QUANTITATIVE ANALYSIS FOR BUSINESS C723 || A+ SCORE
SECURED.
Decision models correct answers are used to identify a business problem and develop alternative
solutions.
Payoff tables correct answers will quantify the costs and benefits of each solution alternative.
Decision trees correct answers will be used to identify the alternatives and probabilities of
occurrence.
Network analysis correct answers refers to the network of activities required to complete a
business project.
Quantitative analysis correct answers provides methods to analyze large or small amounts of data
to look for patterns, trends, and relationships.
Mathematical analysis correct answers can help managers make strategic decisions and find
statistically supported solutions to business questions. These are functional areas over a period of
time.
Data may be categorized as either correct answers subjective or objective.
Subjective data correct answers obtained through surveys and interviews, are considered non-
measurable,
data typically include personal perceptions, such as likes, dislikes, attitudes, and opinions.
Objective data are correct answers measurable and typically arise from observation or testing in
business areas like sales, operations, manufacturing, and logistics.
,Data must be valid: that is, the data must accurately represent the true business relationship at
hand. Further, the data must be reliable: if we sought to characterize a particular business
relationship by gathering data several different times (different samples), the data would reflect
the relationship the same way with every sample.
Examples of quantitative analysis correct answers cost-benefit analysis, inventory analysis,
logistical analysis, and forecasting revenue.
quantitative analysis approach correct answers defines a problem and then develops a
mathematical model to represent the particular business situation. The model allows managers to
make inferences regarding the data.
Total Revenue correct answers 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 correct answers 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 correct answers 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 correct answers used to determine the cause of a problem.
moderating relationship correct answers the relationship between the dependent and independent
variables depends on the level of the moderating variable.
mediating variable correct answers explains the relationship between the dependent and
independent variables.
Scatter diagrams correct answers are used to graph pairs of numbers to determine the
relationship.
trend line correct answers 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 correct answers there is a
negative correlation between the two variables.
what does it mean if one variable increases as the other variable also increases? correct answers
That there is a positive correlation between the variables
Forecasting correct answers helps businesses make adjustments to the current business
environment to encourage better business outcomes in the future.
Choice vs decision correct answers decision -is to choose among reasonable alternatives.
Quantitative analysis correct answers is based on specific, not subjective, information.
Businesses can obtain specific information through a method of closed questions.
SECURED.
Decision models correct answers are used to identify a business problem and develop alternative
solutions.
Payoff tables correct answers will quantify the costs and benefits of each solution alternative.
Decision trees correct answers will be used to identify the alternatives and probabilities of
occurrence.
Network analysis correct answers refers to the network of activities required to complete a
business project.
Quantitative analysis correct answers provides methods to analyze large or small amounts of data
to look for patterns, trends, and relationships.
Mathematical analysis correct answers can help managers make strategic decisions and find
statistically supported solutions to business questions. These are functional areas over a period of
time.
Data may be categorized as either correct answers subjective or objective.
Subjective data correct answers obtained through surveys and interviews, are considered non-
measurable,
data typically include personal perceptions, such as likes, dislikes, attitudes, and opinions.
Objective data are correct answers measurable and typically arise from observation or testing in
business areas like sales, operations, manufacturing, and logistics.
,Data must be valid: that is, the data must accurately represent the true business relationship at
hand. Further, the data must be reliable: if we sought to characterize a particular business
relationship by gathering data several different times (different samples), the data would reflect
the relationship the same way with every sample.
Examples of quantitative analysis correct answers cost-benefit analysis, inventory analysis,
logistical analysis, and forecasting revenue.
quantitative analysis approach correct answers defines a problem and then develops a
mathematical model to represent the particular business situation. The model allows managers to
make inferences regarding the data.
Total Revenue correct answers 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 correct answers 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 correct answers 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 correct answers used to determine the cause of a problem.
moderating relationship correct answers the relationship between the dependent and independent
variables depends on the level of the moderating variable.
mediating variable correct answers explains the relationship between the dependent and
independent variables.
Scatter diagrams correct answers are used to graph pairs of numbers to determine the
relationship.
trend line correct answers 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 correct answers there is a
negative correlation between the two variables.
what does it mean if one variable increases as the other variable also increases? correct answers
That there is a positive correlation between the variables
Forecasting correct answers helps businesses make adjustments to the current business
environment to encourage better business outcomes in the future.
Choice vs decision correct answers decision -is to choose among reasonable alternatives.
Quantitative analysis correct answers is based on specific, not subjective, information.
Businesses can obtain specific information through a method of closed questions.
