Quantitative Business Analysis. Course Introduction By Aziza Munir. Course Description. Focus on Data handling and presentation Analyse the need and importance of collecting data in business and methods to interpret them
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Focus on estimates, probability, discrete and continuous, probability distribution, and decision analysis
Forecasting on the basis of time series
Importance of research in business
Techniques, functions and steps
Data interpretation and presentation, statistically
To successfully apply quantitative analysis to decision making, the analyst must work with manager or user of the results. When both the quantitative analyst and the manager agree that the problem has been adequately structured, model can be developed and work can begin.
Eg. Scale model of an airplane is a representation of real airplane. Similarly child toy truck is a model of real truck. These are physical replicas of objects
Eg: Speedometer of an automobile, position of needle on dial, thermometer mentioning temperature
Eg: Total profit from sales of a product can be determined by multiplying profit per unit by quantity sold.
Controllable Inputs (Decision Variables
(Program Evaluation and Review Technique, Critical Path Method)