Quantitiative Analysis For Business Flashcards
How can data be categorized?
Subjective or objective
Subjective data
Non- measurable - collected through surveys and interviews - opinion based
Objective data
Measurable - collected through observation or testing
Steps in quantitative analysis
- Define problem
- Develop mathematical model
- Prepare and input data
- Find best solution
- Test solution
- Analyze results
- Implement solution
Mediating variable
Explains the relationship between the dependent and independent variables
What are scatter diagrams used for?
To graph pairs of numbers to determine a relationship
Forecasting
Presents a number of choices and the likelihood of occurrence
Does subjective questions use open or close ended questions?
Open
Statistics
Gathering, organizing, and interpreting of numerical data
Inferential statistics
Tries to reach conclusions, generalizations and estimations based on a smaller sample population
Descriptive statistics
Only concerned with observed data
Non-numeric data
A form of data that that in text and are not used in calculations
Why do decision makers use quantitative analysis?
To identify and quantify alternatives and consequences
At what point during the decision making process should quantitative analysis be used?
At the beginning before the decision is made
For business quantitative analysis, is it a fact that only important data to be analyzed is financial data?
No, because all forms of performance metrics are used for a quantitative analysis
I know Business is confronted with different types of numbers, representing a business process, how can quantitative analysis be used?
It can make sense of the various numbers using the best technique
And quantitative analysis difference is a numerical data are analyzed for what purpose?
To resolve reconciling, understand the reason behind the data differences
A Parent New America differences can be ignored in business analysis because they tend to work themselves, overtime, true or false?
False, because differences may be an indicator of a problem
True or false, the first step in seeing any difference in numeric values, is simply to subtract one from the other, to measure the level of significance?
False, because it is unlikely that simple subtraction will help understand the differences
True or false, and analyzing numeric differences averaging is the favor technique?
False, because there’s no one favorite technique over the other
If a researcher is performing quantitative analysis, a notice as a change in the data for a particular key performance indicator, what might this mean?
This is common in quantitative analysis and researchers look for trans as part of their analysis
Is the dependent variable on the X or Y variable?
Y
What is another term for the impacting variable?
Independent variable
Is the independent variable considered the X or Y variable?
X
What is another term for the independent variable?
Explanatory variable
Expected monetary value analysis
A specific quantitative analysis technique that utilizes mathematical calculations to determine the average of all potential alternatives being considered to solve a problem
When does the expected monetary value analysis work best?
When the decision alternatives can be clearly identified in the likelihood of occurrence, for each can be determined
Reorder point (ROP)
Determined by multiplying the daily demand for an inventory item by the lead time, the number of days between making an order, and receiving an order
ROP equation
(Daily demand x lead time) + safety stock
Work breakdown structure – WBS
Common tool used to help break down and manage a Projects deliverables and they’re supporting tasks
What are the benefits of using a WBS?
To demonstrate in a chart, the identification in their major deliverables of the project and each task that must be completed
Data distribution method
Calculation that uses a combination of three duration estimates based on experience or history
Beta distribution method equation
(Task (o) + 4(most timely estimate (m)) + pessimistic estimate (p)) / 6
Critical path method - CPM
An algorithm that is used to calculate the longest sequence of tasks that must be completed on time - determines which tasks are without any slack time and which tasks have extra time and can be delayed
Detailed project scheduling analysis
Mathematical equations to determine quantities, such as earliest finish time, latest, start time, expected activity, completion, time, and value of work completed
Gannt charts
Used to display tasks with duration and linkages to other activities in the project - can help with cost analysis and provide insight to wear additional cost may rise
True or false, project scheduling is the same as any other type of scheduling?
False, it is similar, but not the same
True or false, project scheduling is only possible by using project management software?
False, it can be easily handled using commonly available,, spreadsheet, software
True or false, project scheduling can be done before the cost estimates are complete?
True, it is not necessary to have the cost estimates done first
True or false, for project scheduling it is essential to use only one time estimate for computing each task time?
False, when there is known to be variation in the time estimate in the tasks and subtasks, the project manager to consider using a combination of three time estimates, the optimistic time, the pessimistic time, and the most likely time
True or false our project scheduling project house times are estimated first and then the sub task times are derived after that?
False, subtask times are calculated first, and then added up to create the time estimate for the task, overarching the subtasks
Dry falls for project scheduling each subtask me include more than one type of resource
True, each subtask me involves multiple types of labor
