quanti-finals

quantitative analysis.

A scientific approach to managerial decision making in which raw data are processed and manipulated to produce meaningful information

Alphanumeric

combination of numbers and letters

Text

sentences and paragraphs used in written communication

Image

graphics, shapes, figures etc.

Audio

human voice and other sounds

Applying the maximax strategy

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.

Applying the maximin strategy

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.

Applying the Laplace strategy

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

Applying Hurwicz strategy

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

Applying the minimax regret strategy

It involves computing an opportunistic loss 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.

Qualitative data

It is about attributes and properties; information that can't actually bemeasured. 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

Nominal data

involves naming/ identifying a thing without assigning it to an implicit or natural value orrank.

Ordinal data

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

Focus Group

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

Observation

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

Interview

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

Archival Materials

This involves materials such as newspapers.

Interval data

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

Survey

It is used to collect/gather information from a group of people by employing printed questionnaires mailed to large samples, though it can also be done through the telephone.

Quantitative data

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

Discrete data

reflects a number obtained by counting. Typically, itinvolvesintegers.

Continuous data

could be divided and reduced to finer and finer levels. The number of decimalplaces depends on the precision of the measuring device.

experiment study

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

observational study

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

Accounting Data

Accounting data 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.

Validity of Data

We tend to manipulate data according to our own purposes to make it look “good and clean”. Yet, the validity of results rest on the validity of the input data

Develop a Solution

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

Analyzing Data

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

Sensitivity Analysis

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

Hard to understand mathematics

There is a false notion in us that if someone thinks complicatedly or elaborately thinks well

Only one answer is limiting

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

Experiment Idea

Record (i.e. write down) specific question or problem that you are trying to explain or solve in an experiment using the language of cause and effect relationship.

Experiment Planning

Gather information about the problem/question to know something about it

Independent Variables

It is the factor that causes a change in the dependent variable

Dependent Variables

It is what we hope to change through the experiment

Completely Randomized Design

This is when each person or object upon which the treatment is applied is assigned to a treatment completely at random

Matched-pair Design

This is when the person or object upon which the treatment is applied are paired up and each of the pair is assigned to a different treatment

Randomized Block Design

This is used when the person or object upon which the treatment is applied are divided into homogeneous groups called blocks

Internal validity

It occurs when causal relationship between the variables being studied can be determined. A danger is that changes might be caused by other factors

External validity

It occurs when conclusions can be generalized to other people, times and contexts

Construct validity

It demonstrates that the assessment is actually measuring the quality of an instrument or experimental design

Conclusion validity

It occurs when a relationship of some kind between the two variables being examined can be found.

Execution

It is concerned with ensuring that the experiment is conducted according to the plan and design of the experiment, which includes data collection.

Data Validation

It is concerned with ensuring that the actual collected data is correct and provide a valid picture of the experiment

Descriptive statistics

provides information about the properties of the produced data and allow readers to understand important things about it from a single glance.

Hypothesis testing

allows us to estimate how likely it is that our results were produced by chance rather than a genuine experimental effect.

Presentation and Package

This includes primarily documentation of the results, which can be made either through a research paper for publication, a lab package for replication purposes or as part of a company’s experience base

Probability

is used to describe the phenomenon of chance or randomness of events to occur. It does not deal with guarantees, but with the likelihood of an occurrence of an event

subjective

is based on past experience and judgment of the person to determine whether a specific outcome is likely to occur

Opinion polls

can be used to help in determining subjective probabilities for possible election returns and potential political candidates.

Experience and judgment

relate back to upbringing as well as other events the person has witnessed throughout his life

Delphi method

a panel of experts is assembled to make their predictions of the future.

objectively

based on examining past data and using logical and mathematical equations involving the data to determine the likelihood of an independent event occurring.

Probability

Which of the following is this formula?P(E)=n(S)n(E)​

P(E) – Experiments

refers a situation involving chance or probability that produces an event.

n(S) – Sample space

refers to set of all possible outcomes of an experiment, that is, any subset of the sample space

n(E) – Event

refers to one or more of the possible outcomes of a single trial of an experiment. When one event occurs.

Mutually Exclusive

The probability that A or B will occur is the sum of the probability of each event

Not Mutually Exclusive

The probability that A or B will occur is the sum of the probabilities of the two (2) events minus the probability that both will occur.

Independent Event

what do you call a occurrence or nonoccurrence of one of the events does not affect the likelihood that the other event will occur.

Dependent Event

Two events are dependent if the occurrence of one event does affect the likelihood that the other event will occur.

Multiplication Principle of Counting

The fundamental principle of counting is often referred to as the

Permutation

is a counting technique which refers to the arrangement (or ordering) of a set of objects, from first to last, where the order in which the objects are selected does matter

Permutation

Which of the following is this formula? P(n,r)=(n−r)!n!

n (left of P)

is the number of objects to arrange

n (right of P)

is the number of positions available for the objects to fill

Combination

is a selection of objects from a collection in any order as oppose to permutations which deal with the ordered arrangements of objects.

Combination

Which of the following is this formula? C(n,r)=r!(n−r)!n!

Random Variable

is a function whose domain is a sample space and whose range is some set of real numbers

Discrete Random Variable

is a random variable that may assume a finite or countable number of possible outcomes that can be listed.

Continuous Random Variable

is a random variable that may assume an uncountable number of values or possible outcomes, represented by the intervals on a number line.

Probability Mass Function (pmf)

provides the probabilities 𝑓(𝑥) = 𝑃(𝑋 = 𝑥) for all possible values that a discrete random variable (𝑥) can take on in the range of 𝑿. This function may be viewed or can be represented as a table, graph, or formula.

Probability Distribution

is a function that describes the shape, character, and relative likelihoods of obtaining the possible values that a random variable can assume

function

f from Set A to Set B is a relation in which each element of the domain is paired with exactly one element of the range. "Each element" implies that every element in the domain is related to some element in the range

domain

function is defined as the set of all possible input values (commonly the x variable), which produces a valid output (y-value) from a particular function.

range

the set of all possible output values (commonly the variable y, or sometimes expressed as f(x)), which results from using a particular function

Expected value of a random variable

is the summation of each value of the variable multiplied by its probability

Normal distribution (aka Gaussian distribution)

is the most popular and useful continuous probability distribution for a random variable, x. It describes data by two parameters

The mean of the distribution (µ)

The mean of the distribution determines the location of the center of the graph, thus, changing its values will shift the average or center of the normal distribution

The standard deviation of the distribution (δ)

determines the height and width of the graph, hence, differing its values will either flattens out the normal curve or the normal curve becomes steeper

Uniform distribution (aka Rectangular probability distribution)

is a continuous distribution in which the same height, of the function, is obtained over a range of values

X •

What symbol denotes a random variable

x ’

what symbol denotes the possible values of a random variable

Exponential distribution (aka negative exponential distribution)

is a continuous distribution often used to measure the time that elapses between two occurrences of an event

variance

What formula is this random variable with a discrete probability distribution? 2 = ∑(𝑋 − 𝜇𝑥)2 ⋅ 𝑃(𝑋 = 𝑥)

standard deviation

what formula is this in a random variable with a discrete probability distribution? 𝛿 = √𝛅 𝟐

trial

The experiment is performed for a fixed number of times. Each repetition of the experiment is called

independent

This means that the outcome of one (1) trial will not affect the outcome of the other trials.

Binomial Distribution

what is this formula? P(r)=r!(n−r)!n!prqn−r

‎𝑛 =

the number of trials (sample size)

‎𝑝 =

the probability of a success on any single trial

‎𝑟 =

the number of successes in sample, (r = 0, 1, 2, ..., n)

‎𝑞 = -1

𝑝 = the probability of a failure

‎Poisson Distribution

was developed by French mathematician Simeon Denis Poisson, the Poisson probability distribution is very useful in decision-making with respect to quality control situation, waiting line problems (queue), and other application to business.

‎Poisson Distribution

P(X=x)=x!μxe−μ what is this formula

𝜇

is the mean number of occurrences per unit (time, volume, area, etc.)

𝑒

is a constant approximately equal to 2.71828... (Actually, 𝑒 is the base of the natural logarithm system.)

‎𝑥

number of occurrences (0, 1, 2, …)