WGU C723 Quantitative Analysis for
Business
Statistics
The gathering, organizing, and interpreting of numerical data
Moderating Variable
Variable that changes the effect of independent variable on the dependent variable
Dependent Variable
Variable that is being measured or affected
Independent Variable
Variable that is free to change in a given model
Quantitative Analysis: models
-Decision Tree
-Network Diagram
-ANOVA
-Linear regression
-Linear Programming
-Break-even Analysis
-Simulation
-and more
Qualitative Analysis: Models
- Surveys
-Brainstorming Session
-Raking (favorites)
-Subjective Judgment
-and more
Negative Correclation
Correlation that occurs when one variable increases and the other variable decreases
Positive Correlation
Correlation that occurs when one variable and the other
, Nonnumeric Data
Data of a form such as words, symbols, or letters that are not used in calculations
Numerical Data
Data represented by numbers
Trendline
Line that shows the general direction of the relationship of points over time
Objective Data
Measurable data often obtained through observations or testing
Correlation
Measure of the strength of the linear relationship between variables
-does not apply cause and affect "shoe size doesn't affect reading ability even though they are
closely related in grades school"
-used to compare two variables to determine the strength of the linear relationship between them
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
Inferential Statistics
The analysis of data to reach conclusions, generalizations, and estimations based on a small
sample of the population
Quantitative Analysis
Analysis using objective data
Qualitative Analysis
Analysis using subjective Data
Response Variable
Another name for the dependent variable
Business
Statistics
The gathering, organizing, and interpreting of numerical data
Moderating Variable
Variable that changes the effect of independent variable on the dependent variable
Dependent Variable
Variable that is being measured or affected
Independent Variable
Variable that is free to change in a given model
Quantitative Analysis: models
-Decision Tree
-Network Diagram
-ANOVA
-Linear regression
-Linear Programming
-Break-even Analysis
-Simulation
-and more
Qualitative Analysis: Models
- Surveys
-Brainstorming Session
-Raking (favorites)
-Subjective Judgment
-and more
Negative Correclation
Correlation that occurs when one variable increases and the other variable decreases
Positive Correlation
Correlation that occurs when one variable and the other
, Nonnumeric Data
Data of a form such as words, symbols, or letters that are not used in calculations
Numerical Data
Data represented by numbers
Trendline
Line that shows the general direction of the relationship of points over time
Objective Data
Measurable data often obtained through observations or testing
Correlation
Measure of the strength of the linear relationship between variables
-does not apply cause and affect "shoe size doesn't affect reading ability even though they are
closely related in grades school"
-used to compare two variables to determine the strength of the linear relationship between them
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
Inferential Statistics
The analysis of data to reach conclusions, generalizations, and estimations based on a small
sample of the population
Quantitative Analysis
Analysis using objective data
Qualitative Analysis
Analysis using subjective Data
Response Variable
Another name for the dependent variable
