WGU C723 Quantitative Analysis for Business

Quantitative Analysis - -Analysis using objective data. Qualitative Analysis - -Analysis using subjective data. Response Variable - -Another name for the dependent variable. Explanatory Variable - -Another name for the 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. Nonnumeric Data - -Data of a form such as words, symbols, or letters that are not used in calculations. Numerical Data - -Data represented by numbers. Trend line - -Line that shows the general direction of the relationship of points over time. Objective Data - -Measurable data oftain obtained through observations or testing. Correlation - -Measure of the strength of the linear relationship between variables. Metric - -Measurement used to gauge performance. Forecasting - -Method or process used to make short range decisions where the actual outcomes have not yet occurred. Subjective Data - -Non-measurable data often obtained through surveys or interviews. Descriptive Statistics - -The analysis of data to describe, interpret, and summarize data in a meaningful way to find patterns. Inferential Statistics - -The analysis of data to reach conclusions, generalizations, and estimations based on a small sample of the population. Statistics - -The gathering, organizing, and interpreting of numerical data. WGU C723 WGU C723 WGU C723 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. Dependent Variable - -Variable that is being measured or affected. Independent Variable - -Variable that is free to change in a given model. Cyclical Trend - -A pattern that tends to repeat itself every few years and is observed over a long time period. Mean - -Average of a set of numbers. Population - -Entire set of data being evaluated. Bar Chart - -Graph showing the frequency of occurrence in each category for qualitative data. Histogram - -Graph showing the frequency of occurrence in each category for quantitative data. Pie Chart - -Graph showing the percentage of occurrence in each category for qualitative data. Scatter Plot - -Graph used to compare two variables to determine if there is a possible relationship between them. Probability - -Mathematical statement about the likelihood of an event occurring. Median - -Middle number in a list of numbers. Time Series - -Resulting set of data points taken over specific time intervals. Sample - -Subset of the population. Trend - -The general upward or downward movement of data over a relatively long period. Mode - -The number that occurs most often in a set of numbers. Linear Equation - -Type of equation when the slope between any two points is constant. Random Trend - -Unpredictable trend in the data. WGU C723 WGU C723 Seasonal Trend - -Upward or downward movement in data that repeats at regular intervals. Correlation - -Used to compare two variables to determine the strength of the linear relationship between them. Uncertainty - -A non-quantifiable value because the future events are not predictable. Decision Point - -A point where one of several alternatives can be selected. State of Nature Node - -A possible outcome on a decision tree that would be out of the decision maker's control. 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 it uses a table instead of a graphical representation of the data. Identify the Problem - -Step 1 of the decision-making model. Establish Decision Criteria - -Step 2 of the decision-making model. Weigh Decision Criteria - -Step 3 of the decision-making model. Generate Alternatives - -Step 4 of the decision-making model. Evaluate the Alternatives - -Step 5 of the decision-making model. Choose the Best Alternative - -Step 6 of the decision-making model. Implement the Decision - -Step 7 of the decision-making model. Evaluate the Decision - -Step 8 of the decision-making model. Decision Tree - -Tool that can be used to visualize important aspects of a problem. Project - -A strategic undertaking and not a regular operational activity. Network Diagram - -Identifiable set of project activities organized in a logical method. Successor - -Task that comes after the predecessor. WGU C723 WGU C723 Predecessor - -Task that must be completed before the next step can be started. Optimistic Time - -The best case scenario, or minimum length of time, to complete an activity. Most Likely Time - -The duration of an activity given a normal level of effort and performance under normal working conditions. Critical Path - -The longest sequence of tasks in the network diagram. Pessimistic Time - -The worst case scenario, or maximum length of time, to complete an activity. Activity - -Unique unit of the project which can be described within limits of time. Linear Programming - -A mathematical technique that can be used to identify the value of a variable for a given set of constraints. Economic Order Quantity - -Amount of inventory a business should order to minimize the total amount of inventory costs, including carrying, ordering, and shortage costs. Inventory - -Any goods held in stock for immediate or future use. Feasible Region - -Area of the graph that satisfies all constraints. Coefficient - -Multiplier of the variable, as in linear equations or inequalities. Constraint - -Restriction that limits the degree in which a company can pursue its objective. Ordering Costs - -The cost of replenishing inventory, including receiving logistics. Carrying Costs - -The costs of storing inventory, insurance, and managing inventory risk due to damage or theft. Shortage Costs - -The costs resulting from not having an item on the shelf for sale. Objective Function - -The function that seeks to minimize or maximize some quantity. Demand - -The number of items needed, typically per year.