WGU C723 Quantitative Analysis for Business Final Exam (Latest 2023/ 2024) 100% Correct| Questions and Verified Answers

WGU C723 Quantitative Analysis for Business Final Exam (Latest 2023/ 2024) 100% Correct| Questions and Verified Answers Q: Under what circumstances could quantitative analysis be used successfully? a. When the situation is urgent and you need to complete the analysis quickly b. When the problem being analyzed can be numerically represented and valid and reliable data are available c. When there are many people involved in the problem in order to get lots of opinions d. When the problem being analyzed is clearly visible to the customers and clients Answer: b. When the problem being analyzed can be numerically represented and valid and reliable data are available Q: What is the correct order for the following steps? a. Weigh decision criteria, generate alternatives, and evaluate alternatives. b. Generate alternatives, evaluate alternatives, and weigh decision criteria. c. Evaluate alternatives, generate alternatives, and weigh decision criteria. Answer: a. Weigh decision criteria, generate alternatives, and evaluate alternatives. Q: Which of the following accurately describes quantitative analysis? a. Using various sampling techniques to analyze a phenomenon b. Using both objective and subjective information to get the most data c. Ensuring the use of valid, reliable, and objectively measurable data in order to understand a phenomenon d. Using only financial data to analyze a phenomenon Answer: c. Ensuring the use of valid, reliable, and objectively measurable data in order to understand a phenomenon Q: What would be the best reason for not wanting to use quantitative analysis? a. When the human resources officer will be one of the decision-makers for the problem being evaluated b. When the problem being evaluated has little financial impact, usually less than $1 million c. When no information system is involved in the process d. When the problem being evaluated lacks the presence of objective, valid, reliable, and measurable data to use for the analysis Answer: d. When the problem being evaluated lacks the presence of objective, valid, reliable, and measurable data to use for the analysis Q: What would be the best application of quantitative analysis for the situations below? a. A marketing director wants to determine the average household income of the company's key customers. b. A chef wants to determine the best method of food presentation for a new recipe for a very discerning customer. c. A professional photographer wants to determine the most romantic location to take pictures of a wedding entourage. d. A florist wants to determine the best arrangement for flowers for a very important client. Answer: a. A marketing director wants to determine the average household income of the company's key customers. Q: Which of the following are some primary influencing factors involving subjective reasoning on a topic? a. The latest data from the FBI b. Computer technology c. Business forecasts d. Upbringing and past employment Answer: d. Upbringing and past employment Q: When arguing using subjective reasoning, on which of the following will the argument most likely be based? a. Using diagrams to understand b. Eyewitness accounts c. A person's past personal experiences d. Credentials in field of expertise Answer: c. A person's past personal experiences Q: There are times when subjective reasoning are particularly appropriate for use. What are some indicators of when to use subjective reasoning? a. When financial metrics are the key concern b. When topic involves personal reflections of events c. When census data are readily available d. When topic involves legal issues Answer: b. When topic involves personal reflections of events Q: Like all approaches, subjective reasoning may have some inherent problems associated with it. What is one likely problem? a. Personal reflections are often fallible. b. It is very hard to compile subjective data. c. Subjective reasoning is a very hard skill to teach someone in the first place. d. It is very difficult to get people's opinions on many subjects. Answer: a. Personal reflections are often fallible. Q: 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? a. The critical path costs more to complete. b. Due to predecessors, the path that is the longest may have to start later than other tasks. c. The critical path contains the most important tasks. Answer: b.