantitative Analysis --- correct precise answer ---1. Define
problem.
2. Develop mathematical model.
3. Prepare and input data.
4. Find best solution.
5. Test solution.
, 6. Analyze results.
7. Implement solution.
Cause and effect use --- correct precise answer ---independent and
dependent variables. A dependent variable is the variable that is being
measured, or affected. The independent variable is free to change in a
given model.
The dependent variable is affected by the changes in the causing
independent variable. Although only one dependent variable is
considered, many independent variables can have an effect.
fishbone diagram is sometimes --- correct precise answer ---used to
determine the cause of a problem.
moderating relationship --- correct precise answer ---the relationship
between the dependent and independent variables depends on the
level of the moderating variable.
mediating variable --- correct precise answer ---explains the
relationship between the dependent and independent variables.
