Quantitative Analysis For Management Chapter 15 Certification Evaluation Test Complete Questions And Correct Answers

QUANTITATIVE ANALYSIS FOR MANAGEMENT
CHAPTER 15 CERTIFICATION EVALUATION TEST
COMPLETE QUESTIONS AND CORRECT
ANSWERS

◉ The successful use of quantitative techniques usually results in a
____..
Answer: Solution


◉ Define Quantitative Analysis.
Answer: the scientific approach to managerial decision making in
which raw data are processed and manipulated to produce
meaningful information.


◉ Raw data -> Quantitative Analysis -> ______.
Answer: Meaningful information


◉ Quantitative factors are data that can be ____.
Answer: accurately calculated and displayed with numerical values.


◉ Are Quantitative or Qualitative factors easier to quantify?.
Answer: Quantitative.

,Qualitative is more subjective.


◉ Define Descriptive Analytics.
Answer: The study and consolidation of historical data


◉ Define Predictive Analytics.
Answer: Forecasting future outcomes based on patterns in the past
data


◉ Define Prescriptive Analytics.
Answer: The use of optimization methods


◉ What is the first step in the Quantitative Analysis approach?.
Answer: Defining the problem


◉ What step in the quantitative analysis approach follows "Defining
the problem"?.
Answer: Developing a model


◉ What step in the quantitative analysis approach follows
"Developing a model"?.
Answer: Acquiring input data

, ◉ What step in the quantitative analysis approach follows "Acquiring
input data"?.
Answer: Developing a solution


◉ What step in the quantitative analysis approach follows
"Developing a solution"?.
Answer: Testing the solution


◉ What step in the quantitative analysis approach follows "Testing
the solution"?.
Answer: Either
"Developing a model"
OR
"Analyzing the Results"


◉ What step in the quantitative analysis approach follows
"Analyzing the Results"?.
Answer: Either
"Developing a model"
OR
"Implementing the Results"?