Quantitative Analysis Practice Test

Quantitative analysis is a mathematical approach to represent a given reality in terms of a numerical value. This is done to make predictions, evaluate risks and rewards (as in finance), and for many other purposes. Statistical models, research and measurement are tools used in quantitative analysis.

Are you studying for exams in a quantitative analysis class? This is a practice test to help you gauge your level of preparedness. Find out if you've studied enough. Good luck.

Created by: Kevin Harlan
  1. In analyzing a problem, you should normally study
  2. Quantitative analysis is
  3. Frederick Winslow Taylor
  4. An input (such as variable cost per unit or fixed cost) for a model is an example of
  5. The point at which the total revenue equals total cost(meaning zero profit) is called the
  6. Quantitative analysis is typically associated with the use of
  7. Sensitivity analysis is most often associated with which step of the quantitative analysis approach?
  8. A deterministic model is one in which
  9. The term algorithm
  10. An analysis to determine how much a solution would change if there were changes in the model or the input data is called
  11. Decision variables are
  12. If only one event may occur on any one trial, then the events are said to be
  13. New probabilities that have been found using Bayes' theorem are called
  14. A measure of central tendency is
  15. To compute the variance, you need to know the
  16. The square root of the variance is the
  17. Which of the following is an example of a discrete distribution?
  18. The total area under the curve for any continuous distribution must equal
  19. Probabilities for all the possible values of a discrete random variable
  20. In a standard normal distribution, the mean is equal to
  21. The probability of two or more independent events occurring is the
  22. In a normal distribution, 95.45% of the population lies within
  23. If a normal distribution has a mean of 200 and a standard deviation of 10, 99.7% of the population falls within what range of values?
  24. If two events are mutually exclusive, then the probability of the intersection of these two events will equal
  25. If P(A) = 0.4 and P(B)= 0.5 and P(A and B)= 0.2 then P(B/A) =
  26. If P(A) = 0.4 and P(B) = 0.5 and P(A and B) = 0.2, then P(A or B) =
  27. In decision theory terminology, a course of action or a strategy that may be chosen by a decision maker is called
  28. In decision theory, probabilities are associated with
  29. If probabilities are available to the decision maker, then the decision-making environment is called
  30. Which of the following is a decision-making criterion that is used for decision making under risk?
  31. The minimum expected opportunity loss
  32. In using the criterion of realism (Hurwicz criterion), the coefficient of realism
  33. The most that a person should pay for perfect information is
  34. The minimum EOL criterion will always result in the same decision as
  35. A decision tree is preferable to a decision table when
  36. Bayes' theorem is used to revise probabilities. The new (revised) probabilities are called
  37. On a decision tree, at each state-of-nature node,
  38. The EVSI
  39. The efficiency of sample information
  40. On a decision tree, once the tree has been drawn and the payoffs and probabilities have been placed on the tree, the analysis (computing EMVs and selecting the best alternative)
  41. In assessing utility values,
  42. If rational person selects an alternative that does not maximize the EMV, we would expect that this alternative

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