Quantitative Analysis for Business
Quantitative Analysis for Business
Study online at https://quizlet.com/_j8emp0
1. Metacognition "thinking about thinking,"
2. Metacognition Assess the task — Get a handle on what is involved in completing a task (the steps
involves five or components required for success) and any constraints (time, resources).
distinct skills:
Evaluate your strengths and weaknesses — Evaluate your own skills and knowl-
edge in relation to a task.
Plan an approach — Take into account your assessment of the task and your eval-
uation of your own strengths and weaknesses in order to devise an appropriate
plan.
Apply strategies and monitor your performance — Continually monitor your
progress as you are working on a task, comparing where you are to the goal you
want to achieve.
Reflect and adjust if needed — Look back on what worked and what didn't work
so that you can adjust your approach next time and, if needed, start the cycle
again.
3. Decision models used to identify a business problem and develop alternative solutions
4. Payoff tables will quantify the costs and benefits of each solution alternative
5. Decision trees will be used to identify the alternatives and probabilities of occurrence.
6. Network analysis refers to the network of activities required to complete a business project.
7. Quantitative provides methods to analyze large or small amounts of data to look for patterns,
analysis trends, and relationships.
8. Mathematical can help managers make strategic decisions and find statistically supported
analysis solutions to business questions.
, Quantitative Analysis for Business
Quantitative Analysis for Business
Study online at https://quizlet.com/_j8emp0
9. Data may be categorized as either subjective or objective
10. Subjective data obtained through surveys and interviews, are considered non-measurable,
though marketing research has developed ways to study the intensity of opinions
that guide consumer behavior.
11. Subjective data typically include personal perceptions, such as likes, dislikes, attitudes, and opin-
ions.
12. Objective data are measurable and typically arise from observation or testing in business areas
like sales, operations, manufacturing, and logistics.
13. Measurable and Data must be
reliable
14. Quantitative generally depends upon simple to complex mathematics and statistical modeling
analysis to discover important information about collected data.
15. Examples of include cost-benefit analysis, inventory analysis, logistical analysis, and forecast-
quantitative ing revenue.
analysis
16. The quantita- defines a problem and then develops a mathematical model to represent the
tive analysis ap- particular business situation.
proach
17. Input data must be both relevant and accurate to achieve optimal results.
18. model outputs can be predictive, helping managers understand future business outcomes if they
change practices based on the results of sound analysis.
19. Assumptions and must be tested and analyzed prior to implementation.
solutions
, Quantitative Analysis for Business
Quantitative Analysis for Business
Study online at https://quizlet.com/_j8emp0
20. Steps in Quanti- 1. Define problem.2. Develop mathematical model.3. Prepare and input data.4.
tative Analysis Find best solution.5. Test solution.6. Analyze results.7. Implement solution.
21. Define problem 1. Step in Quantitative Analysis
22. Develop mathe- 2. Step in Quantitative Analysis
matical model
23. Prepare and in- 3. Step in Quantitative Analysis
put data.
24. Find best solu- 4. Step in Quantitative Analysis
tion.
25. Test solution. 5 Step in Quantitative Analysis
26. Step in Quantita- 6. Analyze results.
tive Analysis
27. Implement solu- 7 Step in Quantitative Analysis
tion.
28. When the prob- When is quantitative analysis most useful?
lem being evalu-
ated can be rep-
resented by dis-
crete data that
are valid, objec-
tive, and reliable
29. When the prob- Under what circumstances could quantitative analysis be used successfully?
lem being ana-
lyzed can be nu-
merically repre-
Quantitative Analysis for Business
Study online at https://quizlet.com/_j8emp0
1. Metacognition "thinking about thinking,"
2. Metacognition Assess the task — Get a handle on what is involved in completing a task (the steps
involves five or components required for success) and any constraints (time, resources).
distinct skills:
Evaluate your strengths and weaknesses — Evaluate your own skills and knowl-
edge in relation to a task.
Plan an approach — Take into account your assessment of the task and your eval-
uation of your own strengths and weaknesses in order to devise an appropriate
plan.
Apply strategies and monitor your performance — Continually monitor your
progress as you are working on a task, comparing where you are to the goal you
want to achieve.
Reflect and adjust if needed — Look back on what worked and what didn't work
so that you can adjust your approach next time and, if needed, start the cycle
again.
3. Decision models used to identify a business problem and develop alternative solutions
4. Payoff tables will quantify the costs and benefits of each solution alternative
5. Decision trees will be used to identify the alternatives and probabilities of occurrence.
6. Network analysis refers to the network of activities required to complete a business project.
7. Quantitative provides methods to analyze large or small amounts of data to look for patterns,
analysis trends, and relationships.
8. Mathematical can help managers make strategic decisions and find statistically supported
analysis solutions to business questions.
, Quantitative Analysis for Business
Quantitative Analysis for Business
Study online at https://quizlet.com/_j8emp0
9. Data may be categorized as either subjective or objective
10. Subjective data obtained through surveys and interviews, are considered non-measurable,
though marketing research has developed ways to study the intensity of opinions
that guide consumer behavior.
11. Subjective data typically include personal perceptions, such as likes, dislikes, attitudes, and opin-
ions.
12. Objective data are measurable and typically arise from observation or testing in business areas
like sales, operations, manufacturing, and logistics.
13. Measurable and Data must be
reliable
14. Quantitative generally depends upon simple to complex mathematics and statistical modeling
analysis to discover important information about collected data.
15. Examples of include cost-benefit analysis, inventory analysis, logistical analysis, and forecast-
quantitative ing revenue.
analysis
16. The quantita- defines a problem and then develops a mathematical model to represent the
tive analysis ap- particular business situation.
proach
17. Input data must be both relevant and accurate to achieve optimal results.
18. model outputs can be predictive, helping managers understand future business outcomes if they
change practices based on the results of sound analysis.
19. Assumptions and must be tested and analyzed prior to implementation.
solutions
, Quantitative Analysis for Business
Quantitative Analysis for Business
Study online at https://quizlet.com/_j8emp0
20. Steps in Quanti- 1. Define problem.2. Develop mathematical model.3. Prepare and input data.4.
tative Analysis Find best solution.5. Test solution.6. Analyze results.7. Implement solution.
21. Define problem 1. Step in Quantitative Analysis
22. Develop mathe- 2. Step in Quantitative Analysis
matical model
23. Prepare and in- 3. Step in Quantitative Analysis
put data.
24. Find best solu- 4. Step in Quantitative Analysis
tion.
25. Test solution. 5 Step in Quantitative Analysis
26. Step in Quantita- 6. Analyze results.
tive Analysis
27. Implement solu- 7 Step in Quantitative Analysis
tion.
28. When the prob- When is quantitative analysis most useful?
lem being evalu-
ated can be rep-
resented by dis-
crete data that
are valid, objec-
tive, and reliable
29. When the prob- Under what circumstances could quantitative analysis be used successfully?
lem being ana-
lyzed can be nu-
merically repre-
