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Quantitative Analysis For Business > Quantitiative Analysis For Business > Flashcards

Quantitiative Analysis For Business Flashcards

1
Q

How can data be categorized?

A

Subjective or objective

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2
Q

Subjective data

A

Non- measurable - collected through surveys and interviews - opinion based

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3
Q

Objective data

A

Measurable - collected through observation or testing

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4
Q

Steps in quantitative analysis

A
  1. Define problem
  2. Develop mathematical model
  3. Prepare and input data
  4. Find best solution
  5. Test solution
  6. Analyze results
  7. Implement solution
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5
Q

Mediating variable

A

Explains the relationship between the dependent and independent variables

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6
Q

What are scatter diagrams used for?

A

To graph pairs of numbers to determine a relationship

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7
Q

Forecasting

A

Presents a number of choices and the likelihood of occurrence

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8
Q

Does subjective questions use open or close ended questions?

A

Open

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9
Q

Statistics

A

Gathering, organizing, and interpreting of numerical data

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10
Q

Inferential statistics

A

Tries to reach conclusions, generalizations and estimations based on a smaller sample population

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11
Q

Descriptive statistics

A

Only concerned with observed data

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12
Q

Non-numeric data

A

A form of data that that in text and are not used in calculations

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13
Q

Why do decision makers use quantitative analysis?

A

To identify and quantify alternatives and consequences

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14
Q

At what point during the decision making process should quantitative analysis be used?

A

At the beginning before the decision is made

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15
Q

For business quantitative analysis, is it a fact that only important data to be analyzed is financial data?

A

No, because all forms of performance metrics are used for a quantitative analysis

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16
Q

I know Business is confronted with different types of numbers, representing a business process, how can quantitative analysis be used?

A

It can make sense of the various numbers using the best technique

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17
Q

And quantitative analysis difference is a numerical data are analyzed for what purpose?

A

To resolve reconciling, understand the reason behind the data differences

18
Q

A Parent New America differences can be ignored in business analysis because they tend to work themselves, overtime, true or false?

A

False, because differences may be an indicator of a problem

19
Q

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?

A

False, because it is unlikely that simple subtraction will help understand the differences

20
Q

True or false, and analyzing numeric differences averaging is the favor technique?

A

False, because there’s no one favorite technique over the other

21
Q

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?

A

This is common in quantitative analysis and researchers look for trans as part of their analysis

22
Q

Is the dependent variable on the X or Y variable?

A

Y

23
Q

What is another term for the impacting variable?

A

Independent variable

24
Q

Is the independent variable considered the X or Y variable?

A

X

25
Q

What is another term for the independent variable?

A

Explanatory variable

26
Q

Expected monetary value analysis

A

A specific quantitative analysis technique that utilizes mathematical calculations to determine the average of all potential alternatives being considered to solve a problem

27
Q

When does the expected monetary value analysis work best?

A

When the decision alternatives can be clearly identified in the likelihood of occurrence, for each can be determined

28
Q

Reorder point (ROP)

A

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

29
Q

ROP equation

A

(Daily demand x lead time) + safety stock

30
Q

Work breakdown structure – WBS

A

Common tool used to help break down and manage a Projects deliverables and they’re supporting tasks

31
Q

What are the benefits of using a WBS?

A

To demonstrate in a chart, the identification in their major deliverables of the project and each task that must be completed

32
Q

Data distribution method

A

Calculation that uses a combination of three duration estimates based on experience or history

33
Q

Beta distribution method equation

A

(Task (o) + 4(most timely estimate (m)) + pessimistic estimate (p)) / 6

34
Q

Critical path method - CPM

A

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

35
Q

Detailed project scheduling analysis

A

Mathematical equations to determine quantities, such as earliest finish time, latest, start time, expected activity, completion, time, and value of work completed

36
Q

Gannt charts

A

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

37
Q

True or false, project scheduling is the same as any other type of scheduling?

A

False, it is similar, but not the same

38
Q

True or false, project scheduling is only possible by using project management software?

A

False, it can be easily handled using commonly available,, spreadsheet, software

39
Q

True or false, project scheduling can be done before the cost estimates are complete?

A

True, it is not necessary to have the cost estimates done first

40
Q

True or false, for project scheduling it is essential to use only one time estimate for computing each task time?

A

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

41
Q

True or false our project scheduling project house times are estimated first and then the sub task times are derived after that?

A

False, subtask times are calculated first, and then added up to create the time estimate for the task, overarching the subtasks

42
Q

Dry falls for project scheduling each subtask me include more than one type of resource

A

True, each subtask me involves multiple types of labor

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