SOLUTION FOR QUANTITATIVE ANALYSIS FOR
MANAGEMENT
Algorithm - CORRECT ANSWER✅✅✅A set of logical and mathematical operations
performed in a specific sequence.
Break-Even Point - CORRECT ANSWER✅✅✅The quantity of sales that results in zero
profit.
Business analytics - CORRECT ANSWER✅✅✅A data-driven approach to decision making
that allows companies to make better decisions.
Descriptive analytics - CORRECT ANSWER✅✅✅The study and consolidation of historical
data to describe how a company has performed in the past is performing now.
Deterministic model - CORRECT ANSWER✅✅✅A model in which all values used in the
model are known with complete certainty.
Input data - CORRECT ANSWER✅✅✅Data that are used in a model in arriving at the final
solution
Mathematical model - CORRECT ANSWER✅✅✅A model that uses mathematical
equations and statement to represent the relationship within the model
Model - CORRECT ANSWER✅✅✅A representation of reality or of a real-life situation.
Parameter - CORRECT ANSWER✅✅✅A measurable input quantity that is inherent in a
problem
Predictive analytics - CORRECT ANSWER✅✅✅The use of techniques to forecast how
things will be in the future based on patterns of past data
, Prescriptive analytics - CORRECT ANSWER✅✅✅The use of optimization methods to
provide new and. Ether ways to operator based on specific business objectives.
Probabilistic model - CORRECT ANSWER✅✅✅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 ANSWER✅✅✅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 ANSWER✅✅✅A scientific
approach that uses quantitative techniques as a tool in decision making
Sensitivity analysis - CORRECT ANSWER✅✅✅A process that involves determining how
sensitive a solution is to changes in the formulation of a problem
Variable - CORRECT ANSWER✅✅✅A measurable quantity that is subject to change
Profit equation - CORRECT ANSWER✅✅✅sX - f - vX
where:
s = selling point
f = fixed costs
ν = variable cost per unit
X = number of units sold
Break- Even Point Equation - CORRECT ANSWER✅✅✅BEP =(f / (s - ν)
Adjusted r^2 - CORRECT ANSWER✅✅✅A measure of the explanatory power of a
regression model that takes into consideration the number of independent variables in the model
MANAGEMENT
Algorithm - CORRECT ANSWER✅✅✅A set of logical and mathematical operations
performed in a specific sequence.
Break-Even Point - CORRECT ANSWER✅✅✅The quantity of sales that results in zero
profit.
Business analytics - CORRECT ANSWER✅✅✅A data-driven approach to decision making
that allows companies to make better decisions.
Descriptive analytics - CORRECT ANSWER✅✅✅The study and consolidation of historical
data to describe how a company has performed in the past is performing now.
Deterministic model - CORRECT ANSWER✅✅✅A model in which all values used in the
model are known with complete certainty.
Input data - CORRECT ANSWER✅✅✅Data that are used in a model in arriving at the final
solution
Mathematical model - CORRECT ANSWER✅✅✅A model that uses mathematical
equations and statement to represent the relationship within the model
Model - CORRECT ANSWER✅✅✅A representation of reality or of a real-life situation.
Parameter - CORRECT ANSWER✅✅✅A measurable input quantity that is inherent in a
problem
Predictive analytics - CORRECT ANSWER✅✅✅The use of techniques to forecast how
things will be in the future based on patterns of past data
, Prescriptive analytics - CORRECT ANSWER✅✅✅The use of optimization methods to
provide new and. Ether ways to operator based on specific business objectives.
Probabilistic model - CORRECT ANSWER✅✅✅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 ANSWER✅✅✅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 ANSWER✅✅✅A scientific
approach that uses quantitative techniques as a tool in decision making
Sensitivity analysis - CORRECT ANSWER✅✅✅A process that involves determining how
sensitive a solution is to changes in the formulation of a problem
Variable - CORRECT ANSWER✅✅✅A measurable quantity that is subject to change
Profit equation - CORRECT ANSWER✅✅✅sX - f - vX
where:
s = selling point
f = fixed costs
ν = variable cost per unit
X = number of units sold
Break- Even Point Equation - CORRECT ANSWER✅✅✅BEP =(f / (s - ν)
Adjusted r^2 - CORRECT ANSWER✅✅✅A measure of the explanatory power of a
regression model that takes into consideration the number of independent variables in the model
