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What does pareto analysis involve?
An approach to decision-making that identifies as few options as possible that will produce the maximum result is called pareto analysis. There are six steps that are involved when conducting a pareto analysis.
What information can statistics provide that may be helpful for business decision making?
it can provide passed business running data
What quantitative techniques are applied for business analysis?
A. Quantitative Techniques with reference to time series analysis in business expansion. B. Quantitative techniques are mathematical and reproducible. Regression analysis is an example of one such technique. Statistical analysis is also an example of a quantitative technique. C. Quantitative techniques are applied for business analysis to optimize decision making IE profit maximization and cost minimization). It covers linear programming models and other special algorithms, inventory and production models; decision making process under certainty, uncertainty and risk; decision tree construction and analysis; network models; PERT and CPA business forecasting models; and computer application.
What is the definition of statistics in accordance to statistical inquiry?
.. Statistics is the science which deals with the collection,presentation,analysis and interpretation of numerical data, as well as drawing valid conclusions and making reasonable decision on the basis of such analysis
Applications of quantitative technique in business?
A. Quantitative Techniques with reference to time series analysis in business expansion. B. Quantitative techniques are mathematical and reproducible. Regression analysis is an example of one such technique. Statistical analysis is also an example of a quantitative technique. C. Quantitative techniques are applied for business analysis to optimize decision making IE profit maximization and cost minimization). It covers linear programming models and other special algorithms, inventory and production models; decision making process under certainty, uncertainty and risk; decision tree construction and analysis; network models; PERT and CPA business forecasting models; and computer application.
