Question 1

Which option represents the BEST order of activities in an investigation?&#10;A) Definition of audience; selection of method; data collection; analysis&#10;B) Selection of method; data collection; definition of audience; analysis&#10;C) Definition of audience; data collection; selection of method; analysis&#10;D) Data collection; analysis; selection of method; definition of audience

Accepted Answer

Defining the audience first helps tailor the investigation's focus and outcomes. Selecting the method next ensures appropriate data collection techniques are chosen based on the audience and investigation goals. Data collection followed by analysis is a logical sequence to conclude the investigation process effectively.

Question 2

Why is probability important?&#10;A) It helps set limits on our uncertainty&#10;B) It helps to convince managers that we know what we are doing&#10;C) It impresses potential investors&#10;D) It enables us to draw convincing diagrams

Accepted Answer

Probability is crucial because it helps quantify and set limits on our uncertainty, allowing for more informed decision-making in various fields such as finance, science, and engineering.

Question 3

When conducting an investigation, why is it important to conduct a pilot or trial survey?&#10;A) To test whether it is worth running a larger-scale survey&#10;B) In order to check the method of data collection&#10;C) To convince managers to fund the rest of the work&#10;D) To work out who is most likely to respond to a larger-scale survey

Accepted Answer

Conducting a pilot or trial survey is primarily important to check the method of data collection, ensuring that the questions are clear and the process is effective before scaling up.

Question 4

Fill in the gap&#8230;&#34;The use of probability allows us to calculate a likely ____ for company profits next year.&#34;&#10;A) Amount&#10;B) Range&#10;C) Limit&#10;D) Total

Accepted Answer

Probability calculations often result in a range of possible outcomes rather than a specific amount, limit, or total, making "range" the most appropriate choice for describing a likely outcome for company profits.

Question 5

Which of the following statements about surveys is FALSE?&#10;A) They may occur regularly or as a one-off&#10;B) Data from one survey may be repurposed for several purposes&#10;C) The may only ask questions of a small sub-group of the population&#10;D) Valid surveys should be complicated and expensive undertakings

Accepted Answer

Valid surveys do not necessarily have to be complicated and expensive undertakings. They can be designed to be straightforward and cost-effective, depending on the objectives and the methodology used.

Question 6

What does the term 'population' mean in relation to the Statistical Method?&#10;A) Everyone living in a particular country&#10;B) Everyone employed in the company of interest&#10;C) Everyone that is a member of the group of interest&#10;D) Everyone that agrees to respond to a survey

Accepted Answer

In the context of statistics, 'population' refers to the entire group of individuals or instances about whom we are interested in making conclusions. This group is defined by the characteristics that are relevant to the particular study or analysis, not necessarily by geographical or organizational boundaries.

Question 7

Why might managers find the use of the Statistical Method useful?&#10;A) It allows them to compare their performance against competitors&#10;B) It is the best way to present complex data&#10;C) It helps organise facts into useful data that can be acted upon&#10;D) It shows that they understand how the business works

Accepted Answer

Statistical methods help in organizing facts into coherent data, which can then be analyzed and acted upon, making it a useful tool for managers to make informed decisions.

Question 8

Which of these is NOT covered by Management Mathematics?&#10;A) Interest and depreciation&#10;B) Calculation of annual bonuses to senior staff&#10;C) Analysis of investment opportunities&#10;D) Profit maximisation strategies

Accepted Answer

Management Mathematics covers quantitative techniques and models to support management decision-making in areas such as finance, operations, and strategic planning. It includes topics like interest and depreciation (A), analysis of investment opportunities (C), and profit maximisation strategies (D). However, the calculation of annual bonuses to senior staff (B) is more related to human resources management and organizational policy rather than the quantitative or mathematical analysis typically associated with Management Mathematics.

Question 9

Why do researchers often make use of samples?&#10;A) They often make surveys cheaper and easier&#10;B) They generate better data&#10;C) The results are more accurate&#10;D) Managers are only interested in a few people's views

Accepted Answer

Researchers often use samples because it makes conducting surveys cheaper and easier, allowing for the collection of data from a subset of a population instead of needing to reach out to everyone, which can be costly and time-consuming.

Question 10

The Statistical Method helps managers bridge which information gap?&#10;A) Facts as they are recorded and information useful to managers&#10;B) Facts as they are recorded and information desired by investors&#10;C) Competitors' behaviour and potential strategies&#10;D) Company sales data and sales team bonuses

Accepted Answer

The Statistical Method helps managers bridge the gap between facts as they are recorded and information that is useful to them, by analyzing and interpreting data to make it meaningful for decision-making processes.

Deck 1: Introduction to Business Mathematics and Statistics