Question 1

Why is probability important?

Accepted Answer

A)  It helps set limits on our uncertainty 
B)  It helps to convince managers that we know what we are doing 
C)  It impresses potential investors 
D)  It enables us to draw convincing diagrams 
A)  It helps set limits on our uncertainty 
B)  It helps to convince managers that we know what we are doing 
C)  It impresses potential investors 
D)  It enables us to draw convincing diagrams A

Question 2

Which of the following statements about surveys is FALSE?

Accepted Answer

A)  They may occur regularly or as a one-off 
B)  Data from one survey may be repurposed for several purposes 
C)  The may only ask questions of a small sub-group of the population 
D)  Valid surveys should be complicated and expensive undertakings 
A)  They may occur regularly or as a one-off 
B)  Data from one survey may be repurposed for several purposes 
C)  The may only ask questions of a small sub-group of the population 
D)  Valid surveys should be complicated and expensive undertakings D

Question 3

The Statistical Method helps managers bridge which information gap?

Accepted Answer

A)  Facts as they are recorded and information useful to managers 
B)  Facts as they are recorded and information desired by investors 
C)  Competitors' behaviour and potential strategies 
D)  Company sales data and sales team bonuses 
A)  Facts as they are recorded and information useful to managers 
B)  Facts as they are recorded and information desired by investors 
C)  Competitors' behaviour and potential strategies 
D)  Company sales data and sales team bonuses A

Question 4

Which option represents the BEST order of activities in an investigation?

Accepted Answer

A)  Definition of audience; selection of method; data collection; analysis 
B)  Selection of method; data collection; definition of audience; analysis 
C)  Definition of audience; data collection; selection of method; analysis 
D)  Data collection; analysis; selection of method; definition of audience 
A)  Definition of audience; selection of method; data collection; analysis 
B)  Selection of method; data collection; definition of audience; analysis 
C)  Definition of audience; data collection; selection of method; analysis 
D)  Data collection; analysis; selection of method; definition of audience

Question 5

When conducting an investigation, why is it important to conduct a pilot or trial survey?

Accepted Answer

A)  To test whether it is worth running a larger-scale survey 
B)  In order to check the method of data collection 
C)  To convince managers to fund the rest of the work 
D)  To work out who is most likely to respond to a larger-scale survey 
A)  To test whether it is worth running a larger-scale survey 
B)  In order to check the method of data collection 
C)  To convince managers to fund the rest of the work 
D)  To work out who is most likely to respond to a larger-scale survey

Question 6

Fill in the gap…"The use of probability allows us to calculate a likely ____ for company profits next year."

Accepted Answer

A)  Amount 
B)  Range 
C)  Limit 
D)  Total 
A)  Amount 
B)  Range 
C)  Limit 
D)  Total

Question 7

Why do researchers often make use of samples?

Accepted Answer

A)  They often make surveys cheaper and easier 
B)  They generate better data 
C)  The results are more accurate 
D)  Managers are only interested in a few people's views 
A)  They often make surveys cheaper and easier 
B)  They generate better data 
C)  The results are more accurate 
D)  Managers are only interested in a few people's views

Question 8

Which of these is NOT covered by Management Mathematics?

Accepted Answer

A)  Interest and depreciation 
B)  Calculation of annual bonuses to senior staff 
C)  Analysis of investment opportunities 
D)  Profit maximisation strategies 
A)  Interest and depreciation 
B)  Calculation of annual bonuses to senior staff 
C)  Analysis of investment opportunities 
D)  Profit maximisation strategies

Question 9

Why might managers find the use of the Statistical Method useful?

Accepted Answer

A)  It allows them to compare their performance against competitors 
B)  It is the best way to present complex data 
C)  It helps organise facts into useful data that can be acted upon 
D)  It shows that they understand how the business works 
A)  It allows them to compare their performance against competitors 
B)  It is the best way to present complex data 
C)  It helps organise facts into useful data that can be acted upon 
D)  It shows that they understand how the business works

Question 10

What does the term 'population' mean in relation to the Statistical Method?

Accepted Answer

A)  Everyone living in a particular country 
B)  Everyone employed in the company of interest 
C)  Everyone that is a member of the group of interest 
D)  Everyone that agrees to respond to a survey 
A)  Everyone living in a particular country 
B)  Everyone employed in the company of interest 
C)  Everyone that is a member of the group of interest 
D)  Everyone that agrees to respond to a survey

Exam 1: Introduction to Business Mathematics and Statistics

Why is probability important?

Which of the following statements about surveys is FALSE?

The Statistical Method helps managers bridge which information gap?

Which option represents the BEST order of activities in an investigation?

When conducting an investigation, why is it important to conduct a pilot or trial survey?

Fill in the gap…"The use of probability allows us to calculate a likely ____ for company profits next year."

Why do researchers often make use of samples?

Which of these is NOT covered by Management Mathematics?

Why might managers find the use of the Statistical Method useful?

What does the term 'population' mean in relation to the Statistical Method?

Sampling and Data Collection

Data and Their Accuracy

Frequency Distributions and Charts

General Charts and Graphs

Arithmetic Mean

Median

Mode and Other Measures of Location

Measures of Dispersion and Skewness

Standard Deviation

Quantiles and the Quartile Deviation

Linear Functions and Graphs

Regression Techniques

Correlation Techniques

Time Series Model

Time Series Trend

Seasonal Variation and Forecasting

Index Relatives

Composite Index Numbers

Special Published Indices

Interest and Depreciation

Present Value and Investment Appraisal

Annuities

Functions and Graphs

Linear Equations

Quadratic and Cubic Equations

Differentiation and Integration

Cost, Revenue and Profit Functions

Set Theory and Enumeration

Introduction to Probability

Conditional Probability and Expectation

Combinations and Permutations

Binomial and Poisson Distributions

Normal Distribution

Linear Inequalities

Matrices

Inventory Control

Network Planning and Analysis

Filters