QUANTITATIVE ANALYSIS FOR MANAGEMENT
CHAPTER 15 FINAL PAPER SOLVED QUESTIONS
WITH COMPLETE ANSWERS
◉ Total Revenue.
Answer: p=$xq $X is the revenue earned per item sold, Q is the
quantity of items sold.
Company XYZ can use this equation to forecast its revenue if X
remains constant
◉ Steps in Quantitative Analysis.
Answer: 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.
◉ Cause and effect use.
,Answer: independent and dependent variables. A dependent
variable is the variable that is being measured, or affected. The
independent variable is free to change in a given model.
The dependent variable is affected by the changes in the causing
independent variable. Although only one dependent variable is
considered, many independent variables can have an effect.
◉ fishbone diagram is sometimes.
Answer: used to determine the cause of a problem.
◉ moderating relationship.
Answer: the relationship between the dependent and independent
variables depends on the level of the moderating variable.
◉ mediating variable.
Answer: explains the relationship between the dependent and
independent variables.
◉ Scatter diagrams.
Answer: are used to graph pairs of numbers to determine the
relationship.
◉ trend line.
, Answer: The line that shows the general direction of the relationship
of points over time
◉ If the trend line moves downward as we progress from left to
right.
Answer: there is a negative correlation between the two variables.
◉ what does it mean if one variable increases as the other variable
also increases?.
Answer: That there is a positive correlation between the variables
◉ Forecasting.
Answer: helps businesses make adjustments to the current business
environment to encourage better business outcomes in the future.
◉ Choice vs decision.
Answer: decision -is to choose among reasonable alternatives.
◉ Quantitative analysis.
Answer: is based on specific, not subjective, information. Businesses
can obtain specific information through a method of closed
questions.
CHAPTER 15 FINAL PAPER SOLVED QUESTIONS
WITH COMPLETE ANSWERS
◉ Total Revenue.
Answer: p=$xq $X is the revenue earned per item sold, Q is the
quantity of items sold.
Company XYZ can use this equation to forecast its revenue if X
remains constant
◉ Steps in Quantitative Analysis.
Answer: 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.
◉ Cause and effect use.
,Answer: independent and dependent variables. A dependent
variable is the variable that is being measured, or affected. The
independent variable is free to change in a given model.
The dependent variable is affected by the changes in the causing
independent variable. Although only one dependent variable is
considered, many independent variables can have an effect.
◉ fishbone diagram is sometimes.
Answer: used to determine the cause of a problem.
◉ moderating relationship.
Answer: the relationship between the dependent and independent
variables depends on the level of the moderating variable.
◉ mediating variable.
Answer: explains the relationship between the dependent and
independent variables.
◉ Scatter diagrams.
Answer: are used to graph pairs of numbers to determine the
relationship.
◉ trend line.
, Answer: The line that shows the general direction of the relationship
of points over time
◉ If the trend line moves downward as we progress from left to
right.
Answer: there is a negative correlation between the two variables.
◉ what does it mean if one variable increases as the other variable
also increases?.
Answer: That there is a positive correlation between the variables
◉ Forecasting.
Answer: helps businesses make adjustments to the current business
environment to encourage better business outcomes in the future.
◉ Choice vs decision.
Answer: decision -is to choose among reasonable alternatives.
◉ Quantitative analysis.
Answer: is based on specific, not subjective, information. Businesses
can obtain specific information through a method of closed
questions.
