QUANTITATIVE ANALYSIS FOR BUSINESS
EXAM -WGU C723 2024//2025
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
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.
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.
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