Quiz on Quantitative Techniques

What is the primary purpose of data analytics in management?

• To support management decision-making

• To analyze employee performance

• To generate random variables

• To collect raw data

Which of the following is an example of a management decision that data analytics can assist with?

• Choosing a company logo

• Selecting a marketing strategy

• Determining employee work hours

• Deciding on product pricing

What type of information is essential for sound business decisions?

• Anecdotal evidence

• High-quality, evidence-based information

• Personal opinions

• Outdated statistics

What is raw data?

• Summarized data

• Processed information

• Data that has been analyzed

• Unprocessed data from various sources

What is the role of statistics in management?

• To collect data

• To analyze and present data for decision-making

• To create marketing strategies

• To manage human resources

Which statistical method is used to generalize sample findings to a broader population?

• Statistical modeling

• Data collection

• Inferential statistics

• Descriptive statistics

What is a random variable?

• A type of statistical model

• An attribute of interest on which data is collected

• A fixed value

• A method of data analysis

What is a population in statistical terms?

• A collection of random variables

• A sample of data

• All possible data values for a random variable

• A single data point

What is the difference between qualitative and quantitative random variables?

• Qualitative variables are categorical; quantitative are numeric

• Qualitative variables are numeric; quantitative are categorical

• There is no difference

• Qualitative variables are always discrete; quantitative are continuous

Which of the following is an example of nominal data?

• Employee age

• Gender of a consumer

• Height of a person

• Income level