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Quantitative Analysis

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Questions and Answers

Quantitative analysis is the act of selecting a preferred course of action among alternatives.

Quantitative analysis is the act of collecting data to make a decision.

Quantitative analysis is the act of randomly selecting a course of action.

Quantitative analysis is the act of evaluating different alternatives to determine the best one. (correct)

Quantitative analysis is the act of making decisions without considering alternatives.

What does EV stand for in the equation EV = P(X)?

Expected value (correct)

Equal value

Estimated value

Exponential value

What does P represent in the equation EV = P(X)?

Potential value

Probability of an event (correct)

Preferred value

Possible value

What does X represent in the equation EV = P(X)?

Amount to be received for a particular event Signup and view all the answers

What is the purpose of quantitative analysis in managerial decision making?

To evaluate different alternatives and make informed decisions Signup and view all the answers

Which one of the following is NOT a type of data in quantitative analysis?

Audio Signup and view all the answers

What is the meaning of the phrase 'Garbage In, Garbage Out' in quantitative analysis?

The quality of the output is only as good as the quality of the input Signup and view all the answers

What is the maximax strategy in decision making?

Looking at the best possible outcome for each course of action and choosing the best one Signup and view all the answers

What is the purpose of quantitative analysis in managerial decision making?

To process and manipulate raw data to produce meaningful information Signup and view all the answers

What does the equation EV = P(X) represent in quantitative analysis?

The evaluation of different alternatives Signup and view all the answers

Study Notes

Quantitative Analysis

Quantitative analysis is the act of selecting a preferred course of action among alternatives.

Expected Value (EV)

EV = P(X) represents the expected value of an outcome.
EV stands for Expected Value in the equation EV = P(X).
P represents the probability of an outcome in the equation EV = P(X).
X represents the value of an outcome in the equation EV = P(X).

Purpose of Quantitative Analysis

The purpose of quantitative analysis in managerial decision making is to select a preferred course of action among alternatives.

Types of Data

Qualitative and quantitative data are two types of data used in quantitative analysis.
Qualitative data is descriptive and non-numerical, while quantitative data is numerical and analytical.
Hunch or instinct is NOT a type of data in quantitative analysis.

'Garbage In, Garbage Out' (GIGO)

The phrase 'Garbage In, Garbage Out' means that the quality of the output is dependent on the quality of the input.

Decision-Making Strategies

The maximax strategy in decision making is to maximize the maximum potential gain or outcome.

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Description

Test your knowledge on Quantitative Analysis with this quiz. Learn about decision-making and how to evaluate different alternatives to determine the best course of action for your organization. Explore the concept of expected value and probability of events.