Response the following:
1 The primary purpose of quantitative analysis should be to gain a greater understanding of the problem, not to automate decision making.
True
False
2 Managers do not need to be familiar with the limitations, assumptions, and/ or specific applicability of the quantitative analysis technique to use it for accurate decision making.
True
False
3 The quantitative analysis approach always results in a single solution.
True
False
4 The expected value of a probability distribution is
a the measure of the spread of the distribution.
b the variance of the distribution.
c the average value of the distribution.
d the probability density function.
e the range of continuous values from point A to point B, inclusive.
5 The expected value of a binomial distribution is expressed as np where n equals the number of trials and p equals the probability of success of any individual trial.
True
False