Quantitative Methods

Question 1

A scientific approach to managerial decision making to produce meaningful information.

Answer 1

Quantitative Analysis

Question 2

A combination of numbers and letters.

Answer 2

Alphanumeric

Question 3

Composed of sentences and paragraphs used in written communication.

Answer 3

Text

Question 4

Graphics, shapes, figures etc.

Answer 4

Image

Question 5

Human voice and other sounds.

Answer 5

Audio

Question 6

Involves looking at the best that could happen for each possible course of action and then choosing/selecting the action with the largest value.

Answer 6

Maximax (best of the best)

Question 7

Involves looking at the worst that could happen for each possible course of action and then choosing/selecting the action with the largest value.

Answer 7

Maximin (best of the worst)

Question 8

Involves calculating the average of each alternative and then choosing/selecting the alternative with the largest average.

Answer 8

Laplace

Question 9

Involves multiplying the best outcome in the row by the given value of α, multiplying the worst outcome in the row by 1-α, and adding the two results together.

Answer 9

Hurwicz

Question 10

Involves computing an opportunistic loss of each alternative by simply subtracting the entry from that of the highest column value and selecting the maximum regret value of each row. Finally, determine the decision by choosing the minimum/lowest regret.

Answer 10

Minimax

Question 11

Potential Pitfalls

Answer 11

Fitting the Textbook Model

Understanding the Model

Question 12

Types of Model

Answer 12

Iconic Model, Analog Model, and Mathematical Model

Question 13

It is about attributes and properties; information that can’t actually be measured.

Answer 13

Qualitative Data

Question 14

Involves naming/identifying a thing without assigning it to an implicit or natural value or rank.

Answer 14

Nominal Data

Question 15

Involves some kind of order or scale relationship among the variable’s observations.

Answer 15

Ordinal Data

Question 16

An open discussion group of about 6-8 participants led by a neutral moderator or facilitator.

Answer 16

Focus Group

Question 17

The process of gathering open-minded, firsthand information by observing an object or a phenomenon in a certain way.

Answer 17

Observation

Question 18

A purposeful discussion between two or more people by asking questions directly from respondents, either face-to-face or by telephone.

Answer 18

Interview

Question 19

Involves materials such as newspapers.

Answer 19

Archival Materials

Question 20

A data which not only classifies and orders the measurements, but also specifies the exact differences between the values.

Answer 20

Interval Data

Question 21

Tells the exact value between units and also have an absolute zero.

Answer 21

Ratio Data

Question 22

Used to collect/gather information from a group of people by employing printed questionnaires mailed to large samples, through it can also be done through the telephone.

Answer 22

Survey

Question 23

The data that can be measured and expressed in numerical terms.

Answer 23

Quantitative Data

Question 24

It reflects a number obtained by counting.

Answer 24

Discrete Data

Question 25

It could be divided and reduced to finer and finer levels.

Answer 25

Continuous Data

Question 26

It deliberately assigns subjects to various treatments for studying the reasons for changes in the output response(s).

Answer 26

Experiment Study

Question 27

It collects data in a way that does not directly interfere with how the data arise, i.e. merely "observe".

Answer 27

Observational Study

Question 28

Is usually sensitive data such as cash flows and turnovers, hence, it is not open for public research.

Answer 28

Accounting Data

Question 29

We tend to manipulate data according to our own purposes to make it look "good and clean". Yet, the validity of results rest on the validity of the input data.

Answer 29

Validity of Data

Question 30

Can be done by solving equations, trial and error, complete enumeration, and using and algorithm.

Answer 30

Manipulation

Question 31

Involves examining the collected information in ways that reveal the relationships, patterns, trends, etc. that can be found within it.

Answer 31

Analyzing Data

Question 32

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

Answer 32

Sensitivity Analysis

Question 33

Record specific questions or problems that you are trying to explain or solve in an experiment using the language of cause and effect relationship.

Answer 33

Experiment Idea

Question 34

This includes personnel and the environment, for example, whether the experiment is run in a university environment with students or in an industrial setting.

Answer 34

Experiment Planning

Question 35

The factor that causes a change in the dependent variable.

Answer 35

Independent Variables

Question 36

What we hope to change through the experiment.

Answer 36

Dependent Variables

Question 37

When each person or object upon which the treatment is applied is assigned to a treatment completely at random.

Answer 37

Completely Randomized Design

Question 38

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

Answer 38

Matched-pair Design

Question 39

Used when the person or object upon which the treatment is applied are divided into homogeneous groups called blocks.

Answer 39

Randomized Block Design

Question 40

Occurs when casual relationship between the variables being studied can be determined.

Answer 40

Internal Validity

Question 41

Occurs when conclusions can be generalized to other people, times and contexts.

Answer 41

External Validity

Question 42

Demonstrates that the assessment is actually measuring the quality of an instrument or experimental design.

Answer 42

Construct ValidityO

Question 43

Occurs when a relationship of some kind between the two variables being examined can be found.

Answer 43

Conclusion Validity

Question 44

It is concerned with preparing the subjects as well as the material needed.

Answer 44

Preparation

Question 45

It is concerned with ensuring that the experiment is conducted according to the plan and design of the experiment, which includes data collection.

Answer 45

Execution

Question 46

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

Answer 46

Data Validation

Question 47

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

Answer 47

Descriptive Statistics

Question 48

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

Answer 48

Hypothesis Testing

Question 49

This includes primarily documentation of the results, which can be made either through a research paper for publication, a lab package for replication purposes, or as part of a company's experience base.

Answer 49

Presentation and Package