WGU C723 Quantitative Analysis For Business Questions and Answers Best rated A+ Guaranteed Success Latest Update

WGU C723 Quantitative Analysis For
Business
Describe how quantitative analysis is used in business decision-making. - CORRECT
ANSWER-It uses math and statistics to make business decisions and evaluate business
problems, strategies, and investments.

Identify business problems that can be solved using quantitative analysis methods. -
CORRECT ANSWER-Cost-benefit analysis, inventory analysis, and forecasting
revenue.

Identify business problems that can be solved using qualitative analysis methods. -
CORRECT ANSWER-Qualitative analysis is used for case studies to find out in detail
how people feel or think.

Define quantitative analysis, including its business purpose. - CORRECT ANSWER-
Provides methods to analyze large or small amounts of data to look for patterns, trends,
and relationships. Mathematical analysis can help managers make strategic decisions
and find statistically supported solutions to business questions.

Differentiate between qualitative and quantitative analysis methods. - CORRECT
ANSWER-Quantitate analysis utilizes the numeric values for mathematical calculations.
QuaLitative data are non-numeric. Non-numeric data often take the form of personal
opinions, indicating likes or dislikes. Although they are not used in quantitative analysis,
non-numeric data can still play a critical role in decision-making for a business.


Steps in Quantitative Analysis - CORRECT 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.

ROP - CORRECT ANSWER-reorder point

lead time - CORRECT ANSWER-time interval between ordering and receiving the order

The beta distribution method - CORRECT ANSWER-Te=(o+4m+p)/6