WGU D771 Quantitative Literacy (MATH
101) Final Exam (OA) Comprehensive
Study Guide 2026 Update 100% Correct.
Gantt charts - correct answer used to display tasks with duration and linkages to other
activities in the project.
qualitative analysis - correct answer based on subjective factors such as opinions,
thoughts, and judgments. Subjective reasoning is heavily influenced by personal
experiences, such as upbringing and past employment. Opinions are usually based on
someone's past experiences as well. Best used when a business is faced with
uncertainty. The uncertainty could stem from product quality problems, competition,
new product considerations, or territory expansion. When managers or executives
perceive that the uncertainty is impacting the business, subjective reasoning allows
for exploration and in-depth research to eventually determine the specific problem.
Goal: to explore problems that have not been specifically determined or specifically
identified.
quantitative analysis - correct answer uses specific numeric or measurable data;
however, managers cannot always ascertain as to why an event is occurring or how it
will occur.
carpet
time series - correct answer a resulting set of data points taken over specific time
intervals, such as a day, week, month, or quarter. Examples include daily rainfall,
weekly shipments of inventory, and quarterly sales. There are four possible types of
time series: trend, seasonal, cyclical, and random.
seasonal trend - correct answer an upward or downward movement in data that
repeats at regular intervals.
cyclical trend - correct answer a pattern that tends to repeat itself every few years.
Observed over a long time period.
moving average - correct answer found by adding several months of data together and
dividing by the number of months under consideration. It gives equal weight, or level of
importance, to each data item included in the average.
, WGU D771 Quantitative Literacy (MATH
101) Final Exam (OA) Comprehensive
Study Guide 2026 Update 100% Correct.
weighted moving average - correct answer gives extra importance to certain data
points. Typically the most recent data will be assigned more weighting than older data.
Calculate: each data point value is multiplied by an assigned weight, then each new
value is summed for the average.
variance - correct answer the measure of the distance between a specific data point
and the mean of the data set.
Steps - Decision Making - correct answer 1. Identify the problem
2. Establish decision criteria
3. Weigh decision criteria
4. Generate alternatives
5. Evaluate the alternatives
6. Choose the best alternative
7. Implement the decision
8. Evaluate the decision
expected monetary value - correct answer obtained by determining the probability of
all states of nature, then multiplying that probability by the expected payoff for that
alternative.
expected mean value - correct answer (for an alternative) the sum of payoffs of the
alternative, weighted by the probability of that event occurring.
decision tree - correct answer a tool that can be used to visualize the important
aspects of a problem. This graphical model shows decisions, alternatives, actions, and
outcomes.
Use: sequence of decisions
payoff table - correct answer similar to a decision tree but uses a table instead of the
graphical representation. All of the alternatives are listed on the left side of the table
and all of the possible states of nature are listed across the top. The table contains the
payoff values for all possible combinations of decision alternatives and states of
nature. Payoff values can be expressed in terms of costs, profits, or any value
appropriate for the decision being made.
Use: 1 decision
, WGU D771 Quantitative Literacy (MATH
101) Final Exam (OA) Comprehensive
Study Guide 2026 Update 100% Correct.
multiple criteria decision-making (MCDM) - correct answer the process of making a
decision with multiple criteria. A process of structuring a problem to help a decision
maker solve these complex decisions.
uncertainty - correct answer not quantifiable because the future events are not
predictable.
risk - correct answer known possibilities and can be measured by probability of
occurrence.
risk analysis - correct answer involves quantifying the likelihood of an event occurring
and the extent of the impact of that event. Risks can be evaluated by looking at past
events or models.
sensitivity analysis - correct answer evaluates how changes in the probabilities of the
different payoffs or states of nature impact the outcome.
what-if analysis - correct answer considers worst case and best case scenarios by
evaluating how changes in the variables, such as labor and cost of parts, impact the
profit.
expected monetary value (EMV) - correct answer calculated by considering the
likelihood of some occurrence multiplied by the monetary impact of that particular
alternative under consideration. This is done for each alternative being considered.
Next, the newly calculated value for each alternative are added. The one with the least
total costs or most total profits is the best choice.
maximin criterion - correct answer a very conservative and pessimistic approach. A
technique for decision making to choose the decision that maximizes the worst payoff,
in other words, the worst possible loss for one choice is a smaller number than the
least possible loss of the other choices.
minimin criterion - correct answer the alternative that represents the minimum of all
of the minimum alternative costs.
101) Final Exam (OA) Comprehensive
Study Guide 2026 Update 100% Correct.
Gantt charts - correct answer used to display tasks with duration and linkages to other
activities in the project.
qualitative analysis - correct answer based on subjective factors such as opinions,
thoughts, and judgments. Subjective reasoning is heavily influenced by personal
experiences, such as upbringing and past employment. Opinions are usually based on
someone's past experiences as well. Best used when a business is faced with
uncertainty. The uncertainty could stem from product quality problems, competition,
new product considerations, or territory expansion. When managers or executives
perceive that the uncertainty is impacting the business, subjective reasoning allows
for exploration and in-depth research to eventually determine the specific problem.
Goal: to explore problems that have not been specifically determined or specifically
identified.
quantitative analysis - correct answer uses specific numeric or measurable data;
however, managers cannot always ascertain as to why an event is occurring or how it
will occur.
carpet
time series - correct answer a resulting set of data points taken over specific time
intervals, such as a day, week, month, or quarter. Examples include daily rainfall,
weekly shipments of inventory, and quarterly sales. There are four possible types of
time series: trend, seasonal, cyclical, and random.
seasonal trend - correct answer an upward or downward movement in data that
repeats at regular intervals.
cyclical trend - correct answer a pattern that tends to repeat itself every few years.
Observed over a long time period.
moving average - correct answer found by adding several months of data together and
dividing by the number of months under consideration. It gives equal weight, or level of
importance, to each data item included in the average.
, WGU D771 Quantitative Literacy (MATH
101) Final Exam (OA) Comprehensive
Study Guide 2026 Update 100% Correct.
weighted moving average - correct answer gives extra importance to certain data
points. Typically the most recent data will be assigned more weighting than older data.
Calculate: each data point value is multiplied by an assigned weight, then each new
value is summed for the average.
variance - correct answer the measure of the distance between a specific data point
and the mean of the data set.
Steps - Decision Making - correct answer 1. Identify the problem
2. Establish decision criteria
3. Weigh decision criteria
4. Generate alternatives
5. Evaluate the alternatives
6. Choose the best alternative
7. Implement the decision
8. Evaluate the decision
expected monetary value - correct answer obtained by determining the probability of
all states of nature, then multiplying that probability by the expected payoff for that
alternative.
expected mean value - correct answer (for an alternative) the sum of payoffs of the
alternative, weighted by the probability of that event occurring.
decision tree - correct answer a tool that can be used to visualize the important
aspects of a problem. This graphical model shows decisions, alternatives, actions, and
outcomes.
Use: sequence of decisions
payoff table - correct answer similar to a decision tree but uses a table instead of the
graphical representation. All of the alternatives are listed on the left side of the table
and all of the possible states of nature are listed across the top. The table contains the
payoff values for all possible combinations of decision alternatives and states of
nature. Payoff values can be expressed in terms of costs, profits, or any value
appropriate for the decision being made.
Use: 1 decision
, WGU D771 Quantitative Literacy (MATH
101) Final Exam (OA) Comprehensive
Study Guide 2026 Update 100% Correct.
multiple criteria decision-making (MCDM) - correct answer the process of making a
decision with multiple criteria. A process of structuring a problem to help a decision
maker solve these complex decisions.
uncertainty - correct answer not quantifiable because the future events are not
predictable.
risk - correct answer known possibilities and can be measured by probability of
occurrence.
risk analysis - correct answer involves quantifying the likelihood of an event occurring
and the extent of the impact of that event. Risks can be evaluated by looking at past
events or models.
sensitivity analysis - correct answer evaluates how changes in the probabilities of the
different payoffs or states of nature impact the outcome.
what-if analysis - correct answer considers worst case and best case scenarios by
evaluating how changes in the variables, such as labor and cost of parts, impact the
profit.
expected monetary value (EMV) - correct answer calculated by considering the
likelihood of some occurrence multiplied by the monetary impact of that particular
alternative under consideration. This is done for each alternative being considered.
Next, the newly calculated value for each alternative are added. The one with the least
total costs or most total profits is the best choice.
maximin criterion - correct answer a very conservative and pessimistic approach. A
technique for decision making to choose the decision that maximizes the worst payoff,
in other words, the worst possible loss for one choice is a smaller number than the
least possible loss of the other choices.
minimin criterion - correct answer the alternative that represents the minimum of all
of the minimum alternative costs.
