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WGU C723 - Quantitative Analysis for Businesses
Quantitative Analysis ✔✔Analysis using objective data.
Qualitative Analysis ✔✔Analysis using subjective data.
Response Variable ✔✔Another name for the dependent variable.
Explanatory Variable ✔✔Another name for the independent variable.
Negative Correlation ✔✔Correlation that occurs when one variable increases and the other variable decreases.
Positive Correlation ✔✔Correlation that occurs when one variable increases and the other variable increases, too.
Nonnumeric Data ✔✔Data of a form such as words, symbols, or letters that are not used in calculations.
Numerical Data ✔✔Data represented by numbers.
Trendline ✔✔Line that shows the general direction of the relationship of points over time.
Objective Data ✔✔Measurable data oftain obtained through observations or testing.
Correlation ✔✔Measure of the strength of the linear relationship between variables.
Metric ✔✔Measurement used to gauge performance.
Forecasting ✔✔Method or process used to make short range decisions where the actual outcomes have not yet occurred.
Subjective Data ✔✔Non-measurable data often obtained through surveys or interviews.
Descriptive Statistics ✔✔The analysis of data to describe, interpret, and summarize data in a meaningful way to find patterns.
Inferential Statistics ✔✔The analysis of data to reach conclusions, generalizations, and estimations based on a small sample of the population.
Statistics ✔✔The gathering, organizing, and interpreting of numerical data.
Moderating Variable ✔✔Variable that changes the effect of independent variable on the dependent variable.
Mediating Variable ✔✔Variable that explains the relationship between the independent and dependent variables.
Dependent Variable ✔✔Variable that is being measured or affected.
Independent Variable ✔✔Variable that is free to change in a given model.
Cyclical Trend ✔✔A pattern that tends to repeat itself every few years and is observed over a long time period.
Mean ✔✔Average of a set of numbers.
Population ✔✔Entire set of data being evaluated.
Bar Chart ✔✔Graph showing the frequency of occurrence in each category for qualitative data.
Histogram ✔✔Graph showing the frequency of occurrence in each category for quantitative data.
State of Nature Node ✔✔A possible outcome on a decision tree that would be out of the decision maker's control.
Risk ✔✔Known possibility measured by its probability of occurrence.
Expected Monetary Value ✔✔Method used for decision making when the risks involved in a decision situation have several states of nature and the likelihood, or probability, of each state is known.
Payoff Table ✔✔Similar to a decision tree except that it uses a table instead of a graphical representation of the data.
Identify the Problem ✔✔Step 1 of the decision-making model.
Establish Decision Criteria ✔✔Step 2 of the decision-making model.
Weigh Decision Criteria ✔✔Step 3 of the decision-making model.
Generate Alternatives ✔✔Step 4 of the decision-making model.
Evaluate the Alternatives ✔✔Step 5 of the decision-making model.
Choose the Best Alternative ✔✔Step 6 of the decision-making model.
Implement the Decision ✔✔Step 7 of the decision-making model.
Evaluate the Decision ✔✔Step 8 of the decision-making model.
Decision Tree ✔✔Tool that can be used to visualize important aspects of a problem.
Project ✔✔A strategic undertaking and not a regular operational activity.
Network Diagram ✔✔Identifiable set of project activities organized in a logical method.
Successor ✔✔Task that comes after the predecessor.
Predecessor ✔✔Task that must be completed before the next step can be started.
Optimistic Time ✔✔The best case scenario, or minimum length of time, to complete an activity.
Most Likely Time ✔✔The duration of an activity given a normal level of effort and performance under normal working conditions.
Critical Path ✔✔The longest sequence of tasks in the network diagram.
Pessimistic Time ✔✔The worst case scenario, or maximum length of time, to complete an activity.
Activity ✔✔Unique unit of the project which can be described within limits of time.
Linear Programming ✔✔A mathematical technique that can be used to identify the value of a variable for a given set of constraints.
Economic Order Quantity ✔✔Amount of inventory a business should order to minimize the total amount of inventory costs, including carrying, ordering, and shortage costs.
Inventory ✔✔Any goods held in stock for immediate or future use.
Feasible Region ✔✔Area of the graph that satisfies all constraints.
Coefficient ✔✔Multiplier of the variable, as in linear equations or inequalities.
Constraint ✔✔Restriction that limits the degree in which a company can pursue its objective.
