30 Questions
What is the purpose of a focus group?
To have an open discussion with participants
Which method involves gathering open-ended information by observing objects or phenomena?
Observation
What type of data not only classifies and orders the measurements, but also specifies the exact differences between the values?
Interval data
Which type of study assigns subjects to different treatments for studying changes in output responses?
Experiment Study
What type of data can be measured and expressed in numerical terms?
Quantitative Data
What method is used to collect information from a group of people by employing printed questionnaires mailed to large samples?
Interview
What type of data reflects a number obtained by counting and typically involves integers?
Ratio data
What is the classification of data that involves measurements like height, weight, volume, and length?
Quantitative Data
Which type of data involves naming or identifying things without assigning them to a rank?
Qualitative Data
What is the potential problem in acquiring accounting data due to the sensitivity of the information?
Data duplication
What property of data indicates that the validity of results depends on the validity of the input data?
Data accuracy
What step follows after collecting quantitative data according to the provided text?
Data analysis
What is a common method of manipulating model variables to determine a practical solution?
Solving equations
What does Sensitivity Analysis allow quantitative analysts to do?
Answer 'what-if' questions
Why might quantitative analysts face roadblocks in developing a solution?
Hard to understand mathematics
How can one offset the limitation of QA models providing only one solution to a problem?
By creating alternative scenarios
What is the first step in planning and conducting surveys according to the text?
Determine the goal of your survey
In quantitative analysis, what is the purpose of 'Analyzing Data'?
To reveal relationships and patterns
What does EV = P (X) represent in quantitative analysis?
Expected value of an event
Which type of data involves a combination of numbers and letters?
Alphanumeric data
What is the purpose of quantitative analysis in decision-making?
To find the best alternative based on evaluation
Which part of an organization is responsible for using quantitative analysis for decision-making?
Decision-makers
What does 'Garbage In, Process, Garbage Out' refer to in the context of quantitative analysis?
Quality of raw data impacts the output quality
What is the type of data represented by graphics, shapes, and figures?
Image data
What is involved in applying the minimax regret strategy?
Subtracting each alternative from the highest column value and selecting the minimum regret.
What is qualitative data concerned with?
Attributes and properties that cannot actually be measured.
Which step comes after developing a model in the Quantitative Analysis Approach?
Acquiring input data
What kind of relationship does ordinal data involve among the variable's observations?
Order or scale relationship
What type of data is observable in terms of smell, appearance, taste, feel, texture, gender, nationality, and more?
Qualitative data
In the context of developing a model, what are potential pitfalls that can be encountered?
Conflicting viewpoints
Test your knowledge on different methods of collecting qualitative data including focus groups, observations, and interviews. Learn about nominal data and the key characteristics of each approach.
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