Quiz on Quantitative Techniques

What is the primary purpose of data analytics in management?

• To generate raw data

• To create marketing strategies

• To support management decision-making

• To analyze employee performance

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

• Hiring a new receptionist

• Choosing a company logo

• Selecting office furniture

• Deciding on the best product mix to market

What type of information is essential for sound business decisions?

• High-quality, evidence-based information

• Information that is easy to understand

• Information that is expensive to obtain

• Information that is outdated

What is raw data?

• Processed information ready for analysis

• Data that is always accurate

• Unprocessed data from various sources

• Data that has been summarized

What is the role of statistics in management?

• To analyze and present data for decision-making

• To create marketing campaigns

• To collect data only

• To manage human resources

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

• Statistical modeling

• Inferential statistics

• Data mining

• Descriptive statistics

What is a random variable?

• A method of data collection

• A type of statistical model

• An attribute of interest on which data is collected

• A fixed value in a dataset

What is the difference between a population and a sample?

• A population is a subset of data

• A sample includes all data values

• A population is larger than a sample

• A sample is the entire dataset

Which of the following is an example of qualitative data?

• The age of employees

• The number of products sold

• The preferred brand of coffee

• The price of a product

What type of data is associated with whole numbers?

• Continuous data

• Discrete data

• Interval data

• Qualitative data