QMB 3600 Quantitative Methods in Business
Project A: Version
Project A: Using Probabilities to Make Decisions (Unit 2)
Spade: Unknown economy
You are to work on this alone. The only person you may take to about it is Professor Decker. It
_A_ 1. A widely used mathematical programming technique designed to help managers
and decision making relative to resource allocation is called
A) linear programming.
B) computer programming.
C) constraint programm
Relative Frequency Bar Chart
Plot the relative frequencies rather than the class frequencies. The
plot looks the same, only the Y-axis scale is different
A chart that shows the proportion or percent that each class
represents of the total number
Events are said to be independent when one outcome does not
influence the probability of another outcome
Events are said to be dependent when one outcome does influence
the probability of another outcome
Sampling with rep
A symmetrical, bell-shaped distribution that is contingent on sample
size. It has a mean of zero and a standard deviation equal to 1
Type I Error
An error that occurs when a researcher concludes that the
independent variable had an effect o
Name _Sewanda Smith_
Place the correct letter in the blank to the left of the question
_D_1. An analytic and systematic approach to the study of decision making is referred
A) decision making under risk.
B) decision making under uncer
A collection of methods for;
-organizing, summarizing, presenting, analyzing, interpreting, and
A set of measurements obtained on some variable
Complete collection of
Divide the population into clusters (sections) and then randomly select
some clusters and sample all members of those clusters.
Use results that are already available
Summarize or describe the i
The three categories of business analytics are descriptive, predictive, and prescriptive.
Descriptive is the study and consolidation of historical data for businesses and industries.
Predictive forecast future outcomes based
Homework Assignment # 5
3-3 - Coefficient of determination represents the proportion of the variance in the response
variable that is predicted by the independent variable in the regression analysis. It ranges from
0 to 1; o means the response variable ca
Homework Assignment 3
2-3. An alternative is a course of action or a strategy that may be chosen by a decision maker.
State of Nature is an outcome or occurrence over which the decision maker has little or no
2-4. The basic differences between de
b. YTM is 10%
c. YTM is 13%
Comment apter 10 (Problems #2-3, 9, 24, 27-28) by 12/3
Enron meltdown was due to their undoing. This company did not care about ethics.
Enron was not honest, they did not have any morals and they did not communicate with
Solicit input from customers or potential customers
Opinions from outside experts or consultants
Circulate questionnaires among managers and staff. Responses are
anonymous. Each new questionnaire is develop
Football is too dangerous. Injuries can range from ankle sprains and strains,
torn MCL, ACL, meniscus, hamstrings, muscle contusions, and shoulder
tendinitis separation or dislocation. Football has the highest risk of injury
compared to other
Heres Your Crisis: Student Loan Debt Isnt a Myth by Chris Lewis and Layla Zaidane. Over the past
decade student loan default and delinquencies has risen and still snowballing. Many Americans seeking
higher education faces higher tuition and unstable labor
The subject and verb must agree (match) in number.
Ex. Singular subject = singular verb.
He likes ice cream.
Ex. Plural subject = Plural verb.
We like ice cream.
Do I need an s at the end of the verb
0.409091 0.145455 0.145455
MF and B
Example: Central Florida Window Washing
After Tax Profit
Units for Profit as % of Sales
August M Jun P
August C Carry Cost OT Cost J OT Cost A Min Cost
August M Cell RefereSign
Homework #10 Answers
8-2 Transportation problem deals with the distribution of goods from several points of supply sources to
the number of points of demand destination. The number of variables and constraints for a typical
transportation problem can be f
Homework Assignment #6
3-5 The adjusted r squared determines whether the addition of more variables used in the
regression model is useful or not. It gives a better picture over the normal r squared. When it
start to fall when more than the required numbe
1. Resource restrictions are called constraints.
2. All equations must be linear in linear programming
3. Sensitivity analysis enables us to look at the effects of changing the coefficients in the
objective function, one at a time.
4. For a linear program
2 CHAPTER I 0 INTRODUCTION TO QUANTITATIVE ANALYSIS
1.2 What Is Quantltavo Analysls?
WV! analysis uses a
Sdmtic approach to decision
Both qualitative and quantitative
factors must be considered.
QMB 3600 Quantitative Methods in Business
Online Sections 69151 & 69153
Schedule: Week by Week
Each day usually has a homework and a quiz. They are due on Sundays at 11:59 PM.
Projects are due on Wednesdays at 11:59 PM