Data Analysis Types

Question 1

Alternatives Analysis

Answer 1

Used to select best option among alternatives

Question 2

Cost-Benefit Analysis

Answer 2

Financial analysis tool used to estimate strengths and weaknesses of alternatives

Question 3

Earned Value Analysis

Answer 3

Provides an integrated perspective on scope, schedule, and cost performance

Question 4

Root Cause Analysis

Answer 4

Focused on identifying the main reasons of a problem

Question 5

Trend Analysis

Answer 5

Used to forecast future performance based on past results.

Warns of future problems if established trends continue

Question 6

Variance Analysis

Answer 6

Reviews the differences between planned and actual performance to determine cause and degree of variance.
Allows for preventative/corrective actions to be initiated

Question 7

Regression Analysis

Answer 7

Examining set of input variables in relation to their corresponding output results in order to develop a mathematical or statistical relationship

Question 8

Make or Buy Analysis

Answer 8

Gathering data about product requirements and assessing them against alternatives for a solution

Question 9

Multicriteria Decision Analysis

Answer 9

This technique utilizes a decision matrix to provide a systematic analytical approach for establishing criteria, such as risk levels, uncertainty, and valuation, to evaluate and rank many ideas.

Question 10

Checklist Analysis

Answer 10

Technique for systematically reviewing materials using a list for accuracy and completeness.