WGU C723 - QUANTITATIVE ANALYSIS
FOR BUSINESS CERTIFICATION SCRIPT
2026 QUESTIONS WITH SOLUTIONS
GRADED A+
◍ Joint Probability.
Answer: the probability of the intersection of two events
◍ stratification.
Answer: The process to make this separation in sampling. The uneven
distribution of uniqueness among participants in a group.
◍ Bounded region.
Answer: a region is bounded when the graph of a system of constraints is a
polygonal region
◍ Cyclical.
Answer: a pattern that tends to repeat itself every few years.
◍ Discrete data.
Answer: -Values are whole numbers (integers)-Usually counted, not
measured
◍ critical path.
Answer: The sequence of activities that determine the earliest date by which
the project can be completed.In a PERT network, the sequence of tasks that
takes the longest time to completeThe sequence of activities that represents
the longest path through a project determines the shortest possible duration.
◍ Conditional probability.
Answer: the probability of an event ( A ), given that another ( B ) has
already occurred. the probability that one event happens given that another
, event is already known to have happened.
◍ histogram.
Answer: a diagram consisting of rectangles whose area is proportional to the
frequency of a variable and whose width is equal to the class interval.
Shows frequency of occurrence in each category.
◍ independent variable.
Answer: independent variable is free to change in a given model.
◍ economic order quantity.
Answer: the optimum or least-cost quantity of stock to re-order taking into
account delivery costs and stock-holding costs
◍ systemic.
Answer: choosing every nth item in the population
◍ Primary data.
Answer: data that you have collected for your own use
◍ null hypothesis statement.
Answer: it is written to state that there is not a relationship between the
variables
◍ variance.
Answer: The measure of the distance between a specific data point and the
mean of the data set.The square of the standard deviation.(n.) - a difference
between what is expected and what actually occurs
◍ median.
Answer: the middle score in a distribution; half the scores are above it and
half are below it
◍ Continuous data.
Answer: -Can potentially take on any value, depending only on the ability to
measure accurately -Often measured, fractional values are possible
◍ relative frequency approach.
Answer: an objective way of determining probabilities based on observing
, frequencies over a number of trials
◍ EPQ (economic production quantity).
Answer: -For inventory that will be used in production-When incremental
ordering and depletion of inventory is allowed-Also called production order
quantity-Most appropriate for manufacturing and production companies
◍ Beta Distribution.
Answer: The beta distribution method uses three time estimates to estimate
task duration: pessimistic, optimistic, and most likely. The most likely time
estimate is weighted (or multiplied by 4) in the formula since this time
estimate is most likely to happen. This estimate, test, is calculated using a
weighted average of A (optimistic), M (most likely), and P (pessimistic) as
above using the following formula for each task.test=A+4M+P/6
◍ Objective Function.
Answer: The function being maximized or minimized in Linear
Programming
◍ SMART.
Answer: Specific, Measurable, Achievable, Realistic, and Timely
◍ surplus variable.
Answer: A variable subtracted from the left-hand side of a
greater-than-or-equal-to constraint to convert the constraint into an equality.
The value of this variable can usually be interpreted as the amount over and
above some required minimum level.
◍ Random.
Answer: Random trends are unpredictable trends in data. If there is a trend
that cannot be classified as trend, seasonal, or cyclical, then it is considered
random.
◍ Payoff Table.
Answer: A payoff table is similar to a decision tree but uses a table instead
of the graphical representation. A payoff table is best used when there is one
decision to be made and a decision tree is more likely to be used when there
FOR BUSINESS CERTIFICATION SCRIPT
2026 QUESTIONS WITH SOLUTIONS
GRADED A+
◍ Joint Probability.
Answer: the probability of the intersection of two events
◍ stratification.
Answer: The process to make this separation in sampling. The uneven
distribution of uniqueness among participants in a group.
◍ Bounded region.
Answer: a region is bounded when the graph of a system of constraints is a
polygonal region
◍ Cyclical.
Answer: a pattern that tends to repeat itself every few years.
◍ Discrete data.
Answer: -Values are whole numbers (integers)-Usually counted, not
measured
◍ critical path.
Answer: The sequence of activities that determine the earliest date by which
the project can be completed.In a PERT network, the sequence of tasks that
takes the longest time to completeThe sequence of activities that represents
the longest path through a project determines the shortest possible duration.
◍ Conditional probability.
Answer: the probability of an event ( A ), given that another ( B ) has
already occurred. the probability that one event happens given that another
, event is already known to have happened.
◍ histogram.
Answer: a diagram consisting of rectangles whose area is proportional to the
frequency of a variable and whose width is equal to the class interval.
Shows frequency of occurrence in each category.
◍ independent variable.
Answer: independent variable is free to change in a given model.
◍ economic order quantity.
Answer: the optimum or least-cost quantity of stock to re-order taking into
account delivery costs and stock-holding costs
◍ systemic.
Answer: choosing every nth item in the population
◍ Primary data.
Answer: data that you have collected for your own use
◍ null hypothesis statement.
Answer: it is written to state that there is not a relationship between the
variables
◍ variance.
Answer: The measure of the distance between a specific data point and the
mean of the data set.The square of the standard deviation.(n.) - a difference
between what is expected and what actually occurs
◍ median.
Answer: the middle score in a distribution; half the scores are above it and
half are below it
◍ Continuous data.
Answer: -Can potentially take on any value, depending only on the ability to
measure accurately -Often measured, fractional values are possible
◍ relative frequency approach.
Answer: an objective way of determining probabilities based on observing
, frequencies over a number of trials
◍ EPQ (economic production quantity).
Answer: -For inventory that will be used in production-When incremental
ordering and depletion of inventory is allowed-Also called production order
quantity-Most appropriate for manufacturing and production companies
◍ Beta Distribution.
Answer: The beta distribution method uses three time estimates to estimate
task duration: pessimistic, optimistic, and most likely. The most likely time
estimate is weighted (or multiplied by 4) in the formula since this time
estimate is most likely to happen. This estimate, test, is calculated using a
weighted average of A (optimistic), M (most likely), and P (pessimistic) as
above using the following formula for each task.test=A+4M+P/6
◍ Objective Function.
Answer: The function being maximized or minimized in Linear
Programming
◍ SMART.
Answer: Specific, Measurable, Achievable, Realistic, and Timely
◍ surplus variable.
Answer: A variable subtracted from the left-hand side of a
greater-than-or-equal-to constraint to convert the constraint into an equality.
The value of this variable can usually be interpreted as the amount over and
above some required minimum level.
◍ Random.
Answer: Random trends are unpredictable trends in data. If there is a trend
that cannot be classified as trend, seasonal, or cyclical, then it is considered
random.
◍ Payoff Table.
Answer: A payoff table is similar to a decision tree but uses a table instead
of the graphical representation. A payoff table is best used when there is one
decision to be made and a decision tree is more likely to be used when there
