Quantitative Methods to Optimize E&BI - FULL course summary - Entrepreneurship & business innovation - Tilburg University
80 views 4 purchases
Course
Quantitative Methods to Optimize E&BI (300344B6)
Institution
Tilburg University (UVT)
This summary covers all the content that is covered in the course: Quantitative Methods to Optimize E&BI. This course is part of the Bachelor: Entrepreneurship and Business Innovation, at Tilburg University. Year 2, semester 2 COMPLETE SUMMARY
Document made to be studied at 150-180% zoom (do this for best experience)
,Lecture 1: Introduction to QM
The importance of Data and QM
Many decisions are based on intuition or rules of thumb (heuristics), not on a rational model.
➢ Heuristics are helpful in strategic management, providing simple ways of dealing with things
o Sometimes it can lead to severe and systematic errors
o Moving from this conceptual entrepreneurship to data-based decision making (with
an experience component).
▪ To make good decisions, you need to develop the right balance between
intuitive and data-based decision making.
You need to know the right data
techniques to use the data, involving
developing and using computer-decision
models.
Trends
- Managers in start-ups have a more data-friendly mindset (than traditional managers)
- Volume of marketing data is exploding
- Many entrepreneurs aware of the importance of having high-powered PC’s
- Firms are reengineering their IT infrastructure for the information age
External and Internal analyses
There are layers and areas of analyses. Macro-environment
Industry: defining a relevant industry
➢ It is the first step for analyzing competitive forces
➢ Example: The street music entrepreneur (factors impacting a street musicians’ success)
Transformation of managerial problem into a research project
,Lecture 2: Essentials of Data Collection and Measurements
Types of data
Secondary data = data already exists within the
company or is collected by third parties for purposes
other than solving the problem at hand (get some initial
insights)
➢ Government publications, Books, Newspapers,
Annual reports, Social networks
It is often worthwhile to check secondary data sources
as a preliminary stage before primary
➢ Sources for new ideas, support the problem, provide a benchmark for checking the validity &
precision of primary data collection, source of methods/techniques for collection & analysis
➢ But, it is incomplete (collected for different purposes), units of measure & level of detail do
not correspond to the requirements, no control over process, data is old
Primary data = data does not exist yet and must be collected by the researcher or third parties
➢ It costs more, takes time and skills, but better targeted
Example of lab experiment: Blind text Coca-Cola (which one they would like better, would go for
Pepsi tasting better when being blind, and Coca-Cola tasting better when seeing)
, Measurements and scales Types of scales
Measurements and behavioral responses
➢ Context matters (pay more for a beer in a fancy resort hotel than in grocery store)
➢ Contrast matters (depends on what other questions are, people compare questions, spray
paint and murder example)
➢ Scale provides cues (how many hours a day
do you spend watching TV)
➢ Language (people use scales different)
➢ Selected error sources of questioning
Lecture 3: Data Editing and Matching & Causal Analyses
Selected examples of data sets
➢ Scanner data = data coming from retail UPC scanners (barcode)
o Potential limitations
▪ Sampling frame (small shops may not be considered)
▪ Cannot make causal statements (right away)
▪ Don’t know behaviors and psychographics
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller timoverkade. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.50. You're not tied to anything after your purchase.
