quantitative analysis

Question 1

the act of selecting a preferred course of action among alternatives

Answer 1

quantitative analysis

Question 2

scientific approach to managerial decision making where raw data is processed and manipulated to produce meaningful information

Answer 2

quantitative analysis

Question 3

which is true?

• raw data > quantitative analysis > meaningful information
• quantitative analysis > raw data > meaningful information
• raw data > meaningful information > quantitative analysis

Answer 3

raw data > quantitative analysis > meaningful information

Question 4

what are the types of data?

Answer 4

• alphanumeric
• text
• image
• audio

Question 5

a type of data that is a combination of numbers and letters

Answer 5

alphanumeric

Question 6

a type of data that are sentences and paragraphs

Answer 6

text

Question 7

a type of data that includes graphics, shapes, figures, etc

Answer 7

image

Question 8

a type of data that includes human voice, etc

Answer 8

audio

Question 9

what are the 5 decision environments?

Answer 9

• applying the maximax strategy
• applying the maximin strategy
• applying the laplace strategy
• applying the hurwicz strategy with a as coefficient of realism
• applying the minimax regret strategy

Question 10

this decision environment involves looking at the best that could happen for each possible course of action and choosing the action with the largest value

Answer 10

applying the maximax strategy

Question 11

also known as the “maximum of the maximums” or “best of the best”

Answer 11

applying the maximax strategy

Question 12

this decision environment involves looking at the worst that could happen for each possible course of action and choosing the action with the largest value

Answer 12

applying the maximin strategy

Question 13

also known as the “maximum of the minimums” or “best of the worst”

Answer 13

applying the maximin strategy

Question 14

this decision environment involves calculating the average of each alternatives and choosing the alternative with the largest average

Answer 14

applying the laplace strategy

Question 15

this decision environment involves multiplying the best outcome with the value a and multiplying the worst outcome with 1-a, then adding the two results together

Answer 15

hurwicz strategy with a as coefficient of realism

Question 16

this decision environment involves calculating the opportunistic loss (regret) of each alternative

Answer 16

applying the minimax regret strategy

Question 17

what are the 6 approaches to quantitative analysis?

Answer 17

• defining the problem
• developing a model
• acquiring input data
• developing a solution
• testing the solution
• analyzing the result
• implementing the results

Question 18

what are the possible problems in defining the problem

Answer 18

• conflicting viewpoints
• impacts on other depts
• beginning assumptions
• outdated solutions

Question 19

what are the types of models?

Answer 19

• iconic
• analog
• mathematical

Question 20

what are the possible problems in developing a model?

Answer 20

• fitting the textbook model
• understanding the model

Question 21

what are the types of data?

Answer 21

• qualitative data
• quantitative data

Question 22

a type of data that is about attributes and properties; can’t be measured; observable like smell, appearance, gender, etc

Answer 22

qualitative data

Question 23

what are the kinds of qualitative data?

Answer 23

• nominal data
• ordinal data

Question 24

this kind of qualitative data involves identifying a thing without assigning it to an implicit or natural value

Answer 24

nominal data

Question 25

this kind of qualitative data involves the kind of order or scale relationship among the variable's observations

Answer 25

ordinal data

Question 26

what are the methods of collecting qualitative data?

Answer 26

- form group - observation - interview - archival materials

Question 27

it is an open discussion group of about 6-8 participants led by a moderator

Answer 27

form group

Question 28

it is the process of gathering open-minded, firsthand information by observing an object or a phenomenon.

Answer 28

observation

Question 29

it is a discussion between 2 or more people by respondents either face-to-face or by telephone

Answer 29

interview

Question 30

a method of collecting qualitative data that involves materials such as newspapers

Answer 30

archival materials

Question 31

a type of data that can be measured and expressed in numerical terms

Answer 31

quantitative data

Question 32

what are the kinds of quantitative data?

Answer 32

- discrete data - continuous data

Question 33

a kind of quantitative data that reflects a number obtained by counting

Answer 33

discrete data

Question 34

a kind of quantitative data that can be divided and reduced to finer and finer levels

Answer 34

continuous data

Question 35

what are the classifications of quantitative data?

Answer 35

- interval data - ratio data

Question 36

a classification of quantitative data that specifies the exact differences between the values

Answer 36

interval data

Question 37

a classification of quantitative data that tells the exact value between units and also have an absolute zero

Answer 37

ratio data

Question 38

what are the methods of collecting quantitative data?

Answer 38

- survey - observational study - experiment study - observations and interviews

Question 39

it is used to collect information from a group of people by employing printed questionnaires mailed to large samples

Answer 39

survey

Question 40

a study that assigns subjects to various treatments for studying the reasons for changes in the output response

Answer 40

experiment study

Question 41

a study that collects data in a way that does not directly interfere with how the data arise

Answer 41

observational study

Question 42

what are the possible problems in acquiring an input data?

Answer 42

- using accounting data - validity of data

Question 43

this step requires manipulation of model variables to determine the solution that is practical and can be implemented

Answer 43

develop a solution

Question 44

manipulation can be done by?

Answer 44

- solving equations - trial and error - complete enumerations - using an algorithm

Question 45

it involves examining of collected information that reveals the relationships, patterns, trends, etc. that can be found along with it

Answer 45

analyzing data

Question 46

it allows a series of "what-if" questions to be answered for it to determine possible changes in the various parameters of the original problem

Answer 46

sensitivity analysis

Question 47

what are the two potential roadblocks that quantitative analysis face in developing a solution?

Answer 47

- hard to understand mathematics - only one answer is limiting

Question 48

what are the steps in planning and conducting surveys?

Answer 48

- determine the goal of your survey - identify the sample population - choose methods to use to collect valuable information with the survey - decide what questions to ask in what order, and how to phrase them - conduct the interview and collect the information - analyze the results by making graphs and drawing conclusions

Question 49

what are the methods used to collect information?

Answer 49

- meeting the respondents in person - contacting the respondents through the telephone - conducting surveys through completing a survey on paper and mail it back - conducting online surveys

Question 50

what are the steps needed for planning and conducting an experiment?

Answer 50

- experiment idea - experiment planning - experiment operation - analysis and interpretation - present and package

Question 51

it is the factor that causes a change in the dependent variable

Answer 51

independent variables

Question 52

it is also known as experimental factors, controllable factors

Answer 52

independent variables

Question 53

it is what we hope to change through the experiment. this is the "effect" in the cause and effect relationship

Answer 53

dependent variables

Question 54

it is also known as classification factors, uncontrollable factors

Answer 54

dependent variables

Question 55

this is used when each person or object upon which the treatment is applied assigned to a treatment completely at random

Answer 55

completely randomized design

Question 56

this is used when each person or object upon which the treatment is applied are paired up and each of the pair is assigned to a different treatment

Answer 56

matched-pair design

Question 57

this is when each person or object upon which the treatment is applied are divided into homogenous groups called blocks

Answer 57

randomized block design

Question 58

it occurs when causal relationship between the variables being studied can be determined.

Answer 58

internal validity

Question 59

it occurs when conclusions can be generalized to other people

Answer 59

external validity

Question 60

it demonstrates the assessment is actually measuring the quality of an instrument or experimental design

Answer 60

construct validity

Question 61

it occurs when a relationship of some kind between the two variables being examined can be found

Answer 61

conclusion validity

Question 62

it is concerned with preparing the subjects as well as the material needed

Answer 62

preparation

Question 63

it is concerned with ensuring that the experiment is conducted according to the plan and design of the experiment

Answer 63

execution

Question 64

it is concerned with ensuring that the actual collected data is correct and provide a valid picture of the experiment

Answer 64

data validation

Question 65

provides information about the properties of the produced data and allow readers to understand important things about it from a single glance

Answer 65

descriptive statistics

Question 66

allows us to estimate how likely it is that our results were produced by chance rather than a genuine experimental effect

Answer 66

hypothesis testing