WGU C723 - Quantitative Analysis for Businesses

WGU C723 - Quantitative Analysis for Businesses 5.0 (1 review) Students also studied Terms in this set (73) Western Governors UniversityIT C182 Save C723 Quantitative Analysis For Busin...54 terms cook_arlynnPreview WGU C723 Quantitative Analysis For...54 terms mwell51Preview WGU C723 Quantitative Analysis For...54 terms beanie_boa_hancock Preview Pre-Ass 12 terms mar Practice questions for this set Learn1 / 7Study using Learn Step 6 of the decision-making model.Quantitative AnalysisAnalysis using objective data.Qualitative AnalysisAnalysis using subjective data.Response VariableAnother name for the dependent variable.Explanatory VariableAnother name for the independent variable.Choose an answer 1Recognize that a Decision is Needed2Choose the Best Alternative 3Complete the Process4Identify the Problem Don't know?

Negative CorrelationCorrelation that occurs when one variable increases and the other variable decreases.Positive CorrelationCorrelation that occurs when one variable increases and the other variable increases, too.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 oftain obtained through observations or testing.CorrelationMeasure of the strength of the linear relationship between variables.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 to find patterns.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.Mediating VariableVariable that explains the relationship between the independent and dependent variables.Dependent VariableVariable that is being measured or affected.Independent VariableVariable that is free to change in a given model.Cyclical TrendA pattern that tends to repeat itself every few years and is observed over a long time period.MeanAverage of a set of numbers.PopulationEntire set of data being evaluated.Bar ChartGraph showing the frequency of occurrence in each category for qualitative data.

HistogramGraph showing the frequency of occurrence in each category for quantitative data.Pie ChartGraph showing the percentage of occurrence in each category for qualitative data.Scatter PlotGraph used to compare two variables to determine if there is a possible relationship between them.ProbabilityMathematical statement about the likelihood of an event occurring.MedianMiddle number in a list of numbers.Time SeriesResulting set of data points taken over specific time intervals.SampleSubset of the population.TrendThe general upward or downward movement of data over a relatively long period.ModeThe number that occurs most often in a set of numbers.Linear EquationType of equation when the slope between any two points is constant.Random TrendUnpredictable trend in the data.Seasonal TrendUpward or downward movement in data that repeats at regular intervals.CorrelationUsed to compare two variables to determine the strength of the linear relationship between them.UncertaintyA non-quantifiable value because the future events are not predictable.Decision PointA point where one of several alternatives can be selected.State of Nature NodeA possible outcome on a decision tree that would be out of the decision maker's control.RiskKnown possibility measured by its probability of occurrence.Expected Monetary ValueMethod 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.Payoff TableSimilar to a decision tree except that it uses a table instead of a graphical representation of the data.Identify the ProblemStep 1 of the decision-making model.Establish Decision CriteriaStep 2 of the decision-making model.

Weigh Decision CriteriaStep 3 of the decision-making model.Generate AlternativesStep 4 of the decision-making model.Evaluate the AlternativesStep 5 of the decision-making model.Choose the Best AlternativeStep 6 of the decision-making model.Implement the DecisionStep 7 of the decision-making model.Evaluate the DecisionStep 8 of the decision-making model.Decision TreeTool that can be used to visualize important aspects of a problem.ProjectA strategic undertaking and not a regular operational activity.Network DiagramIdentifiable set of project activities organized in a logical method.SuccessorTask that comes after the predecessor.PredecessorTask that must be completed before the next step can be started.Optimistic TimeThe best case scenario, or minimum length of time, to complete an activity.Most Likely TimeThe duration of an activity given a normal level of effort and performance under normal working conditions.Critical PathThe longest sequence of tasks in the network diagram.Pessimistic TimeThe worst case scenario, or maximum length of time, to complete an activity.ActivityUnique unit of the project which can be described within limits of time.Linear ProgrammingA mathematical technique that can be used to identify the value of a variable for a given set of constraints.Economic Order QuantityAmount of inventory a business should order to minimize the total amount of inventory costs, including carrying, ordering, and shortage costs.InventoryAny goods held in stock for immediate or future use.Feasible RegionArea of the graph that satisfies all constraints.CoefficientMultiplier of the variable, as in linear equations or inequalities.ConstraintRestriction that limits the degree in which a company can pursue its objective.Ordering CostsThe cost of replenishing inventory, including receiving logistics.