Quantitative Methods(Data Analysis)

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It is the act of selecting a preferred course of action among alternatives

Scientific approach to managerial decision making in which raw data are processed and manipulated to produce meaningful information is called

Combination of numbers and letters

Sentences and paragraphs used in written communication

Graphics, shapes, figures etc.

Human voice and other sounds

All Decision Environments

It involves looking at the best that could happen for each possible course of action and then choosing/selecting the action with the largest value.

It involves looking at the worst that could happen for each possible course of action and then choosing/selecting the action with the largest value.

It involves calculating the average of each alternative and then choosing/selecting the alternative with the largest average.

It involves multiplying the best outcome in the row by the given value of a, multiplying the worst outcome in the row by 1-a, and adding the two (2) result together.

It involves computing an opportunistic loss (or regret) of each alternative by simply subtracting the entry from that of the highest column value and selecting the maximum regret value of each row. Finally, determine the decision by choosing the minimum/lowest regret.

What decision environment is this "best of the best"

What decision environment is this "best of the worst"

Possible Problems in Developing a Model (Which one is wrong)

3 Types of Model

Possible Problems in Developing a Model

Possible Problems in Developing a Model

It is about attributes and properties; information that can't actually be measured. It is concerned with the data that is observable in terms of smell, appearance, taste, feel, texture, gender, nationality and so on and is represented either in a verbal/narrative format.

Kinds of Qualitative data

Naming/ identifying a thing without assigning it to an implicit or natural value or rank.

Involves some kind of order or scale (such as low to high or high to low) relationship among the variable's observations.

Methods of collecting qualitative data (Which one is wrong)

It is an open discussion group of about 6-8 participants led by a neutral moderator or facilitator.

It is a purposeful discussion between two (2) or more people by asking questions directly from respondents, either face-to-face or by telephone.

It is the process of gathering open-ended, firsthand information by observing an object or a phenomenon in a certain way.

This involves materials such as newspapers.

It is the data that can be measured and expressed in numerical terms. It is concerned with measurements like height, weight, volume, length, size, humidity, speed, age etc. The tabular and diagrammatic presentation of data is also possible, in the form of charts, graphs, tables, etc.

Two Classification of Quantitative Data

Kinds of Quantitative data

Reflects a number obtained by counting. Typically, it involves integers.

Could be divided and reduced to finer and finer levels. The number of decimal places depends on the precision of the measuring device.

Is a data which not only classifies and orders the measurements, but also specifies the exact differences between the values.

Data tell us the exact value between units and also have an absolute zero.

Deliberately assigns subjects to various treatments for studying the reasons for changes in the output response(s).

Collect data in a way that does not directly interfere with how the data arise

Is usually sensitive data such as cash flows and turnovers, hence, it is not open for public research. Some cost data requirements needed by an analyst was never collected in the first place, hence, analyst may find it hard to obtain.

We tend to manipulate data according to our own purposes to make it look "good and clean". Yet, the results rest on the _________of the input data.

This requires manipulation of the model variables in order to determine the solution that is practical and can be implemented.

Manipulation can be done by:

It involves examining the collected information in ways that reveal the relationships, patterns, trends, etc. That can be found within it.

It allows a series of "what-if" questions to be answered for it determine possible changes in the various parameters of the original problem.

There is a false notion in us that if someone thinks complicatedly or elaborately thinks well. That is not the case always, mathematics always shuns a lot of people even managers.

QA models tend to give one solution to a problem. One way to offset this is to come up with alternative scenarios or sensitivities to give managers options to choose from. In this way other non-quantitative factors may be considered and the cost implication of deviating from the optimal solution is known.