The use and interpretation of quantitative business data to support, inform, and justify business decisions:

• What is quantitative business data used for?

  Supporting business decisions
• Match the type of analysis with the corresponding data type:

  Quantitative Data ↔️ Analyzed statistically

  Qualitative Data ↔️ Analyzed thematically
• Arrange the types of quantitative data in order based on their primary focus:

  1️⃣ Financial Data

  2️⃣ Operational Data

  3️⃣ Market Data
• Customer lifetime value (CLTV) is a key metric in market data.
• Market reports provide insights into competitor activities and consumer behavior.
• Internal data may be incomplete or biased.
• What are the three main types of quantitative data in business?

  Financial, operational, market
• What are the key metrics for operational data?

  Production volumes, inventory levels
• Match the type of data with its purpose:

  Financial Data ↔️ Assessing financial health

  Operational Data ↔️ Optimizing internal processes

  Market Data ↔️ Understanding customer behavior
• Surveys are a method for collecting quantitative data that can reach a large sample
• What does correlation analysis measure?

  Relationship between two variables
• What could a business use regression analysis to model?

  Advertising spend and sales revenue
• Regression analysis develops a mathematical model for forecasting
• Quantitative business data includes financial, operational, and market data
• Qualitative data provides a more objective basis for decision-making than quantitative data.

  False
• What are examples of financial data in business?

  Sales revenue, profits, costs
• Net profit margin is a key metric in financial data.

  True
• Match the type of quantitative data with its key purpose:

  Financial Data ↔️ Assessing financial health and profitability

  Operational Data ↔️ Optimizing internal processes and efficiency

  Market Data ↔️ Understanding market demand and customer behavior
• Government publications are typically free or low-cost sources of unbiased data.


  True
• Government publications may lack specific industry detail.


  True
• Key metrics for financial data include sales revenue, net profit margin, and return on investment
• Customer lifetime value (CLTV) is a key metric for market data.
• What are examples of internal data in business?

  Sales, costs, production
• Market reports offer comprehensive analysis but can be expensive.


  True
• Match the data collection method with its advantage:

  1️⃣ Surveys

  2️⃣ Targeted data collection

  3️⃣ Transactional Data

  4️⃣ Readily available internal data

  5️⃣ Observation

  6️⃣ Unbiased data collection
• Regression analysis develops a mathematical model for forecasting
• Descriptive statistics summarize the key characteristics of a dataset
• Hypothesis testing determines whether there is statistically significant evidence to support a claim.


  True
• Qualitative data is numerical information that can be measured and analyzed.

  False
• Quantitative data is measurable, while qualitative data is not directly measurable
• Quantitative business data includes financial, operational, and market data
• Financial data is used to assess the financial health and profitability of a business.


  True
• Internal data provides a direct view of business operations but may be biased.


  True
• Arrange the following methods for collecting quantitative data in order of increasing complexity:

  1️⃣ Surveys

  2️⃣ Experiments

  3️⃣ Data mining
• Industry associations may promote industry agendas in their data.


  True
• Surveys have the disadvantage of potential respondent bias.


  True
• The choice of data collection method depends on specific information needs and available resources
• What is the primary use of regression analysis in business?

  Forecasting and trend analysis
• What are examples of internal sources of quantitative data?

  Financial records, operational data
• What is a key benefit of using data-driven decisions in business?

  Improves efficiency and profitability