C723 Quantitative Analysis For Business
(WGU) with 100% correct answers 2025
update
Define quantitative analysis, including its business purpose. - Correct AnswerProvides
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
AnswerQuantitate 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.
Describe how quantitative analysis is used in business decision-making. - Correct
AnswerIt 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 AnswerCost-benefit analysis, inventory analysis, and forecasting revenue.
Identify business problems that can be solved using qualitative analysis methods. -
Correct AnswerQualitative analysis is used for case studies to find out in detail how
people feel or think.
Steps in Quantitative Analysis - Correct Answer1. 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 Answerreorder point
lead time - Correct Answertime interval between ordering and receiving the order
The beta distribution method - Correct AnswerTe=(o+4m+p)/6
(WGU) with 100% correct answers 2025
update
Define quantitative analysis, including its business purpose. - Correct AnswerProvides
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
AnswerQuantitate 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.
Describe how quantitative analysis is used in business decision-making. - Correct
AnswerIt 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 AnswerCost-benefit analysis, inventory analysis, and forecasting revenue.
Identify business problems that can be solved using qualitative analysis methods. -
Correct AnswerQualitative analysis is used for case studies to find out in detail how
people feel or think.
Steps in Quantitative Analysis - Correct Answer1. 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 Answerreorder point
lead time - Correct Answertime interval between ordering and receiving the order
The beta distribution method - Correct AnswerTe=(o+4m+p)/6
