Quantitative Methods Flashcards
A scientific approach to managerial decision making to produce meaningful information.
Quantitative Analysis
A combination of numbers and letters.
Alphanumeric
Composed of sentences and paragraphs used in written communication.
Text
Graphics, shapes, figures etc.
Image
Human voice and other sounds.
Audio
Involves looking at the best that could happen for each possible course of action and then choosing/selecting the action with the largest value.
Maximax (best of the best)
Involves looking at the worst that could happen for each possible course of action and then choosing/selecting the action with the largest value.
Maximin (best of the worst)
Involves calculating the average of each alternative and then choosing/selecting the alternative with the largest average.
Laplace
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.
Hurwicz
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.
Minimax
Potential Pitfalls
Fitting the Textbook Model
Understanding the Model
Types of Model
Iconic Model, Analog Model, and Mathematical Model
It is about attributes and properties; information that can’t actually be measured.
Qualitative Data
Involves naming/identifying a thing without assigning it to an implicit or natural value or rank.
Nominal Data
Involves some kind of order or scale relationship among the variable’s observations.
Ordinal Data
An open discussion group of about 6-8 participants led by a neutral moderator or facilitator.
Focus Group
The process of gathering open-minded, firsthand information by observing an object or a phenomenon in a certain way.
Observation
A purposeful discussion between two or more people by asking questions directly from respondents, either face-to-face or by telephone.
Interview
Involves materials such as newspapers.
Archival Materials
A data which not only classifies and orders the measurements, but also specifies the exact differences between the values.
Interval Data
Tells the exact value between units and also have an absolute zero.
Ratio Data
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.
Survey
The data that can be measured and expressed in numerical terms.
Quantitative Data
It reflects a number obtained by counting.
Discrete Data
It could be divided and reduced to finer and finer levels.
Continuous Data
It deliberately assigns subjects to various treatments for studying the reasons for changes in the output response(s).
Experiment Study
It collects data in a way that does not directly interfere with how the data arise, i.e. merely “observe”.
Observational Study
Is usually sensitive data such as cash flows and turnovers, hence, it is not open for public research.
Accounting Data
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.
Validity of Data
Can be done by solving equations, trial and error, complete enumeration, and using and algorithm.
Manipulation
Involves examining the collected information in ways that reveal the relationships, patterns, trends, etc. that can be found within it.
Analyzing Data
Allows a series of “what-if” questions to be answered for it determine possible changes in the various parameters of the original problem.
Sensitivity Analysis
Record specific questions or problems that you are trying to explain or solve in an experiment using the language of cause and effect relationship.
Experiment Idea
This includes personnel and the environment, for example, whether the experiment is run in a university environment with students or in an industrial setting.
Experiment Planning
The factor that causes a change in the dependent variable.
Independent Variables
What we hope to change through the experiment.
Dependent Variables
When each person or object upon which the treatment is applied is assigned to a treatment completely at random.
Completely Randomized Design
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.
Matched-pair Design
Used when the person or object upon which the treatment is applied are divided into homogeneous groups called blocks.
Randomized Block Design
Occurs when casual relationship between the variables being studied can be determined.
Internal Validity
Occurs when conclusions can be generalized to other people, times and contexts.
External Validity
Demonstrates that the assessment is actually measuring the quality of an instrument or experimental design.
Construct ValidityO
Occurs when a relationship of some kind between the two variables being examined can be found.
Conclusion Validity
It is concerned with preparing the subjects as well as the material needed.
Preparation
It is concerned with ensuring that the experiment is conducted according to the plan and design of the experiment, which includes data collection.
Execution
It is concerned with ensuring that the actual collected data is correct and provide a valid picture of the experiment.
Data Validation
Provides information about the properties of the produced data and allow readers to understand important things about it from a single glance.
Descriptive Statistics
Allows us to estimate how likely it is that our results were produced by chance rather than genuine experimental effect.
Hypothesis Testing
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.
Presentation and Package
