DSCI: Exam 1 Questions With All Complete And Verified Solutions.
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Course
DSCI
Institution
DSCI
Describe the quantitative analysis approach - correct answer -the process of analyze information to make final decision. Include unpredictable things that affect the decision-making process (weather, state, federal legislation
Understand the application of qu...
Describe the quantitative analysis approach - correct answer -the process of analyze
information to make final decision. Include unpredictable things that affect the decision-making process
(weather, state, federal legislation
Understand the application of quantitative analysis approach in real situation.
The 7 step of QA approach: - correct answer +Define the problem
+Develop a model
+Acquire input data
+Develop a solution
+Test the solution
+Analyze the results
+Implement the results.
Possible problem in using quantitative analysis - correct answer +Expensive and
time consuming to develop and test.
+misused and understood because of complexity.
+downplay the role and value of non quantifiable information.
+oversimplify variable of the real world.
6 steps of decision making process - correct answer 1. State the situation
2. List the options
3. Weigh the possible outcomes
4 List payoffs for each state of decision alternative combination
5. select one of the decision theory models
6. Apply the model and make decision
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