C723 Quantitative Analysis for
Business Exam Questions and
Answers 100% Pass
Decision models - ANSWER-are used to identify a business problem and develop
alternative solutions.
Payoff tables - ANSWER-will quantify the costs and benefits of each solution
alternative.
Decision trees - ANSWER-will be used to identify the alternatives and
probabilities of occurrence.
Network analysis - ANSWER-refers to the network of activities required to
complete a business project.
Quantitative analysis - ANSWER-provides methods to analyze large or small
amounts of data to look for patterns, trends, and relationships.
Mathematical analysis - 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 - ANSWER-subjective or objective.
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,Subjective data - 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 - 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 - ANSWER-cost-benefit analysis, inventory
analysis, logistical analysis, and forecasting revenue.
quantitative analysis approach - 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 - ANSWER-p=$xq $X is the revenue earned per item sold, Q is the
quantity of items sold.
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, Company XYZ can use this equation to forecast its revenue if X remains constant
Steps in Quantitative Analysis - 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 - 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 - ANSWER-used to determine the cause of a
problem.
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Business Exam Questions and
Answers 100% Pass
Decision models - ANSWER-are used to identify a business problem and develop
alternative solutions.
Payoff tables - ANSWER-will quantify the costs and benefits of each solution
alternative.
Decision trees - ANSWER-will be used to identify the alternatives and
probabilities of occurrence.
Network analysis - ANSWER-refers to the network of activities required to
complete a business project.
Quantitative analysis - ANSWER-provides methods to analyze large or small
amounts of data to look for patterns, trends, and relationships.
Mathematical analysis - 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 - ANSWER-subjective or objective.
COPYRIGHT 2025 ALL RIGHTS RESERVED, TRUSTED AND VERIFIED 1
,Subjective data - 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 - 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 - ANSWER-cost-benefit analysis, inventory
analysis, logistical analysis, and forecasting revenue.
quantitative analysis approach - 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 - ANSWER-p=$xq $X is the revenue earned per item sold, Q is the
quantity of items sold.
COPYRIGHT 2025 ALL RIGHTS RESERVED, TRUSTED AND VERIFIED 2
, Company XYZ can use this equation to forecast its revenue if X remains constant
Steps in Quantitative Analysis - 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 - 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 - ANSWER-used to determine the cause of a
problem.
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