Wgu C723 Quantitative Analysis For Business, C723 Quantitative Analysis For Business (Pa), C723 Quantitative Analysis For Business All Versions Exam Questions And Answers 2025/2026 Updates|Latest 2025/2026 Release|Graded A+|Sure To Pass|.

1. appropriate and useful quantitative analysis ensures the use of ___________ data to understand a business situation - ANSWER valid and measurable 2. when is QA most useful? - ANSWER when the problem being evaluated can be represented by discrete data that are valid, objective, and reliable 3. under what circumstances could QA be used successfully? - ANSWER when then problem being analyzed can be numerically represented and valid and reliable data are available 4. which of the following accurately describes QA? - ANSWER ensuring the use of valid, reliable, and objectively measurable data in order to understand a phenomena 5. what would be the best reason for not wanting to use QA? - ANSWER when the problem being evaluated lacks the presence of objective, valid, and measurable data to use for the analysis 6. what would be the best application of QA for the situations below? - ANSWER a marketing director wants to determine the average household income of the company's key customers 2 7. your company has been asked to build a playground for an elementary school. the project must be completed before the first day of school. which of the following steps would increase the likelihood of finishing the project on time? - ANSWER have the most experienced workers complete the tasks on the critical path 8. the critical path denotes the longest time to complete any path that is part of the project. why might the critical path be the longest? - ANSWER due to predecessors, the path that is the longest may have to start later than other tasks 9. you contract to have your house built, the first thing you do is hire an architect to design the building to specifications. After that, there are series of jobs with various time commitments associated. They include ordering materials, laying foundation, constructing the house, selecting the siding, selecting the interior, and finishing the work. Each step takes a different amount of time. Without determining the critical path, what are the elements that possibly make up the critical path? - ANSWER the various jobs that are involved in constructing the house 10. if a task is delayed, but it does not lie on the critical path, will the total time of project completion be extended? - ANSWER maybe 11. does a critical path have to have a slack (time) equal to zero - ANSWER yes 12. in the critical path method (CPM) of project management, the soonest time that a specific task can begin is known as the _____. After the time is noted, then the _____ time can be calculated by adding on the task duration - ANSWER earliest start; earliest finish 3 13. forward pass - ANSWER the first pass in calculating the total duration of the individual tasks in a project, moves from left to right 14. backward pass - ANSWER finds the latest start and finish times/dates for the project, moves from right to left 15. how is the latest start time calculated? - ANSWER subtract the task duration from the latest finish 16. what is the early start time of the first activity in a network diagram? - ANSWER 1 17. which of the following statements is true regarding slack time in a project? - ANSWER any task on the critical path cannot be delayed without delaying the entire project 18. cost slope calculation - ANSWER crash cost - normal cost / normal duration - crash duration 19. a company is looking to expand production of its paper products. It contacts its current raw material supplier and checks to see if they can deliver 25% more raw material on a monthly basis. In order to accommodate the increased inventory of raw materials, the company will need to expand its storage facility. The budget to increase the storage facility is $50K and will take 3 weeks to accomplish. Based on the above scenario, what should the manager do first? - ANSWER determine if the supplier can deliver the increased raw materials and if they cannot, find out whether there is another legal source for the raw material 4 20. what is the key advantage of using the beta distribution technique to estimate task times? - ANSWER it allows you to calculate project duration 21. a project manager (PM) held discussions with a subject matter expert (SME) about the durations for a particular task. The SME said the task was usually completed in about 32 working days. The PM then asked the SME about the fastest and slowest times the SME could recall for the task. The SME said the worst time for a similar task was 45 days. What is the expected time in days using the beta distribution technique? - ANSWER 32.5 days 22. the critical path method (CPM) is a method for doing project planning. Before beginning with the analysis, what must be known about each task? - ANSWER the estimated time duration 23. in defining a cause and effect relationship, the variable that drives some change in another variable is called what? - ANSWER independent variable 24. in defining a cause and effect relationship, the variable that is changed as a result of the action of some other variable is called what? - ANSWER dependent variable 25. if there is a linear relationship between variables, we can say they are correlated. Determining that variable are correlated is very important; however, to draw specific conclusions about the cause and effect relationship will take additional advanced analytical techniques to further test the relationship in order to exclude other contributory factors that could have caused the change. 5 26. When we have established a positive relationship between two variables, what can we conclude? - ANSWER there is an association between the variables but not proof that a change in one causes a change in the other 27. in determining relationships between cause and effect, what doe sit mean if one variable increases as the other variable also increases? - ANSWER that there is a positive correlation between the variables 28. in studying cause and effect relationships, what can we say when there is a positive relationship between the variables? - ANSWER when the independent variable increases, the dependent variable will increase at a proportionate rate 29. using the qualified closed-ended questions will then help ensure that the actual responses from the universe of respondents will be credible and consistent. How is this possible? - ANSWER the questions and responses can be qualified or validated by the researcher beforehand 30. the advantage of using mathematical techniques in research and QA are many. Among the key advantages are the following: Using numbers for research increases the level of _____ by more clearly defining the phenomena being evaluated. By using numbers, one also _____ the amount of ambiguity of the topic being evaluated. Finally, using numbers in researches serves to better _____ the extent, breadth, and nature of the phenomena being evaluated - ANSWER objectivity; reduces; quantify 6 31. statistics is a key methodology behind QA is a very robust and complex field. Statistics seeks to collect, analyze and _____ data. A key advantage in using statistics derives from the fact that it can draw conclusions about a _____ based on a smaller _____ which is representative of the whole. - ANSWER interpret; population; sample 32. An example of QA is collecting the narrative experiences of people who were affected by the evacuation of New Orleans during Hurricane Katrina - ANSWER false 33. an example of cause and effect is seen when after 6 months of Fred never brushing his teeth, he now has 3 cavities - ANSWER true 34. when would a business forecast tend to be most accurate? - ANSWER the time nearest the period under study 35. surveys are one method of data collection and are always done face to face - ANSWER false 36. there are many forms of research and analysis considered in one of two general categories, quantitative and qualitative, both of which use mathematics to some degree. QA uses mathematics and statistics for _____ factors, such as means and variation of the data - ANSWER measuring 37. which method would be used for the following? 38. a researcher wants to measure effectiveness of high blood pressure medicine - ANSWER quantitative 7 39. results of literature book reviews would be based on _____ - ANSWER subjective analysis 40. why do decision makers use QA? - ANSWER to identify and quantify alternatives and consequences