C723 Quantitative Analysis
The manager's decided they wanted to calculate additional values and compare the results. They want to multiply by 3 the result of adding year 1 and 2 together. Then they want to multiply by 3 the result of adding year 3 and 4 together. After they have the results, they will subtract the values. This will result in a value of _______
$3,000
If a customer would like to purchase three total vanities and requests that each vanity will have two sinks and include marble, what will be their total price (P1)?
$4,300 (P1=3($1,000+$400)+$100)
Using the distributive method, find the total price using the following equation: P1 = Q ($500S + $200S) + $100P1 = Q ($500S + $200S) + $100, if QQ is equal to 4 and S is equal to 2. Solving for P1P1, the result is
$5,700
Add the results of year 1 through year 4. The combined amount is _______
$7000
Which of the following equations correctly uses the distributive method for this statement? a*(x−y)=
(a*x)-(a*y)
The managers are attempting to evaluate what the quarterly loss would be in year 4. If each quarter was given equal consideration based upon the annual result, what would each quarter be?
-$2000
Multiply the following figures: 27, -5, and 18. The result is
-2430
Find the answer to the following equation using the correct order of operations, 8+4(2+3)2−7. The result is
101
Case 1: At a recent annual financial review, managers were preparing data for developing a quantitative analysis. The various numeric results they are reviewing from recent years contain both positive and negative numbers as well as fractions. Using mathematical expressions, data can be combined using addition, subtraction, multiplication, and division. The managers were reminded by the accounting department that the order of operations must be applied to any mathematical equation developed. Consider if a business had the following four years of profit or loss results: Year 1: -$3,000 Year 2: $7,000 Year 3: $11,000 Year 4: -$8,000
16000000
Calculate the sum of the following figures: 25.6, -14.7, 23.8, 16.8, -32.5. The result is:
19
Given that you drew a black card from a standard deck of cards, what is the probability that it is a 5? (use fractional answer)
2/26 or 1/13
Find the answer to the following equation using the correct order of operations, 25 - 42 + 3 * 4. The result is
21
Project scheduling is the process of scheduling the individual tasks required to meet the project deliverables. These tasks are scheduled in a rational sequence to meet the time objectives of the project. In preparing the schedule, the duration for each of the tasks and its sub-tasks is estimated, thus providing a total estimated duration for each task. The sum of the duration of all the tasks is the estimated duration for the whole project. One common technique for estimating the duration of tasks is the beta distribution method. This method uses three duration estimates for the task, pessimistic, optimistic, and most likely, in order to consider variation in the final duration estimate. This method is thought to give a better final estimate for a task's duration. The beta distribution method is equal to the sum of the optimistic time estimate for the task (o), four times the most likely time (m) estimate, and the pessimistic time estimate (p), this result is then divided by six. The formula is: Te = (o + 4m + p) / 6 Calculate duration estimates for the following situations: A construction manager received an estimate from a sub-contracted plumber for completion of the 2.5 bathrooms. The plumber thought it could be done in as few as 20 labor hours, although this type of design usually takes 28 hours. The plumber does remember that the last time, it took longer than usual and the labor hours climbed to 36. Using the beta distribution method, how many hours should the construction manager use as an estimate for the plumbing?
28 hours
Solve the following equation for n by inputting the correct answer in the adjacent blank: −6n−20=−2n+4(1−3n), n=
3
A project manager (PM) held discussions with a subject matter expert (SME) about the durations for a particular task. The SME said the task was usually completed in about 32 working days. The PM then asked the SME about the fastest and slowest times the SME could recall for the task. The SME said the worst time for a similar task was 45 days, and the fastest time for a similar task was only 22 days. What is the expected time in days using the beta distribution technique?
32.5 days
A customer's invoice indicates that he needs to pay $5,700. He does not know how the total for the invoice was calculated; however, he does know that he wanted the marble upgrade and each vanity was to have two sinks. How many vanities did he order?
4
Add the following fractions: 3/4, 1 1/7, and 2 4/5. The mixed number result (not a decimal) is ________.
4 97/140
Add the results of year 1 and year 2 data. The combined amount is ________
40000
What is the 6th root of 15,625? The result is
5
Add the following fractions: 2 3/8, 7/10,7/15,11/4,2 3/8. The mixed number (not a decimal) result is
7 1/6
What is the square root of 4, raised to the power of 3? The result is
8
Using spreadsheet software, find the answer to the following equation; [(9−4)×(3+2)]×3+5. The result is
80
Project scheduling is the process of scheduling the individual tasks required to meet the project deliverables. These tasks are scheduled in a rational sequence to meet the time objectives of the project. In preparing the schedule, the duration for each of the tasks and its subtasks is estimated, thus providing a total estimated duration for each task. The sum of the duration of all the tasks is the estimated duration for the whole project. One common technique for estimating the duration of tasks is the beta distribution method. This method uses three duration estimates for the task, pessimistic, optimistic, and most likely, in order to consider variation in the final duration estimate. This method is thought to give a better final estimate for a task's duration. The beta distribution method is equal to the sum of the optimistic time estimate for the task (o), four times the most likely time (m) estimate, and the pessimistic time estimate (p); this result is then divided by six. The formula is: Te = (o + 4m + p) / 6 Calculate duration estimates for the following situation: The operations manager was in the process of upgrading the IT network and preparing estimates from the technology installers in regards to how long the existing network would be down during the upgrade. The technologists believed that it could be done within 8 days if everything went according to plan. There is the possibility it could take up to 16 days if they ran into hardware difficulties. The operations manager asked if there was any way to decrease the number of days. The technologists thought that if they focused all resources, they could be done in as soon as 6 days. Using the beta distribution method, what is the estimated time to complete this task?
9 days
Which of the following equations correctly uses a spreadsheet equation that will perform the following: First add 55 and 215, then divide the result by 30, and then raise that result to the third power.
=((215+55)/30)^3
Which of the following equations are in the form of a spreadsheet formula for this statement: First, divide 72 by 9, then take the quotient and multiply by 8 squared, and finally multiply that result by the product of 12 * 3.
=(72/9)*(8^2)*(12*3)
Review the following factors. Which would contribute to making a problem complex or multifaceted?
A large, multinational business has IT servers across the globe with competing time and allocation constraints.
What would be the best application of quantitative analysis for the situations below?
A marketing director wants to determine the average household income of the company's key customers.
Linear programming (LP) can be defined as:
A mathematical technique that can be used identify the value of a variable, such as maximizing the profit of an operation, for a given set of constraints.
When arguing using subjective reasoning, on which of the following will the argument most likely be based?
A person's past personal experiences
What is the best description of an open-ended question?
A question that can be answered multiple ways
What is one of the key and unique elements of linear programming where there are only two decision variables (x,y)?
All constraints associated with the problem are converted to linear form (straight lines).
When using linear programming, how many constraints does the company try to satisfy?
All of the constraints
After the team reviews the data and inputs the information into the model, they will then have the opportunity to review the outcomes and discuss the results. The team will quantify the results and then choose between _______
Alternatives
At what point during the decision-making process should quantitative analysis be used?
At the beginning before the decision is made
Quantitative analysis is a method used to help a business find solutions to problems. The decision-making process should include preparing a quantitative analysis. At what point in the process should the analysis be incorporated?
At the beginning of the data collection phase
An inspector wants to show the monthly defects on an assembly line for the year.
Bar chart
In performing inventory analysis, the costs associated with holding on-hand inventory is called _______.
Carrying costs
A buyer is choosing between several new suppliers for parts used in a new product line. (simple or complex)
Complex
A researcher has to develop a research proposal for a new line of toothpaste for sensitive teeth using a new plant-based chemical. (simple or complex)
Complex
Identify the elements of the following LP problem. Acme Corp. makes couches and chairs using three main components: wood, foam, and fabric. It takes 60 linear feet to make a couch and 35 to make a chair. It takes 30 hours of labor to make a couch and 15 to make a chair. Couches sell for $800 and chairs $350. The company only has a total of 5,000 linear feet of wood in stock, what does this represent?
Constraint
Roger is starting his last year of college and is on a very tight budget. He wants to write out a budget for a major expense, his dinner menu. He knows he needs a certain amount of carbohydrates, vitamins, and proteins every day; this is the nutritional value. His favorite foods are steak and potatoes, and by weight the steak is three times as expensive as the potatoes. What type of LP problem is this?
Cost minimizing subject to a minimal nutritional value of the carbohydrates, vitamins, and proteins.
___________ factor is less predictable and sometimes dramatic or from unknown causes or upheavals in the economy.
Cyclical
A manufacturing firm is considering building either a large or small plant in another state. This is an example of what?
Decision Point
Identify the elements of the following LP problem. Acme Corp. makes couches and chairs using three main components: wood, foam, and fabric. It takes 60 linear feet to make a couch and 35 to make a chair. It takes 30 hours of labor to make a couch and 15 to make a chair. Couches sell for $800 and chairs for $350. The company can change the mix of couches and chairs is will make. What does this represent?
Decision Variables
When faced with a complex problem to optimize a business function (i.e., cost minimization or sales maximization), the first step in linear programming is:
Define the problem in terms of the objective.
In defining a cause and effect relationship, the variable that is changed as a result of the action of some other variable is called what?
Dependent variable
Which of the following represents an application of LP?
Determining the most profitable inventory to keep in stock given different cost and profit levels.
Linear programming (LP) can solve a variety of problems in the areas of business and economics. An example of an application of LP:
Determining the most profitable mix of three products a company can make given different cost and profit levels.
What is the dependent variable that the quantitative analysis will use?
Diminishing revenue
A large pizza chain is exploring changes to the recipe for its deep dish pie crusts.
Does not need foundational research
A local car dealership is considering keeping the parts department open all day Saturday instead of just four hours.
Does not need foundational research
The critical path denotes the longest time to complete any path that is part of the project. Why might the critical path be the longest?
Due to predecessors, the path that is the longest may have to start later than other tasks.
Which of the following accurately describes quantitative analysis?
Ensuring the use of valid, reliable, and objectively measurable data in order to understand a phenomenon
The unexpectedly high level of CO2 emissions coming from the newly redesigned automobile engine
Environmental
At the end of the case, the team agreed that if they were going to request additional expenditures to impact the revenue problem, they would need to present an analysis that shows an expected revenue increase as a direct result of the expenditure. This type of analysis is also known as which of the following?
Expected monetary analysis
By building a large factory in an expanding economic situation, the company estimates that it will realize a profit of $4,500,000 in the first year. This is an example of what?
Expected payoff
[True/False] A cake decorator is preparing an entry for a cake competition and is deciding on the color and style of the icing on the top layer, and this should be modeled.
False
[True/False] A dance studio director is deciding on the routine for a children's recital. This is a good opportunity to test a quantitative model.
False
[True/False] An example of quantitative analysis is collecting the narrative experiences of people who were affected by the evacuation of New Orleans during Hurricane Katrina.
False
[True/False] For project scheduling, it is essential to use only one time estimate for computing each task time.
False
[True/False] For project scheduling, project task times are estimated first and then the subtask times are derived after that.
False
[True/False] Project scheduling is the same as any other type of scheduling.
False
[True/False] Surveys are one method of data collection and are always done face to face.
False
[True/False] The following problem can be solved using expected monetary value (EMV) analysis: A farmer is calculating the correct mixture of nutrients to go into the annual spraying of a crop.
False
[True/False] The following situation describes a type of problem that would require in-depth subjective analysis using expert opinion and surveys: A restaurant owner needs to narrow down the choices for a location to build a new restaurant from 15 potential locations to only 2.
False
[True/False] The hotel manager is fed up with bad customer reviews. The manager wants to prepare and use the hotel's own comment card to solicit customer opinions prior to customers ending their stay. This is a good opportunity to create and test a quantitative model.
False
In a linear programming graph, which of the following describes the area that satisfies all of the constraints?
Feasible region
Your company has been asked to build a playground for an elementary school. The project must be completed before the first day of school. Which of the following steps would increase the likelihood of finishing the project on time?
Have the most experienced workers complete tasks on the critical path.
Is the variable in the following scenario a dependent or independent variable? The use of heating oil goes up as the temperature goes down. What type of variable is the temperature?
Independent
In defining a cause and effect relationship, the variable that drives some change in another variable is called what?
Independent variable
What is the key advantage of using the beta distribution technique to estimate task times?
It allows you to calculate project duration.
Identify the correct spreadsheet function below: The term for the function that results in determining the minimum value present in a series of data elements is
MIN
Identify the type of objective for the following situation: A farmer can use a mix of fertilizers and water for growing her crops of watermelons and cantaloupes. Cantaloupes are twice as profitable as watermelons. What type of LP problem does this situation call for?
Maximization
If a task is delayed, but it does not lie on the critical path, will the total time of project completion be extended?
Maybe. It depends on whether the delay in time exceeds the slack time that the task possesses in relation to the overall project timeline.
Identify the type of objective for the following situation: A company has seen a rise in its costs of scrap on the production line between making the Deluxe model, which gives a higher profit and the Standard model, which sells for a lesser profit. What type of LP problem does this situation call for?
Minimization
Solving linear programming (LP) problems involves making the best decision given a specific situation. This is known as the objective of the LP problem. Identify the type of objective for the following situation: A company has seen a rise in its shipping costs between its manufacturing plant and its distribution centers. What type of LP problem does this situation call for?
Minimization
A TV station wants to expand to Spanish language broadcasts.
Needs foundational research
A automobile maker is considering launching a new version of an old two-seater roadster.
Needs foundational research
A large pizza chain wants to consider adding breakfast items to its menu.
Needs foundational research
A state governor's office is considering opening up all state parks for free to all state residents.
Needs foundational research
For business quantitative analysis, is it a fact that the only important data to be analyzed is financial data?
No, because all forms of performance metrics are used for quantitative analysis.
Apparent numeric differences can be ignored in business analysis because they tend to work themselves out over time.
No, because differences may be an indicator of a problem.
The first step in seeing any difference in numeric values is simply to subtract one from the other to measure the level of significance.
No, because it is unlikely that simple subtraction will help understand the differences.
In analyzing numeric differences, averaging is the favored technique.
No, because there is no one favored technique over the other.
Given the following scenario, select whether it represents subjective or objective analysis: The business analyst prepared a spreadsheet with the most recent quarterly figures. It contained the business' performance on revenue for each product as well as the profit or loss on each product.
Objective
Identify the elements of the following LP problem. Acme Corp. makes couches and chairs using three main components: wood, foam, and fabric. It takes 60 linear feet to make a couch and 35 to make a chair. It takes 30 hours of labor to make a couch and 15 to make a chair. Couches sell for $800 and chairs for $350. The selling price would be part of which element?
Objective
Which of the following would be a factor that makes a problem complex or multifaceted?
One involving a large business's IT servers competing time constraints
The inability of the organization and the employees to adapt to new process requirements under new ISO-9000-related certification
Organizational
Conditional probability is written using special mathematical notation. The notation to indicate the conditional probability of an event B is the probability that the event will occur given the knowledge that an event A has already occurred is ________ (assuming independent events)
P(B|A)
Like all approaches, subjective reasoning may have some inherent problems associated with it. What is one likely problem?
Personal reflections are often fallible.
An analyst wants to see the percentage breakdown of types of defects on an assembly line, for all the defects over a month.
Pie chart
There is a 85% chance of rain during the construction of the roof on a new house. This is an example of what?
Probability
When managers determine that there is a problem, it is important to recognize what specific information will be required to move toward a solution. Business problems that are specific in nature will use quantitative analysis to help identify the possible solution alternatives by using metrics, a measurement used to gauge performance. Examples of these business problems include increasing operational expenditures, diminishing revenue, and inventory ordering, all of which will need to consider specific numeric data in order to solve. Which of the following best explains why these particular examples require specific numeric data to help solve the problem?
Problems that are identified as specific in nature will require specific data to solve.
mathematical model for profit
Profit = Revenue-Expenses
Select whether the following is an example of using quantitative methods or qualitative methods: After a recent release of a new CD, the music producer wants to know what listeners think of the new contemporary sound.
Qualitative
Would a quantitative or qualitative method be used for the following? A researcher wants to measure effectiveness of high blood pressure medicine.
Quantitative
When a business is confronted with different types of numbers representing a business process, how can quantitative analysis be used?
Quantitative analysis can make sense of the various numbers using the best technique.
Considering the sales database, what numerical differences could the team evaluate? Select all that apply.
Revenue by geographic area AND Quarterly revenue
What are some of the identified independent variables the team is considering? (Select all that apply.)
Revenue by sales person AND Number of customer support issues
Implementing new customer service procedures
Risk
Upgrading the company IT server to a new release
Risk
The inability to complete several predecessor tasks on time in the IT hardware upgrade project
Schedule
_______ factors are those that can be seen repeated, usually on annual and quarterly fluctuations that trend to repeat themselves in a generally predictable manner.
Seasonal
A company is looking to expand production of its paper products. It contacts its current raw material supplier and checks to see if they can deliver 25% more raw material on a monthly basis. In order to accommodate the increased inventory of raw materials, the company will need to expand its storage facility. The budget to increase the storage facility is $50,000 and will take 3 weeks to accomplish. Based on the above scenario, what should the manager do first?
Secure the financing ($50,000) to increase the storage facility
A buyer is making a calculation for the order quantity for a company's quarterly buy of raw goods from a preferred supplier. (simple or complex)
Simple
A construction lead is planning the amount of lumber needed to frame in a standard 2200 square foot home. (simple or complex)
Simple
A small retail store shift manager is planning staffing needs for the week. (simple or complex)
Simple
A quality manager wants to show the monthly defects on an assembly line for the year for two sites.
Stacked chart
Would the results of literature book reviews be based on subjective or objective analysis?
Subjective analysis
The inability of the new servers to handle the unanticipated band width of data traffic.
Technical
In determining relationships between cause and effect, what does it mean if one variable increases as the other variable also increases?
That there is a positive correlation between the variables
What is a key difficulty associated with using an open-ended questions?
The answers may not address the researcher's key question.
One method of data collection is the use of closed-ended questions. What is the advantage of using this method for data collection?
The answers to the questions are quantifiable and can be categorized.
Mean
The average of a set of numbers
Each box in a network diagram must contain the duration of each task, as well as a position for the early start, early finish, late start, and late finish for the node. What is the definition of early start, or ES, in each of the nodes of a network diagram?
The early start, or ES, is the earliest duration of the activity.
The critical path method (CPM) is a method for doing project planning. Before beginning with the analysis, what must be known about each task?
The estimated time duration.
In the case above, the CEO was concerned that the customer satisfaction rating was still decreasing, even though the managers felt they were addressing each customer issue. This is likely because the managers are not getting to the root of either the customers' issues or the overall problem that continually causes the dissatisfaction. What risk does the hotel face if the manager does not find the root cause of the customers' problem?
The issue may come back again.
When identifying and solving business problems, it is very important to understand the root cause of the problem. What is the risk of not finding the root cause of the problem prior to implementing a new process or supposed solution?
The issue may come back again.
A researcher is performing quantitative analysis and notices a change in the data for a particular key performance indicator. What might this mean?
The key performance indicator may be reflecting a developing trend in one direction or another.
What is the critical path?
The longest path through the network diagram, indicating the shortest amount of time in which a project can be completed.
Mode
The number that occurs most often in a data set
Which of the following would be the most likely beneficiary of a researcher's quantitative analysis directed at adopting new operational efficiencies, such as introducing a "paperless" entity?
The organization and its customers
Why are the managers not ready to prepare a mathematical model to solve the problem?
The problem has not been determined.
Why should the managers first consider a qualitative approach to the company situation?
The problem is complex.
A quantitative analysis can benefit by a researcher incorporating closed-ended questions to gain specific information. Research questions would be considered closed when the respondent can only select a specific answer. By using closed-ended questions, the researcher can ensure data validity and consistency. It is common for researchers to qualify their survey questions beforehand by validating that the responses will be closed ended. Using the qualified closed-ended questions will then help ensure that the actual responses from the universe of respondents will be credible and consistent. How is this possible?
The questions and responses can be qualified or validated by the researcher beforehand.
There are several advantages to using closed-ended questions, saving time is one. How is this possible?
The questions limit the range of possible answers available.
Quantitative analysis will use objective information and data to help solve problems. Building mathematical and decision-making models is part of the process in finding a solution. With each alternative solution that is presented and discussed, risk and possibly uncertainty should be evaluated. Risk with each alternative can be measured, whereas uncertainty cannot be measured. Uncertainty is "unknown," which means it cannot be planned for. Dealing with risks, if they occur, can be planned for. If you were asked to list the risks involved in buying stock in a public company, which of the following might be included on the list?
The stock price goes down.
When would a business forecast tend to be the most accurate?
The time nearest the period under study
If there is a linear relationship between variables, we can say they are correlated. Determining that variables are correlated is very important; however, to draw specific conclusions about the cause and effect relationship will take additional advanced analytical techniques to further test the relationship in order to exclude other contributory factors that could have caused the change. When we have established a positive relationship between two variables, what can we conclude?
There is an association between the variables but not proof that a change in one causes a change in the other.
What is a key advantage in using closed-ended questions?
They are easier to quantify and categorize.
Why do decision-makers use quantitative analysis?
To identify and quantify alternatives and consequences
In quantitative analysis, differences in numerical data are analyzed for what purpose?
To resolve, reconcile, and understand the reasons behind the data differences.
Solving problems is a normal part of any ongoing business. Quantitative analysis is a method used to solve many of the problems. Quantitative analysis necessitates the analyzing of differences in numerical data for what purpose?
To resolve, reconcile, and understand the reasons behind the numerical data differences
[True/False] A commercial fisherman is deciding on the type of fish to focus on for the day's catch; he knows that this is contingent upon the weather to a great deal. This decision should be modeled.
True
[True/False] A meteorologist analyzes numerical differences in weather patterns using quantitative analysis to determine the likelihood of an impending tornado. This is an appropriate use of quantitative analysis.
True
[True/False] A purchasing agent wants to know the best quantity to order for a reorder of parts, and this should be modeled.
True
[True/False] A stock broker is putting together the portfolio for a client and knows the client is very risk averse, and the portfolio should be modeled.
True
[True/False] An automotive design company is creating a new style of seat for the latest line of automobiles. They are drawing up average weight, height, and body size of potential drivers. This is a business problem demanding quantitative specifics.
True
[True/False] An example of cause and effect is seen when after 6 months of Fred never brushing his teeth, he now has 3 cavities.
True
[True/False] An inventory manager uses a model to calculate the proper amount of inventory to order. This is an example of quantitative analysis.
True
[True/False] For project scheduling, each subtask may include more than one type of resource.
True
[True/False] Project scheduling can be done before the cost estimates are complete.
True
[True/False] The crew chief of a race car is deciding on the type of tires to put on the race car for the day's race.This decision should be modeled.
True
[True/False] The following example would require additional research to establish the foundation of the strategic initiative: An architectural firm has not been winning any new business contracts for various apartment complexes on which they have bid. Two bids were lost due to price, another handful were lost due to design issues, and a third group was lost due to poor proposal presentation. The owner of the firm has gathered the department managers to demand an answer to the question, "How do we fix our problem of why we are not winning new business contracts?"
True
[True/False] The following is a business problem that can be solved using expected monetary analysis: A manufacturing plant owner is budgeting for next year's capital investment. The alternatives considered include opportunities to either invest in a new electronic control system or rewire the existing control system. The number of labor hours, the cost, and the ability to increase output varies for each alternative.
True
Determining the interest rate a bank will charge in five years from now
Uncertainty
Which of the following are some primary influencing factors involving subjective reasoning on a topic?
Upbringing and past employment
Which of the following inventory costs would be a carrying cost?
Utilities for the warehouse.
In studying cause and effect relationships, what can we say when there is a positive relationship between the variables?
When the independent variable increases, the dependent variable will increase at a proportionate rate.
Under what circumstances could quantitative analysis be used successfully?
When the problem being analyzed can be numerically represented and valid and reliable data are available
When is quantitative analysis most useful?
When the problem being evaluated can be represented by discrete data are valid, objective, and reliable.
What would be the best reason for not wanting to use quantitative analysis?
When the problem being evaluated lacks the presence of objective, valid, reliable, and measurable data to use for the analysis
Under what circumstances might a researcher want to use closed-ended questions and not open-ended questions?
When the research knows the reasonable field of alternative answers
There are times when subjective reasoning are particularly appropriate for use. What are some indicators of when to use subjective reasoning?
When topic involves personal reflections of events
Which of the following questions is NOT one of the fundamental decisions a business must make when managing inventory?
Where will the inventory be stored?
Which of the following categories represents inventory being transformed from raw and packaging materials into finished goods, until released from manufacturing to the finished goods warehouse?
Work-in-progress
Do quantitative analysis techniques for business and for medical research share many commonalities?
Yes, because they share many of the same techniques and research practices.
Strategic business endeavors are critical to moving a business forward. Executives and managers have decisions to make in regard to which endeavors they will undertake. Quantitative analysis is part of that decision-making process. The process of making a decision is the fact that decisions are made on ______ strategic initiatives. When preparing a quantitative analysis, there can be ________ alternative initiatives that are considered and evaluated.
alternative; two or more
In the scenario above, the CEO is likely to discuss using a technique known as multiple criteria decision-making (MCDM). Although the problem seems small, it is useful to have a quick method of employing a rational decision-making process model. The managers can use the model to implement decisions about how to handle immediate customer issues and deeper rooted problems based on evaluating multiple performance-related criteria. In order to use the model, the managers must consider what _______ solutions they could offer a customer that extended beyond the traditional discount. The model would also need to include the _______ that will be used to weigh and evaluate each possible solution's impact on the problem.
alternatives; criteria
One purpose behind business forecasting it to estimate future demand. This is particularly helpful for an operations manager to manage the use of today's _______ in order to succeed in the future.
assets
One purpose behind business forecasting is to estimate future demand. Forecasting gives planners the ability to make prudent ______ among/for _______ in order to maximize their likelihood for success.
choices; several alternatives
Although there are many benefits to forecasting, the primary purpose of forecasting is to control the _______ situation in order to make better decisions.
current
As some data are graphed out over a long, multi-year period, then discernible repeating patterns can be seen. Sometimes patterns can be seen that are over and below an existing trend line and repeat themselves within a trend. This type of pattern is known as a _________ pattern
cyclical
Business problems can be solved using quantitative analysis. The analysis utilizes specific data in a mathematical model that will be used to calculate results. Most business problems can be solved multiple ways. For example, if production was falling behind, a business could either hire more people or contract with another company. Using the results of a mathematical model will help a management team to narrow their choices and select the best alternative. These choices are called _________
decision alternatives
A _______ is more likely to be used when there is a sequence of decisions to be made.
decision tree
When describing a cause-and-effect relationship, variables are used. One variable is typically impacted by another. The variable that is not impacted by another variable is called what?
independent variable
Quantitative analysis will require identifying the dependent and independent variables. This will determine the cause and effect relationship of the variables. The_______ variable acts as the impacting factor, while the______ acts as the achieved, or resultant, variable.
independent; dependent
The team is attempting to identify the variables that might have an impact on the diminishing revenue. The gathered data will then be _____ into the test model
input
Statistics is a key methodology behind quantitative analysis and is a very robust and complex field. Statistics seeks to collect, analyze, and________ data. A key advantage in using statistics derives from the fact that it can draw conclusions about a(n)_______ based on a smaller______, which is representative of the whole.
interpret; population; sample
There are many forms of research and analysis considered in one of two general categories, quantitative and qualitative, both of which use mathematics to some degree. Quantitative analysis uses mathematics and statistics for______ factors, such as means and variation of the data.
measuring
Gathering and analyzing _______ data is a key business function. Numbers are used to measure and ______ quantify data, such as a company's profit, cost, inventory, or sometimes a loss.
numerical; quantify
if a weather expert was asked by an amusement park consortium to prepare a report about uncertain weather conditions and lightning safety for the upcoming Fourth of July, the analysis might include a(n) _______ analysis by researching the specific number of people struck by lightning in the United States over the past five years and divide that by the total U.S. population. The weather expert will also review and give a ________ ________
objective; subjective; prediction
The advantage of using mathematical techniques in research and quantitative analysis are many. Among the key advantages are the following: Using numbers for research increases the level of _________ by more clearly defining the phenomena being evaluated. By using numbers, one also ________ the amount of ambiguity of the topic being evaluated. Finally, using numbers in research serves to better ________ the extent, breadth, and nature of the phenomena being evaluated.
objectivity; reduces; quantify
Numbers like 3, 1000, 10.24, and 3.1427 are all positive numbers; they are all greater than 0. For example, temperatures in Fahrenheit above zero, profit, or debits in a bank account. Other numbers like -2, -100, -11.35 are all negative numbers; they are less than zero. The mathematical equation can include addition, subtraction, multiplication, and division. There are rules to applying each of these operations. When using mathematical equations that combine positive and negative numbers, special attention must be paid to both the_______ and the
order of operations; number sign
One type of cost related to operations and inventory management is the cost associated with the initial procurement of the part from a supplier for inventory. This type of cost is known as a(n) ______ cost
ordering
A _______ is best used when there is one decision to be made.
payoff table
Quantitative analysis uses statistics as a key methodology, even when problems are complex. The key benefit of using statistics is that it can help develop conclusions about a(n) ______ based on a smaller _______ that is representative of the whole. The primary purpose of using statistics in quantitative analysis is the collecting, analyzing, and ______ of data.
population; sample; interpreting
Forecasting is used in order to help establish the ______ of a future event.
probability
Estimated future demand is quantified using a business forecast. A pool supply company's operations manager may find forecasting helpful in order to predict and manage the amount of chemical container ______ for the upcoming summer seasonal months
production
The managers of the Blue Company sat around the boardroom table. No one was eager to speak. The company was facing a downturn like they had never seen before. The downturn was impacting their current project schedules, the ability to establish new revenue, and monthly cash flows. Although each manager knew that this was a critical time for the future of the company, no one knew where to start. The case states that "the managers have never seen a downturn like this before." In order to make progress on finding the overall problem, they may want to spend time discussing _________ information to ensure they are all on the same page.
qualitative
The development of the research question is an important first step of the entire research process. It is incorrect to formulate that the research question and the hypothesis are the same activity. The _________ makes a descriptive statement or assertion about some occurrence whereas the ________ makes two differing statements. These two statements are called the null and the_______
research question; hypothesis; alternative
The concept of uncertainty is crucial for decision makers to understand because decision makers have to evaluate _______ based on the certainty or uncertainty of an event in order to make objective decisions. The lack of knowledge of the certainty or uncertainty of an event may lead to ______ decision making for lack of this understanding
risks; subjective
The early failure of a hood latch on a newly designed automobile hood
safety
One type of cost related to operations and inventory management is the cost associated with losing a sale because the item was out of stock. This type of cost is known as a(n)________ cost
shortage
A marketing manager needs to make calculations involving sales from more than 100 locations to calculate commissions for more than 20 sales representatives. (simple of complex)
simple
The CEO has asked the executive team to prepare a quantitative analysis to identify the root causes of the revenue problem. This will require that the team must find and quantify ______ data
specific
In some instances when graphing a series of data points over a period of time, the data points appear to be independent, that is, not related to the variable of time. This is known as a _____ time series
stationary
The premature failure of a diode in a radio set, due to the high voltage requirements of the radio system
sustainability
Median
the middle number in a list of numbers
The third factor refers to the general direction of the overall movement of the data set over a long period of time, this is known as the ________
trend
Appropriate and useful quantitative analysis ensures of ______ data to understand a business situation
valid and measurable
Solve the following equation by inputting the correct answer for x in the adjacent blank: 4(2x - 3) + 7 = 3x + 5,
x=2
Simplify the following expression with exponents: x^2/2 * x^4/3
x^8/3
