quantitative analysis correct answers scientific approach to managerial decisions, raw data processed to produce meaningful info
Quantitive factors correct answers Data calculated numerically ex: interest rate, demand
Qualitative correct answers non-numerical values/info ex: political/emotion...
BUS 336 – Midterm || very Flawless.
quantitative analysis correct answers scientific approach to managerial decisions, raw data
processed to produce meaningful info
Properties of Quantitative Analysis correct answers decisions can be automated
- mainly used within operation management, analytics, supply chain management
3 types of Quant. Analysis correct answers 1. Descriptive: study and consolidation of historical
or real-time data
2: Predictive: forecasting future outcomes based on patterns
3: Prescriptive: use of optimization methods to identify best decisions
6 Parts to Quant. Analysis Approach correct answers PHASE 1
i. Defining Problem
ii. Developing Model
iii. Acquiring Input Data
PHASE 2
iv. Developing Solution
v. Testing Solution
PHASE 3
vi. Analyzing Results
vii. Implementing Results
Phase 1: Defining the problem correct answers Clear and concise statement to provide direction
and meaning to project (most difficult)
- concentrate on only a few problems
What will a good problem definition have? correct answers 1. Decision to be informed
2. Criteria which decision rests
3. data that will be used
Developing Model correct answers Realistic, solvable, and understandable
- reps reality --> contains variables and parameters
3 types of Models correct answers 1. Physical models: need objects
2. Schematic models: diagrams
3. Mathematical models: sets of equations
Control Variable correct answers values managers control eg: how much $$ spent on ads
, Parameters (????) correct answers Known or estimated values that are from operational
environment eg: cost of placing an order
Acquiring Input Data correct answers Data may come from a lot of sources --> reports, employee
interviews, stat sampling (convenient data often bias eg: web surveys = worthless)
Developing Solution correct answers manipulate model to arrive at best solution
- solving equations algebraically
- trail and error- various approaches
- complete enumeration- trying all possible values
- using algorithm- series of repeating steps
Testing Solution correct answers test model for accuracy
- results should be logical, consistent and represent reality
**if there is a problem go back to developing model**
Analyzing Results correct answers determine implications
- sensitivity analysis: Determine how much parameters can change before resulting decision will
change eg: if sales need to exceed 3000 sales to create change there is low sensitivity
Implementing Results correct answers done by management
- can be complicated, people may resist change
- quant analysis have failed bc of bad implementation
Break-even Point correct answers Fixed Cost/ (Selling Price per Unit - Variable Cost per Unit)
Pros of Math Models correct answers 1. can meaningfully rep reality
2. help formulate problems
3. can save time and money
4. give insight
5. solve complex/large problems
6. used to communicate
Models Organized by Risk correct answers 1. Deterministic - doesn't involve risk or chance ( all
values used are known with certainty)
2. Probabilistic - involve risk/chance, based on probabilities ex: demand of ice cream
Challenges to Defining Problem correct answers -problem not easily identified
-conflicting new points
- impact on other departments
solution outdated
Challenges to Developing Model correct answers - Fitting Textbook models
- Understanding model
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