C723 Quantitative Analysis For Business (WGU)

C723 QUANTITATIVE ANALYSIS FOR BUSINESS
(WGU) QUESTIONS AND ACCURATE SOLUTIONS


Define quantitative analysis, including its business purpose. - Correct answer~
Provides methods to analyze large or small amounts of data to look for
patterns, trends, and relationships. Mathematical analysis can help managers
make strategic decisions and find statistically supported solutions to business
questions.



Differentiate between qualitative and quantitative analysis methods. - Correct
answer~ Quantitate analysis utilizes the numeric values for mathematical
calculations. QuaLitative data are non-numeric. Non-numeric data often take
the form of personal opinions, indicating likes or dislikes. Although they
are not used in quantitative analysis, non-numeric data can still play a
critical role in decision-making for a business.



Describe how quantitative analysis is used in business decision-making. -
Correct answer~ It uses math and statistics to make business decisions
and evaluate business problems, strategies, and investments.



Identify business problems that can be solved using quantitative analysis
methods. - Correct answer~ Cost-benefit analysis, inventory analysis, and
forecasting revenue.



Identify business problems that can be solved using qualitative analysis
methods. - Correct answer~ Qualitative analysis is used for case studies to
find out in detail how people feel or think.



Steps in Quantitative Analysis - Correct answer~ 1. Define problem.

2. Develop mathematical model.

3. Prepare and input data.