WGU / C723 QUANTITATIVE ANALYSIS FOR BUSINESS EXAM |ACTUAL EXAM
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) |UPDATED VERSION |/ALREADY GRADE A
1. Quantitative Analysis - ANSWER Analysis using objective data.
2. Qualitative Analysis - ANSWER Analysis using subjective data.
3. Response Variable - ANSWER Another name for the dependent variable.
4. Explanatory Variable - ANSWER Another name for the independent
variable.
5. Linear Equation - ANSWER Type of equation when the slope between any
two points is constant.
6. Random Trend - ANSWER Unpredictable trend in the data.
7. Seasonal Trend - ANSWER Upward or downward movement in data that
repeats at regular intervals.
8. Correlation - ANSWER Used to compare two variables to determine the
strength of the linear relationship between them.
9. Uncertainty - ANSWER A non-quantifiable value because the future events
are not predictable.
,10.Decision Point - ANSWER A point where one of several alternatives can be
selected.
11.State of Nature Node - ANSWER A possible outcome on a decision tree that
would be out of the decision maker's control.
12.Risk - ANSWER Known possibility measured by its probability of occurrence.
13.Expected Monetary Value - ANSWER Method used for decision making
when the risks involved in a decision situation have several states of nature
and the likelihood, or probability, of each state is known.
14.Payoff Table - ANSWER Similar to a decision tree except that it uses a table
instead of a graphical representation of the data.
15.Identify the Problem - ANSWER Step 1 of the decision-making model.
16.Establish Decision Criteria - ANSWER Step 2 of the decision-making model.
17.Weigh Decision Criteria - ANSWER Step 3 of the decision-making model.
18.Generate Alternatives - ANSWER Step 4 of the decision-making model.
19.Evaluate the Alternatives - ANSWER Step 5 of the decision-making model.
,20.Choose the Best Alternative - ANSWER Step 6 of the decision-making
model.
21.Implement the Decision - ANSWER Step 7 of the decision-making model.
22.Evaluate the Decision - ANSWER Step 8 of the decision-making model.
23.Decision Tree - ANSWER Tool that can be used to visualize important
aspects of a problem.
24.Project - ANSWER A strategic undertaking and not a regular operational
activity.
25.Network Diagram - ANSWER Identifiable set of project activities organized
in a logical method.
26.Successor - ANSWER Task that comes after the predecessor.
27.Predecessor - ANSWER Task that must be completed before the next step
can be started.
28.Optimistic Time - ANSWER The best case scenario, or minimum length of
time, to complete an activity.
29.Most Likely Time - ANSWER The duration of an activity given a normal level
of effort and performance under normal working conditions.
, 30.Critical Path - ANSWER The longest sequence of tasks in the network
diagram.
31.Pessimistic Time - ANSWER The worst case scenario, or maximum length of
time, to complete an activity.
32.Activity - ANSWER Unique unit of the project which can be described within
limits of time.
33.Linear Programming - ANSWER A mathematical technique that can be used
to identify the value of a variable for a given set of constraints.
34.Economic Order Quantity - ANSWER Amount of inventory a business should
order to minimize the total amount of inventory costs, including carrying,
ordering, and shortage costs.
35.Inventory - ANSWER Any goods held in stock for immediate or future use.
36.Feasible Region - ANSWER Area of the graph that satisfies all constraints.
37.Coefficient - ANSWER Multiplier of the variable, as in linear equations or
inequalities.
38.Constraint - ANSWER Restriction that limits the degree in which a company
can pursue its objective.
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) |UPDATED VERSION |/ALREADY GRADE A
1. Quantitative Analysis - ANSWER Analysis using objective data.
2. Qualitative Analysis - ANSWER Analysis using subjective data.
3. Response Variable - ANSWER Another name for the dependent variable.
4. Explanatory Variable - ANSWER Another name for the independent
variable.
5. Linear Equation - ANSWER Type of equation when the slope between any
two points is constant.
6. Random Trend - ANSWER Unpredictable trend in the data.
7. Seasonal Trend - ANSWER Upward or downward movement in data that
repeats at regular intervals.
8. Correlation - ANSWER Used to compare two variables to determine the
strength of the linear relationship between them.
9. Uncertainty - ANSWER A non-quantifiable value because the future events
are not predictable.
,10.Decision Point - ANSWER A point where one of several alternatives can be
selected.
11.State of Nature Node - ANSWER A possible outcome on a decision tree that
would be out of the decision maker's control.
12.Risk - ANSWER Known possibility measured by its probability of occurrence.
13.Expected Monetary Value - ANSWER Method used for decision making
when the risks involved in a decision situation have several states of nature
and the likelihood, or probability, of each state is known.
14.Payoff Table - ANSWER Similar to a decision tree except that it uses a table
instead of a graphical representation of the data.
15.Identify the Problem - ANSWER Step 1 of the decision-making model.
16.Establish Decision Criteria - ANSWER Step 2 of the decision-making model.
17.Weigh Decision Criteria - ANSWER Step 3 of the decision-making model.
18.Generate Alternatives - ANSWER Step 4 of the decision-making model.
19.Evaluate the Alternatives - ANSWER Step 5 of the decision-making model.
,20.Choose the Best Alternative - ANSWER Step 6 of the decision-making
model.
21.Implement the Decision - ANSWER Step 7 of the decision-making model.
22.Evaluate the Decision - ANSWER Step 8 of the decision-making model.
23.Decision Tree - ANSWER Tool that can be used to visualize important
aspects of a problem.
24.Project - ANSWER A strategic undertaking and not a regular operational
activity.
25.Network Diagram - ANSWER Identifiable set of project activities organized
in a logical method.
26.Successor - ANSWER Task that comes after the predecessor.
27.Predecessor - ANSWER Task that must be completed before the next step
can be started.
28.Optimistic Time - ANSWER The best case scenario, or minimum length of
time, to complete an activity.
29.Most Likely Time - ANSWER The duration of an activity given a normal level
of effort and performance under normal working conditions.
, 30.Critical Path - ANSWER The longest sequence of tasks in the network
diagram.
31.Pessimistic Time - ANSWER The worst case scenario, or maximum length of
time, to complete an activity.
32.Activity - ANSWER Unique unit of the project which can be described within
limits of time.
33.Linear Programming - ANSWER A mathematical technique that can be used
to identify the value of a variable for a given set of constraints.
34.Economic Order Quantity - ANSWER Amount of inventory a business should
order to minimize the total amount of inventory costs, including carrying,
ordering, and shortage costs.
35.Inventory - ANSWER Any goods held in stock for immediate or future use.
36.Feasible Region - ANSWER Area of the graph that satisfies all constraints.
37.Coefficient - ANSWER Multiplier of the variable, as in linear equations or
inequalities.
38.Constraint - ANSWER Restriction that limits the degree in which a company
can pursue its objective.
