C723 QUANTITATIVE ANALYSIS FOR
BUSINESS QUESTION BANK 2026 DATA
ANALYSIS & DECISION MODELS UPDATED
A+
◉ Types of samples
Answer: Convenience: In this method, the easiest and most
accessible ways to get n items are used in the sample.
Random: In this method, we choose our n items in a manner which
every item in the population has an equal chance of being selected.
Stratification: This method is used if the population has natural
clusters, groupings, or strata. Divide the number of strata by n and
choose that number (rounded up) from each strata.
Systematic:Number all the items in the population from 1 to N.
Choose a random number between 1 and N. This is the starting
point; label it "k." Choose another number as the interval.
◉ population
Answer: refers to the entire set of data being evaluated.
, ◉ sample set
Answer: is a subset of that population.
◉ histogram
Answer: is a graph that shows frequency of occurrence in each
category.
◉ Pie charts
Answer: are used when evaluating one item of data and its
components.
◉ pie and bar chart are great when graphing
Answer: one variable. In particular, the pie chart shows the
percentage each categories represents out of a whole. The bar chart
can show values for each category but doesn't show the percentages
of each category out of the whole.
◉ pie chart
Answer: should only be used if you need to show percentages of a
whole, and the number of different categories being compared is
small.
◉ Stacked charts
BUSINESS QUESTION BANK 2026 DATA
ANALYSIS & DECISION MODELS UPDATED
A+
◉ Types of samples
Answer: Convenience: In this method, the easiest and most
accessible ways to get n items are used in the sample.
Random: In this method, we choose our n items in a manner which
every item in the population has an equal chance of being selected.
Stratification: This method is used if the population has natural
clusters, groupings, or strata. Divide the number of strata by n and
choose that number (rounded up) from each strata.
Systematic:Number all the items in the population from 1 to N.
Choose a random number between 1 and N. This is the starting
point; label it "k." Choose another number as the interval.
◉ population
Answer: refers to the entire set of data being evaluated.
, ◉ sample set
Answer: is a subset of that population.
◉ histogram
Answer: is a graph that shows frequency of occurrence in each
category.
◉ Pie charts
Answer: are used when evaluating one item of data and its
components.
◉ pie and bar chart are great when graphing
Answer: one variable. In particular, the pie chart shows the
percentage each categories represents out of a whole. The bar chart
can show values for each category but doesn't show the percentages
of each category out of the whole.
◉ pie chart
Answer: should only be used if you need to show percentages of a
whole, and the number of different categories being compared is
small.
◉ Stacked charts
