PRELIMS_QUANTITATIVE

What is the main purpose of quantitative analysis?

• To make decisions based on emotions

• To process raw data into meaningful information

• To rely only on intuition for decision-making

• To analyze only qualitative data

Which of the following is not a type of data?

• Alphanumeric

• Text

• Rational

• Audio

What is the maximax strategy?

• Choosing the best of the worst outcomes

• Choosing the best of the best possible outcomes

• Choosing the smallest regret value

• Choosing the average of each alternative

Which decision-making strategy selects the best of the worst outcomes?

• Maximax

• Maximin

• Laplace

• Hurwicz

What does the Laplace strategy involve?

• Selecting the decision with the lowest regret

• Choosing the decision with the highest expected value

• Calculating the average value of each alternative

• Multiplying best and worst outcomes by a coefficient

What is the formula for Expected Value (EV)?

• EV = P(X)

• EV = X - P

• EV = P + X

• EV = X/P

What is an example of qualitative data?

• Temperature readings

• Customer satisfaction ratings (Excellent, Good, Poor)

• Employee salary figures

• Exam scores

Which of the following is an example of discrete quantitative data?

• Height of students

• Number of books in a library

• Weight of a bag of rice

• Length of a bridge

Which type of quantitative data allows for absolute zero?

• Ordinal

• Nominal

• Ratio

• Interval

In the minimax regret strategy, what is computed?

• Maximum possible regret for each decision

• Average value of each decision

• The best of the best outcomes

• The difference between probabilities