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Quantitative Methods Exam Reviewer

A modern classroom setting with students engaged in learning about probability and statistics, featuring charts and graphs on a whiteboard.

Quantitative Methods Exam Review

Welcome to the Quantitative Methods Exam Reviewer! Test your knowledge on key concepts such as probability, events, and statistical techniques. This quiz is designed to help students and professionals strengthen their understanding of quantitative methods and prepare for exams.

Multiple choice questions
Focus on essential quantitative concepts
Ideal for students, educators, and professionals

13 Questions3 MinutesCreated by CalculatingStar732

Used to describe the phenomenon of chance or randomness of events to occur.

Probability

Preventability

Stability

Possibility

O Probabilities sometimes are subjective aka ______________ or ____________and is based on past experience and judgment of the person to determine whether a specific outcome is likely to occur.

Theoretical or classical probability

Empirical or experimental probability

Can be used to help in determining subjective probabilities for possible election returns and potential political candidates.

Opinion polls

Experience and judgment

Delphi method

Relate back to upbringing as well as other events the person has witnessed throughout his life.

Opinion polls

Experience and judgment

Delphi method

A panel of experts is assembled to make their predictions of the future.

Opinion polls

Experience and judgment

Delphi method

Other times probabilities are objectively aka ______________or ___________based on examining past data and using logical and mathematical equations involving the data to determine the likelihood of an independent event occurring.

Theoretical or classical probability

Empirical or experimental probability

A manufacturer inspects 50 computer monitors and finds that 45 have no defects. What is the probability that a monitor chose at random has no defects?

90%

60%

20%

The probability that A or B will occur is the sum of the probability of each event.

Mutually Exclusive

Not Mutually Exclusive

Independent Event

The probability that A or B will occur is the sum of the probabilities of the two (2) events minus the probability that both will occur.

Mutually Exclusive

Not Mutually Exclusive

Two events are independent if the occurrence or nonoccurrence of one of the events does not affect the likelihood that the other event will occur.

Independent Event

Dependent Event

Two events are dependent if the occurrence of one event does affect the likelihood that the other event will occur.

Independent Event

Dependent Event

Is a counting technique which refers to the arrangement (or ordering) of a set of objects, from first to last, where the order in which the objects are selected does matter.

Permutation

Combination

Is a selection of objects from a collection in any order as oppose to permutations which deal with the ordered arrangements of objects.

Permutation

Combination

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