Quantitiative Analysis For Business

Question 1

How can data be categorized?

Answer 1

Subjective or objective

Question 2

Subjective data

Answer 2

Non- measurable - collected through surveys and interviews - opinion based

Question 3

Objective data

Answer 3

Measurable - collected through observation or testing

Question 4

Steps in quantitative analysis

Answer 4

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

Question 5

Mediating variable

Answer 5

Explains the relationship between the dependent and independent variables

Question 6

What are scatter diagrams used for?

Answer 6

To graph pairs of numbers to determine a relationship

Question 7

Forecasting

Answer 7

Presents a number of choices and the likelihood of occurrence

Question 8

Does subjective questions use open or close ended questions?

Answer 8

Open

Question 9

Statistics

Answer 9

Gathering, organizing, and interpreting of numerical data

Question 10

Inferential statistics

Answer 10

Tries to reach conclusions, generalizations and estimations based on a smaller sample population

Question 11

Descriptive statistics

Answer 11

Only concerned with observed data

Question 12

Non-numeric data

Answer 12

A form of data that that in text and are not used in calculations

Question 13

Why do decision makers use quantitative analysis?

Answer 13

To identify and quantify alternatives and consequences

Question 14

At what point during the decision making process should quantitative analysis be used?

Answer 14

At the beginning before the decision is made

Question 15

For business quantitative analysis, is it a fact that only important data to be analyzed is financial data?

Answer 15

No, because all forms of performance metrics are used for a quantitative analysis

Question 16

I know Business is confronted with different types of numbers, representing a business process, how can quantitative analysis be used?

Answer 16

It can make sense of the various numbers using the best technique

Question 17

And quantitative analysis difference is a numerical data are analyzed for what purpose?

Answer 17

To resolve reconciling, understand the reason behind the data differences

Question 18

A Parent New America differences can be ignored in business analysis because they tend to work themselves, overtime, true or false?

Answer 18

False, because differences may be an indicator of a problem

Question 19

True or false, the first step in seeing any difference in numeric values, is simply to subtract one from the other, to measure the level of significance?

Answer 19

False, because it is unlikely that simple subtraction will help understand the differences

Question 20

True or false, and analyzing numeric differences averaging is the favor technique?

Answer 20

False, because there’s no one favorite technique over the other

Question 21

If a researcher is performing quantitative analysis, a notice as a change in the data for a particular key performance indicator, what might this mean?

Answer 21

This is common in quantitative analysis and researchers look for trans as part of their analysis

Question 22

Is the dependent variable on the X or Y variable?

Answer 22

Y

Question 23

What is another term for the impacting variable?

Answer 23

Independent variable

Question 24

Is the independent variable considered the X or Y variable?

Answer 24

X

Question 25

What is another term for the independent variable?

Answer 25

Explanatory variable

Question 26

Expected monetary value analysis

Answer 26

A specific quantitative analysis technique that utilizes mathematical calculations to determine the average of all potential alternatives being considered to solve a problem

Question 27

When does the expected monetary value analysis work best?

Answer 27

When the decision alternatives can be clearly identified in the likelihood of occurrence, for each can be determined

Question 28

Reorder point (ROP)

Answer 28

Determined by multiplying the daily demand for an inventory item by the lead time, the number of days between making an order, and receiving an order

Question 29

ROP equation

Answer 29

(Daily demand x lead time) + safety stock

Question 30

Work breakdown structure – WBS

Answer 30

Common tool used to help break down and manage a Projects deliverables and they’re supporting tasks

Question 31

What are the benefits of using a WBS?

Answer 31

To demonstrate in a chart, the identification in their major deliverables of the project and each task that must be completed

Question 32

Data distribution method

Answer 32

Calculation that uses a combination of three duration estimates based on experience or history

Question 33

Beta distribution method equation

Answer 33

(Task (o) + 4(most timely estimate (m)) + pessimistic estimate (p)) / 6

Question 34

Critical path method - CPM

Answer 34

An algorithm that is used to calculate the longest sequence of tasks that must be completed on time - determines which tasks are without any slack time and which tasks have extra time and can be delayed

Question 35

Detailed project scheduling analysis

Answer 35

Mathematical equations to determine quantities, such as earliest finish time, latest, start time, expected activity, completion, time, and value of work completed

Question 36

Gannt charts

Answer 36

Used to display tasks with duration and linkages to other activities in the project - can help with cost analysis and provide insight to wear additional cost may rise

Question 37

True or false, project scheduling is the same as any other type of scheduling?

Answer 37

False, it is similar, but not the same

Question 38

True or false, project scheduling is only possible by using project management software?

Answer 38

False, it can be easily handled using commonly available,, spreadsheet, software

Question 39

True or false, project scheduling can be done before the cost estimates are complete?

Answer 39

True, it is not necessary to have the cost estimates done first

Question 40

True or false, for project scheduling it is essential to use only one time estimate for computing each task time?

Answer 40

False, when there is known to be variation in the time estimate in the tasks and subtasks, the project manager to consider using a combination of three time estimates, the optimistic time, the pessimistic time, and the most likely time

Question 41

True or false our project scheduling project house times are estimated first and then the sub task times are derived after that?

Answer 41

False, subtask times are calculated first, and then added up to create the time estimate for the task, overarching the subtasks

Question 42

Dry falls for project scheduling each subtask me include more than one type of resource

Answer 42

True, each subtask me involves multiple types of labor