Statistics in Quantitative Methods Quiz

Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.

Methods to summarize and describe data, like mean and median.

Statistical methods for determining if an observed difference is real, or just by chance.

Examines relationships and associations between different variables.

Predicts values of a variable based on other variables.

Using graphs and charts to represent data.

Fixing errors like missing data, or outliers.

Using numbers and statistics to answer questions.

The process of arranging and presenting data in a way that highlights key information.

Identifying groups of customers with similar traits (demographics, behaviors, preferences).

Tracking changes in consumer behavior and market trends to predict future demands.

Estimating future demand for products/services to plan production and inventory.

Using data to determine optimal prices based on demand.

Evaluating company financial health using ratios (liquidity, solvency, profitability).

Quantifying and managing risks in investments and operations.

Analyzing and optimizing investments based on risk and return.

Identifying unusual patterns in financial data that signal potential fraud.

Monitoring manufacturing processes for consistent quality.

A process improvement methodology focusing on reducing defects.

Ensuring consistent product and service quality.

Assessing employee performance using metrics like ratings and productivity.

Gathering feedback from employees to improve workplace conditions.

Using statistical methods to evaluate job applicants and hire the best candidates.

Optimizing inventory levels to reduce costs and avoid shortages.

Analyzing supply chain data to identify inefficiencies and improve logistics.