WGU C723 (Quantitative Analysis for
COMPLETE QUESTIONS WITH VERIFIED
CORRECT ANSWERS || 100% GUARANTEED
Linear Equation
Type of equation when the slope between any two points is constant
Coefficients are the numbers in front of a variable, while constants stand alone.
Mean
Average
- add all numbers , divide by total of numbers added ie 2+2+2+2=8 8/4=2
Median
Middle
-arrange numbers smallest to largest, which number is in the middle, if even add the two
numbers and divide by 2
Mode
Most
-which number occurs most often
Standard Deviation Steps
1. Calculate the mean of the data set
2. Calculate each variable (x) minus the mean. (x-x̄) (ie.subtract the mean from each value of the
data set)
3. Square each value left over (square numbers from step 2)
4. Add them all together (add all the squares from step 3)
5. Divide by n-1 (for a sample; if it's population, just divide by n)
6. Take the square root
,Bar Graphs
-Used for qualitative data
(qualities)
-graph showing the frequency of occurrence in each category for qualitative data
Histograms
-used by quantitative data
(numbers)
-graph showing the frequency of occurrence in each category for quantitative data
Time Series Analysis
-Generally involves trend, cycle, seasonal, and random factor analyses
-resulting set of data points taken over a specific interval
Scatter Plot
-typically quantitative data
-0 correlations =random blobs
-positive correlation: bottom left to top right, can easily draw trend line
-negative correlation: top left to bottom right
-graph used to compare two variables to determine if there is a possible relationship between
them
Cyclical Trend
A pattern that tends to repeat itself every few years and is observed over a long period of tine
Population
entire set of data being evaluated
Pie Chart
Graph showing the percentage of occurrence in each category for qualitative data
Probability
Mathematical statement about the likelihood of an event occurring
Sample
Subset of the population
Trend
,General upward or downward movement of data over a relatively long period of time
Random Trend
Unpredictable trend in data
Nonlinear Equation
An equation where the solution set does not form a straight line when it is plotted on a
coordinate graph.
Uncertainty
A non-quantifiable value because the future events are not predictable
Decision Point
A point where one of several alternatives can be selected
-very specific, the decision maker has the exactly right information and has followed the
decision making techniques, resulting in the final step of making a decision
-ie: the company can build small, medium, or large"
-a manufacturing firm is considering buying a larg or small plant
State of Nature
A possible outcome on a decision tree that would be out of the decision maker's control
- applied to an outcome, the probability represents the likelihood that an outcome will occur
-ie: "there is a 70% chance an expansion will cost the economy during upswing"
Risk
Known possibility measured by its probability of occurrence
Expected Monetary Value
Method used for decision making when the risks involved in a decision situation have several
states of nature and the likelihood, or probability, of each state is known
Payoff Table
Similar to a decision tree except that is uses a table instead of a graphical representation of data
Decision Tree
Tool that can be used to visualize important aspects of a problem
The expected payoff
, A calculated value, using a decision alternative's value and multiplying it by the probability will
result in the expected pay off
-ie constructing a large factory in an expanding economy will likely realize a million profit in 3
years
-building a large factory in an expanding economy situation, the company estimates that is will
realize a profit of 4.5 million in the first year
Decision Making Steps
1. Identifying the problem
2. Establish decision criteria
3. Weigh the decision criteria
4. Generate Alternatives
5. Evaluate the alternatives
6. Choose the best alternative
7. Implement the decision
8. Evaluate the decision
Decision Making: Step 1
Identify the problem
-focus on the problem not the symptoms, all parties agree to the problem statement
Decision Making: Step 2
Establish decision Criteria
-clearly state what is necessary to solve the problem, the requirements to meet
Decision Making: Step 3
Weigh the decision criteria
-need to equal 100%
Decision Making: Step 4
Generate Alternatives
-the list of choices your evaluating
Decision Making: Step 5
Evaluate the alternatives
-Rank the criteria for each alternative
Decision Making: Step 6
COMPLETE QUESTIONS WITH VERIFIED
CORRECT ANSWERS || 100% GUARANTEED
Linear Equation
Type of equation when the slope between any two points is constant
Coefficients are the numbers in front of a variable, while constants stand alone.
Mean
Average
- add all numbers , divide by total of numbers added ie 2+2+2+2=8 8/4=2
Median
Middle
-arrange numbers smallest to largest, which number is in the middle, if even add the two
numbers and divide by 2
Mode
Most
-which number occurs most often
Standard Deviation Steps
1. Calculate the mean of the data set
2. Calculate each variable (x) minus the mean. (x-x̄) (ie.subtract the mean from each value of the
data set)
3. Square each value left over (square numbers from step 2)
4. Add them all together (add all the squares from step 3)
5. Divide by n-1 (for a sample; if it's population, just divide by n)
6. Take the square root
,Bar Graphs
-Used for qualitative data
(qualities)
-graph showing the frequency of occurrence in each category for qualitative data
Histograms
-used by quantitative data
(numbers)
-graph showing the frequency of occurrence in each category for quantitative data
Time Series Analysis
-Generally involves trend, cycle, seasonal, and random factor analyses
-resulting set of data points taken over a specific interval
Scatter Plot
-typically quantitative data
-0 correlations =random blobs
-positive correlation: bottom left to top right, can easily draw trend line
-negative correlation: top left to bottom right
-graph used to compare two variables to determine if there is a possible relationship between
them
Cyclical Trend
A pattern that tends to repeat itself every few years and is observed over a long period of tine
Population
entire set of data being evaluated
Pie Chart
Graph showing the percentage of occurrence in each category for qualitative data
Probability
Mathematical statement about the likelihood of an event occurring
Sample
Subset of the population
Trend
,General upward or downward movement of data over a relatively long period of time
Random Trend
Unpredictable trend in data
Nonlinear Equation
An equation where the solution set does not form a straight line when it is plotted on a
coordinate graph.
Uncertainty
A non-quantifiable value because the future events are not predictable
Decision Point
A point where one of several alternatives can be selected
-very specific, the decision maker has the exactly right information and has followed the
decision making techniques, resulting in the final step of making a decision
-ie: the company can build small, medium, or large"
-a manufacturing firm is considering buying a larg or small plant
State of Nature
A possible outcome on a decision tree that would be out of the decision maker's control
- applied to an outcome, the probability represents the likelihood that an outcome will occur
-ie: "there is a 70% chance an expansion will cost the economy during upswing"
Risk
Known possibility measured by its probability of occurrence
Expected Monetary Value
Method used for decision making when the risks involved in a decision situation have several
states of nature and the likelihood, or probability, of each state is known
Payoff Table
Similar to a decision tree except that is uses a table instead of a graphical representation of data
Decision Tree
Tool that can be used to visualize important aspects of a problem
The expected payoff
, A calculated value, using a decision alternative's value and multiplying it by the probability will
result in the expected pay off
-ie constructing a large factory in an expanding economy will likely realize a million profit in 3
years
-building a large factory in an expanding economy situation, the company estimates that is will
realize a profit of 4.5 million in the first year
Decision Making Steps
1. Identifying the problem
2. Establish decision criteria
3. Weigh the decision criteria
4. Generate Alternatives
5. Evaluate the alternatives
6. Choose the best alternative
7. Implement the decision
8. Evaluate the decision
Decision Making: Step 1
Identify the problem
-focus on the problem not the symptoms, all parties agree to the problem statement
Decision Making: Step 2
Establish decision Criteria
-clearly state what is necessary to solve the problem, the requirements to meet
Decision Making: Step 3
Weigh the decision criteria
-need to equal 100%
Decision Making: Step 4
Generate Alternatives
-the list of choices your evaluating
Decision Making: Step 5
Evaluate the alternatives
-Rank the criteria for each alternative
Decision Making: Step 6
