QM

Quantitative Methods

A collection of numerical method/approaches

used for analyzing and solving problems.

Quantitative.

Any Reasoning that uses Numbers

Numbers

it gives essential information. They have

the benefit of giving a clear, precise and objective

measure.

IT Roles

Information technology (IT) plays a

vital role in data governance by

implementing and maintaining

strategies to manage, protect, and

responsibly utilize data.

Solving a Problem

‘Quantitative methods’ is a broad subject

that includes many different approaches –

but they all start with a model of a problem.

model

A Representation of an object, a

system, or an idea in some form other

than that of the entity itself.

Modeling

◦is the process of producing a model; a model is a

representation of the construction and working

of some system of interest.

Conceptual/Physical Models

a physical object that mimics some properties of a real

system, to help us answer questions about that system.

Mathematical Model

It considers mathematical notions as an abstraction of the

reality it is meant to portray.

abstract model

Mathematical Model Also known as

replica models

Conceptual/Physical Models also known as

Simulation Models

oModels that are based from physical and mathematical

models that are using high-level or sophisticated tools

for simulation.

Heterogeneous Models

This type of model is also known as combined

models of all class of models, i.e. Physical,

Mathematical and Simulation.

Spreadsheets

are easy to use and have a standard format

for doing many calculations – but they have limitations.

Percentage

Another way of describing fractions. These are fractions where the bottom

line is 100, and the ‘/100’ has been replaced by the abbreviation ‘%’.

Integers

Whole Numbers, i.e, 20, 9, or 150. For long numbers, it is

separated by comma (1,234,567).

Fractions

Number that is derived from dividing integers into smaller

parts.

Banker’s Rounding

“Round to Even”, also called “____” method is an approach that aims to

mitigate the bias introduced by always

rounding up, providing a fairer and more

accurate representation of the data.

Algebra

Shorthand of Mathematics that uses symbols to represent variables and to

describe the relationships between them.

Equations

Involves operations of Variables and constants that abbreviates

mathematical sentences.

Inequalities

describes relationships of variables.

Matrix

rectangular array or table of numbers, symbols, or

expressions, arranged in rows and columns

Determinants

a scalar value that is a function of

the entries of a square matrix.

Cofactor expansions

most useful when computing the determinant

of a matrix that has a row or column with several zero entries

Gaussian Elimination

The purpose of this article is to describe how the solutions to a linear

system are actually found. The fundamental idea is to add multiples of

one equation to the others in order to eliminate a variable and to

continue this process until only one variable is left.

Exponentials

Taking a number to a

power of a number.

The number e

decimal expansion is both infinite and that it never repeats itself.

Scientific Notation

way of writing very large or very small

numbers.

Compound interest

interest on a loan

or deposit calculated based on both the initial principal and the

accumulated interest from previous periods.

CALCULUS

the

mathematical study of continuous change, in

the same way that geometry is the study of

shape and algebra is the study of

generalizations of arithmetic operations.

Numerical Differentiation

You should generally calculate

the derivatives analytically.

Differential Calculus for

Business

Some applications of derivatives in the business world. For the

most part these are really applications that we’ve already looked

at, but they are now going to be approached with an eye towards

the business world.

Marginal Cost

The cost to produce an additional item is called the marginal

cost and as we’ve seen in the above example the marginal cost is

approximated by the rate of change of the cost function, C(x).