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The Quantitative Approach to Decision Making: Methods, Purpose & Benefits

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the main purpose of the quantitative approach to decision-making?

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1. Which of the following is a quantitative decision-making method?

2. Simulation models are often used for _____.

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About This Quiz & Worksheet

This brief quiz and worksheet will assess your understanding of the quantitative decision-making approach, including quantitative models. You'll need to identify true/false statements about these models, among other questions.

Quiz & Worksheet Goals

Here's what you'll be tested on:

  • Purpose of the quantitative approach to decision-making
  • Quantitative decision-making method example
  • Example of a simulation model
  • What is inserted as variables into an optimization model
  • Facts about quantitative models

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the purpose of the quantitative approach to decision-making
  • Critical thinking - apply relevant concepts to examine information about the outputs of quantitative models in a different light
  • Knowledge application - use your knowledge to answer questions about variables in an optimization model

Additional Learning

Be sure you check out the related lesson titled The Quantitative Approach to Decision Making: Methods, Purpose & Benefits. You'll learn about the following:

  • Main quantitative decision-making methods
  • Decision trees
  • Network analysis
  • Critical path analysis
  • Program evaluation and review technique (PERT)
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