C723 Quantitative Analysis for Business Study Guide | WGU Exam Prep

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C723 quantitative analysis for business study guide


Quantitative analysis for business (Western Governors University)




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C723 Quantitative Analysis for Business Study Guide
Mean- Average
Median- Middle Number ( Order Numbers Low to High) (If no middle take the middle 2 numbers and average
them)
Mode- Most Common (Can be bi-modal)

Decision Making Model Steps
1. Identify the Problem
2. Establish Decision Criteria (What needs to be done to solve the problem)
3. Weigh Decision Criteria (What is most important, weights should add up to 1)
4. Generate Alternatives
5. Evaluate Alternatives (Rank the Alternatives)
6. Choose the Best Alternative
7. Implement the Decision
8. Evaluate the Decision

Risk- Measurable Uncertainty
Uncertainty - Unmeasurable risk. (Less Relevant to decision making process than risk)

Decision Models: Calculating Expected Values

Decision Tree- Strong/ Weak Sales shows how much would be made if 100% of sales were strong or weak.
Multiply the expected payout times the probability and then add them together. May be words and not
picture, so focus on Expected Profit/Payout and probability.




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