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QMB3302 Practice What is the purpose of conducting a literature review in business research? ️️ A literature review summarizes existing knowledge on a topic, identifying gaps and providing context for the research question. How does the concept of "statistical significance" impact deci...

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  • October 30, 2024
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  • 2024/2025
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QMB3302 Practice

What is the purpose of conducting a literature review in business research?



✔️✔️ A literature review summarizes existing knowledge on a topic, identifying gaps and providing
context for the research question.



How does the concept of "statistical significance" impact decision-making?



✔️✔️ Statistical significance indicates whether observed results are likely due to chance, helping
businesses determine if findings warrant action.



What is a "P-value," and how is it interpreted in hypothesis testing?



✔️✔️ A P-value measures the strength of evidence against the null hypothesis, with lower values
indicating stronger evidence to reject it.



Explain the importance of controlling for confounding variables in research.



✔️✔️ Controlling for confounding variables ensures that the relationship between the independent
and dependent variables is not distorted by other factors.



What does it mean to "operationalize" a variable in research?



✔️✔️ Operationalizing a variable involves defining it in measurable terms, allowing for accurate data
collection and analysis.



How can scatter plots be used in data analysis?

,✔️✔️ Scatter plots visually represent the relationship between two quantitative variables, helping
identify trends, correlations, or outliers.



What is a "break-even analysis," and how is it useful for businesses?



✔️✔️ Break-even analysis determines the point at which total revenue equals total costs, helping
businesses understand when they will start making a profit.



Describe the role of qualitative interviews in business research.



✔️✔️ Qualitative interviews provide in-depth insights into participants' perspectives, allowing
researchers to explore complex topics and gather detailed information.



What is the purpose of using a Likert scale in surveys?



✔️✔️ A Likert scale measures attitudes or opinions by asking respondents to rate their agreement on
a scale, providing quantifiable data on subjective experiences.



How does "regression analysis" help in forecasting future trends?



✔️✔️ Regression analysis identifies relationships between variables, allowing businesses to use
historical data to predict future outcomes and trends.



What is a "field study," and how does it differ from a laboratory study?



✔️✔️ A field study observes subjects in their natural environment, while a laboratory study is
conducted in a controlled setting, each providing different insights.



Explain the concept of "data triangulation" in research.

, ✔️✔️ Data triangulation involves using multiple data sources or methods to enhance the validity and
reliability of research findings.



What is the role of a "control variable" in an experimental design?



✔️✔️ A control variable is kept constant to eliminate its influence on the dependent variable, ensuring
that any observed effects are due to the independent variable.



How can a SWOT analysis assist in strategic decision-making?



✔️✔️ A SWOT analysis helps organizations identify internal strengths and weaknesses, as well as
external opportunities and threats, guiding strategic planning.



What does "data normalization" achieve in statistical analysis?



✔️✔️ Data normalization adjusts values to a common scale, ensuring comparability and reducing
biases in analysis.



How is a "funnel analysis" used in marketing?



✔️✔️ Funnel analysis tracks the customer journey through different stages, identifying where
potential customers drop off and optimizing conversion strategies.



What is "cross-tabulation," and how does it benefit data analysis?



✔️✔️ Cross-tabulation summarizes relationships between categorical variables, allowing for detailed
comparison and insight into data patterns.



Which of the following is a common use case for the random forest algorithm in machine learning?
✔️✔️The random forest algorithm is a powerful and widely used machine learning algorithm that can
be used for various tasks.

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