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possible answers: conflicting view points, ignoring the impact on other departments, poor assumptions, outdated solutions, difficulty mtching the textbook aproach, trading off model complexity with ease of understanding, poor input data, hard to understand mathematics, and having only one answer in limiting
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What are the differences between qualitative and quantitative models?
distinguish between qualitative and quantitative model
What is the model building of quantitative techniques?
Model building in quantitative techniques involves creating mathematical representations of real-world processes or systems to analyze and predict outcomes. This typically includes defining variables, establishing relationships through equations, and utilizing statistical methods to estimate parameters. The process often involves data collection, model validation, and refinement to ensure accuracy and reliability. Ultimately, the goal is to derive insights that can inform decision-making or strategic planning.
What is The different possible results from a probability model?
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What tool is most commonly used in the standard improvement model DMAIC define measure analyze improve control define phase?
Time Value Analysis is the tool that is most commonly used in the standard improvement model DMAIC.
Which tool is most commonly used in the standard improvement model DMAIC (Define Measure Analyze Improve Control) Define phase?
Time Value Analysis
Is break-even point a quantitative analysis model?
Yes. Because break even analysis determines the sales level needed to break even in units or dollars (both are numbers) so it is quantitative.
What is quantitative management?
Quantitative management is the use of math to solve problems. It is important to collect information about a problem and solutions to create a useful mathematical model.
What is a quantitative model?
The official definition for a quantitative model is " Collection of mathematical and statistical methods used in the solution of managerial and decision-making problems, also called operations research (OR) and management science."
What allows managers and decision makers to perform quantitative analysis on both internal and external data?
Model Base
Is it possible to begin coding immediately after an analysis model?
Yes.
What is a quantitative?
The official definition for a quantitative model is " Collection of mathematical and statistical methods used in the solution of managerial and decision-making problems, also called operations research (OR) and management science."
How has quantitative analysis changed the current scenario in the management world today?
Quantitative analysis is a technique used in order to analyze and understand the behavior of certain financial instruments. It uses complex mathematical and statistical modeling for such purposes as measurement, performance evaluation and valuation of a financial instrument, or for simulating real world situations. The main focus in which quantitative analysis has changed the current managerial world is the way in which it is used to simulate real world events by use of a model. This allows a scientific approach to making managerial decisions. When approaching quantitative analysis there are 7 steps to be taken, as follows: •Define the problem •Develop a model •Acquire data for input •Develop a solution to the problem •Test the solution •Analyze the results taken from this •Implement the solution based on the results taken Obviously, the main issue when using quantitative analysis is the collection of quality data to be used as an input to the designed model. Quantitative finance started in the 1970s in the United States. Investors started to use mathematical formulae in order to price stocks and bonds. More recently, quantitative analysis has become a common method in businesses as it allows decisions to be made based on predictions and simulations created by the quantitative analysis models. This takes some of the risk factor away from the decision being made. Quantitative analysts, commonly referred to as 'quants', often come from physics, mathematics and engineering educational backgrounds rather than finance and economics. Also extensive skills are required in computer programming, particularly programming languages such as C++ and/or Java in order to build the models used during the analysis.
What is the difference between qualitative and quantitative analysis?
Quantitative research and analysis has to do with deductive reasoning not necessarily the quantity. Quantitative research and analysis are based on facts and some forms are structured interviews, surveys, questionnaire's, etc. "it is deductivist and objectivist and incorporates a natural science model of research" -SOCIAL RESEARCH METHODS CDN edition Alan bryman and James teevan Qualitative-"inductive, constuctionist, and interpretivist" from above source this means it has to do with opinions and feelings some methods are unstructured interviews and focus groups
What are the differences between qualitative and quantitative models?
distinguish between qualitative and quantitative model
What are the step in quantitative analysis?
Define problem, develop model, optain data, develop solution, solve equtions, test solution, analize results, implement results and change if necessary
Major parts of a feasibility study?
There are five major parts of a feasibility study. They are Stakeholder In-Depth Interviews, Demographic Assessment and Trend Analysis, Quantitative Survey, Competitive Assessment, and Demand Model or Estimates with Recommendations.
What is a quantitative analysis approach?
Steps of the Quantitative Analysis Approach Defining the Problem: The First Step in the quantitative approach is to develop a clear, concise statement of problem . this statement will give direction and meaning to the following steps. In many cases defining the problem is most important and most difficult step. Developing a Model: An important part of the quantitative analysis approach is the modeling, model is a representation usually mathematical of the situation. Models can save time and money in decision making and problem solving. Acquiring Input Data: Once we have developed a model we must obtain the data that are used in the model (input data). Obtaining accurate date for the model is essential, improper data will result in misleading results. Collecting accurate data can be one of the most difficult steps in performing quantitative analysis. Developing a Solution: Developing a solution involve manipulating the model to arrive at the best optimal solution to the problem that is practical and can be implemented, this requires that an equation to be solved for the best decision. Solving equations is a common technique. Testing the Solution: Before a solution can be analyzed and implemented it needs to be tested completely because a solution depends on the input data and the model, both requires testing. Testing the input data and the model includes determining the accuracy and completeness of the data used by the model. Analyzing the Results: Analyzing the results starts with determining the implications of the solution. Implementing results often requires change in an organization, the impact of actions or changes needs to be studied and understood before implementation.Implementing the Results: The final step is to implement the results, this is the process of incorporating the solution into the organization. The optimal solution will hundred of Bahraini dinars and it will help the users manage dedicated time more efficiently
