Question

Why do we conduct sensitivity analysis?

a) To identify and manage potential biases in the study
b) To measure the hardness of the study materials
c) To test the participants' emotional responses
d) To determine the average age of the study population

Answer 1

Sensitivity analysis is carried out to identify and manage potential biases in a study, understand the impact of variables under certain assumptions, and assess the robustness of model results in the face of uncertainty.

Step-by-step explanation:

We conduct sensitivity analysis primarily to identify and manage potential biases in a study. It enables researchers to understand how different values of an independent variable affect a particular dependent variable under a given set of assumptions.

Sensitivity analysis is especially relevant when there is uncertainty about the correct value of inputs or when the input data is subject to change. It also helps in assessing the robustness of the results of a model or system in the face of uncertainty. For example, in business, a financial model might use sensitivity analysis to determine how changes in interest rates affect bond prices.

Contrary to options such as measuring the hardness of study materials or testing participants' emotional responses, sensitivity analysis deals with the numerical validation and fine-tuning of models.