C723 PRE-ASSESSMENT QUESTIONS & ANSWERS
A car stereo company is planning to introduce a new product into the market. It faces
stiff competition from two other organization with similar products. The company's
marketing manager has asked the production manager to perform a break-even
analysis using three different price points. The marketing manager will use the results to
set a price for the new product.Which type of method is a break-even analysis? -
Answer -Quantitative
Including an open-ended question on the intake form asking patients, "Please explain
why you selected this ER for treatment." Intake forms can be sorted into non-emergency
and emergency categories; the "non-emergency" responses can be analyzed to
determine reasons the hospital was selected. - Answer -Qualitative
Group brainstorming with the nurses and doctors in the hospital to see what ideas
people have for why so many people are suddenly coming to the ER for non-emergency
treatment. - Answer -Qualitative
Pulling the hospital's records for the last 10 years and sorting by medical codes to check
for similar patterns in past years. A regression model can be built using non-emergency
treatments as the dependent variable, and various independent variables can be tested,
such as population change and unemployment levels. - Answer -Quantitative
A local music store that hosts live music has been a very popular hangout for years.
However, the owner is concerned that the increasing popularity of new methods of
music delivery will soon make the business obsolete. The owner is considering building
a small recording studio in the basement of the store. The nearest professional studio is
50 miles away, so a new studio may appeal to local musicians and increase foot traffic.
The owner has all the costs of building the studio and also estimated how much
revenue might increase due to the new studio (from studio rental fees, increased food
and drink sales if more people come to the live music shows, etc.). The owner will use
this information to determine net present value for the studio.Which method of analysis
should this owner use to make a determination? - Answer -Quantitative
How should quantitative analysis improve subsequent decision making for a firm that
wants to determine whether its revenue has been increasing or decreasing for the past
10 years? - Answer -It will let the company determine the average revenue it made.
An employee working for the Highway Safety Department in Albany, New York has the
job to predict the automobile accidents in Albany for the next year. The employee
currently has monthly data on the following variables for the city of Albany: the number
of automobiles registered, the sales of alcoholic beverages, and the rainfall in inches.
How can this employee realistically predict the accidents in Albany for next year? -
Answer -Use a multiple regression equation using accident as the dependent variable
and others as independent variables
A car stereo company is planning to introduce a new product into the market. It faces
stiff competition from two other organization with similar products. The company's
marketing manager has asked the production manager to perform a break-even
analysis using three different price points. The marketing manager will use the results to
set a price for the new product.Which type of method is a break-even analysis? -
Answer -Quantitative
Including an open-ended question on the intake form asking patients, "Please explain
why you selected this ER for treatment." Intake forms can be sorted into non-emergency
and emergency categories; the "non-emergency" responses can be analyzed to
determine reasons the hospital was selected. - Answer -Qualitative
Group brainstorming with the nurses and doctors in the hospital to see what ideas
people have for why so many people are suddenly coming to the ER for non-emergency
treatment. - Answer -Qualitative
Pulling the hospital's records for the last 10 years and sorting by medical codes to check
for similar patterns in past years. A regression model can be built using non-emergency
treatments as the dependent variable, and various independent variables can be tested,
such as population change and unemployment levels. - Answer -Quantitative
A local music store that hosts live music has been a very popular hangout for years.
However, the owner is concerned that the increasing popularity of new methods of
music delivery will soon make the business obsolete. The owner is considering building
a small recording studio in the basement of the store. The nearest professional studio is
50 miles away, so a new studio may appeal to local musicians and increase foot traffic.
The owner has all the costs of building the studio and also estimated how much
revenue might increase due to the new studio (from studio rental fees, increased food
and drink sales if more people come to the live music shows, etc.). The owner will use
this information to determine net present value for the studio.Which method of analysis
should this owner use to make a determination? - Answer -Quantitative
How should quantitative analysis improve subsequent decision making for a firm that
wants to determine whether its revenue has been increasing or decreasing for the past
10 years? - Answer -It will let the company determine the average revenue it made.
An employee working for the Highway Safety Department in Albany, New York has the
job to predict the automobile accidents in Albany for the next year. The employee
currently has monthly data on the following variables for the city of Albany: the number
of automobiles registered, the sales of alcoholic beverages, and the rainfall in inches.
How can this employee realistically predict the accidents in Albany for next year? -
Answer -Use a multiple regression equation using accident as the dependent variable
and others as independent variables
