unit 1 Quant. Analy. Methods Flashcards
Steps in quantitative analysis
- define problem
- develop mathematical model
- prepare and input data
- Find best solution
- test solution
- analyze results
- implement solutions
Independent variable
The factor that causes change to the dependent factor.
Dependent variable
When the movements of the dependent factor is driven by the movement of the independent factor
Quantitative analysis
Using objective data: Decision tree Network diagram Linear regression Linear programming Break even analysis Simulation T-test Objective( more numbers, exactness)
Qualitative analysis
Using subjective data: Surveys Brainstorming Rankings Subjective judgement (More subjective: opinions, more works based)
Responsive variable
Dependent variable
Explanatory Variable
Independent variable
Negative correlation
correlation that occurs when one variable increases and the other variable decreases
Positive correlation
correlation that occurs when one variable increases and the other variable increases too.
trendline
line that shows the general direction of the relationship of points overtime
forecasting
Method or process used to make short range decisions where the actual outcomes have not yet occurred.
Descriptive Statistics
the analysis of data to reach conclusions, generalizations and estimations based on a small sample of population
inferential statistics
The analysis of data to reach conclusions, generalizations, and estimations based on a small sample of the population.
moderating variable
Variable that changes the effect of independent variable on the dependent variable
mediating variable
variable that explains the relationship between the independent and dependent variables
