Quantitative Analysis
for Management
, Algorithm - CORRECT ANSWERS-A set of logical and mathematical operations
performed in a specific sequence.
Break-Even Point - CORRECT ANSWERS-The quantity of sales that results in zero
profit.
Business analytics - CORRECT ANSWERS-A data-driven approach to decision making
that allows companies to make better decisions.
Descriptive analytics - CORRECT ANSWERS-The study and consolidation of historical
data to describe how a company has performed in the past is performing now.
Deterministic model - CORRECT ANSWERS-A model in which all values used in the
model are known with complete certainty.
Input data - CORRECT ANSWERS-Data that are used in a model in arriving at the final
solution
Mathematical model - CORRECT ANSWERS-A model that uses mathematical
equations and statement to represent the relationship within the model
Model - CORRECT ANSWERS-A representation of reality or of a real-life situation.
Parameter - CORRECT ANSWERS-A measurable input quantity that is inherent in a
problem
Predictive analytics - CORRECT ANSWERS-The use of techniques to forecast how
things will be in the future based on patterns of past data
Prescriptive analytics - CORRECT ANSWERS-The use of optimization methods to
provide new and. Ether ways to operator based on specific business objectives.
Probabilistic model - CORRECT ANSWERS-A model in which all values used in the
model are not known with certainty but rather involve some chance or risk, often
measured as a probability value.
Problem - CORRECT ANSWERS-A statement, which should come from a manager,
that indicates a problem to. E solved or an objective or a goal to be reached.
Quantitative Analysis or management science - CORRECT ANSWERS-A scientific
approach that uses quantitative techniques as a tool in decision making
Sensitivity analysis - CORRECT ANSWERS-A process that involves determining how
sensitive a solution is to changes in the formulation of a problem
for Management
, Algorithm - CORRECT ANSWERS-A set of logical and mathematical operations
performed in a specific sequence.
Break-Even Point - CORRECT ANSWERS-The quantity of sales that results in zero
profit.
Business analytics - CORRECT ANSWERS-A data-driven approach to decision making
that allows companies to make better decisions.
Descriptive analytics - CORRECT ANSWERS-The study and consolidation of historical
data to describe how a company has performed in the past is performing now.
Deterministic model - CORRECT ANSWERS-A model in which all values used in the
model are known with complete certainty.
Input data - CORRECT ANSWERS-Data that are used in a model in arriving at the final
solution
Mathematical model - CORRECT ANSWERS-A model that uses mathematical
equations and statement to represent the relationship within the model
Model - CORRECT ANSWERS-A representation of reality or of a real-life situation.
Parameter - CORRECT ANSWERS-A measurable input quantity that is inherent in a
problem
Predictive analytics - CORRECT ANSWERS-The use of techniques to forecast how
things will be in the future based on patterns of past data
Prescriptive analytics - CORRECT ANSWERS-The use of optimization methods to
provide new and. Ether ways to operator based on specific business objectives.
Probabilistic model - CORRECT ANSWERS-A model in which all values used in the
model are not known with certainty but rather involve some chance or risk, often
measured as a probability value.
Problem - CORRECT ANSWERS-A statement, which should come from a manager,
that indicates a problem to. E solved or an objective or a goal to be reached.
Quantitative Analysis or management science - CORRECT ANSWERS-A scientific
approach that uses quantitative techniques as a tool in decision making
Sensitivity analysis - CORRECT ANSWERS-A process that involves determining how
sensitive a solution is to changes in the formulation of a problem
