ITIS 1P97 Lecture 1: itis notes one
20 Oct 2016
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Document Summary
It is a scientific approach to managerial decision making in which raw data are processed and manipulated to produce meaningful information. Quantitative factors are data that can be accurately calculated. Qualitative factors are more difficult to quantify but affect the decision process. Descriptive analytics: the study and consolidation of historical data. Predictive analytics: forecasting future outcomes based on patterns in the past data. The quantitative analysis approach: define the problem. Statistical measures such as means and standard deviations, probability distributions. Develop a clear and concise statement of the problem to provide direction and meaning. This may be the most difficult and most important step. Go beyond symptoms and identify true causes. Specific and measurable objectives may have to be developed: develop a model. Details can be added or omitted depending on purpose. Physical models (such as designing a small structural building) Mathematical - most abstract, yet easily manipulated for experimentation and prediction. Mathematical model a set of mathematical relationships.
