WGU C723 Quantitative Analysis for Business

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57 terms knu Practice questions for this set Learn1 / 7Study using Learn Method used for decision making when the risks involved in a decision situation have several states of nature and the likelihood, or probability, of each state is known Quantitative AnalysisAnalysis using objective data Qualitative AnalysisAnalysis using subjective Data Response VariableAnother name for the dependent variable Choose an answer 1Expected Monetary Value2Quantitative Analysis 3Forecasting4Negative Correclation Don't know?

Explanatory VariableAnother name for the dependent variable Negative CorreclationCorrelation that occurs when one variable increases and the other variable decreases Positive CorrelationCorrelation that occurs when one variable and the other Nonnumeric DataData of a form such as words, symbols, or letters that are not used in calculations Numerical DataData represented by numbers TrendlineLine that shows the general direction of the relationship of points over time Objective DataMeasurable data often obtained through observations or testing CorrelationMeasure 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 MetricMeasurement used to gauge performance ForecastingMethod or process used to make short range decisions where the actual outcomes have not yet occurred Subjective DataNon-measurable data often obtained through surveys or interviews Descriptive StatisticsThe analysis of data, to describe, interpret, and summarize data in a meaningful way Inferential StatisticsThe analysis of data to reach conclusions, generalizations, and estimations based on a small sample of the population StatisticsThe gathering, organizing, and interpreting of numerical data Moderating VariableVariable that changes the effect of independent variable on the dependent variable Dependent VariableVariable that is being measured or affected Independent VariableVariable 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 PEMDASParentheses, Exponents, Multiplication, Division, Addition, Subtraction

• Please excuse my dear aunt sally

Y hatpredictive value Expressionsconsist of numbers, variables and operations

• do not have <,>,=

Equations and Inequalitiesdo have <.>= Linear EquationType of equation when the slope between any two points is constant Coefficients are the numbers in front of a variable, while constants stand alone.MeanAverage

• add all numbers , divide by total of numbers added ie 2+2+2+2=8 8/4=2

MedianMiddle -arrange numbers smallest to largest, which number is in the middle, if even add the two numbers and divide by 2 ModeMost -which number occurs most often

Standard Deviation Steps1. Calculate the mean of the data set

• Calculate each variable (x) minus the mean. (x-x̄) (ie.subtract the mean from

each value of the data set)

• Square each value left over (square numbers from step 2)
• Add them all together (add all the squares from step 3)
• Divide by n-1 (for a sample; if it's population, just divide by n)
• Take the square root

Bar Graphs-Used for qualitative data (qualities) -graph showing the frequency of occurrence in each category for qualitative data Histograms-used by quantitative data (numbers) -graph showing the frequency of occurrence in each category for quantitative data Time Series Analysis-Generally involves trend, cycle, seasonal, and random factor analyses -resulting set of data points taken over a specific interval Scatter Plot-typically quantitative data -0 correlations =random blobs

-positive correlation: bottom left to top right, can easily draw trend line

-negative correlation: top left to bottom right

-graph used to compare two variables to determine if there is a possible relationship between them Cyclical TrendA pattern that tends to repeat itself every few years and is observed over a long period of tine Populationentire set of data being evaluated Pie ChartGraph showing the percentage of occurrence in each category for qualitative data ProbabilityMathematical statement about the likelihood of an event occurring SampleSubset of the population TrendGeneral upward or downward movement of data over a relatively long period of time Random TrendUnpredictable trend in data Nonlinear EquationAn equation where the solution set does not form a straight line when it is plotted on a coordinate graph.