[ITIS 1P97] - Midterm Exam Guide - Ultimate 19 pages long Study Guide!

• School: Brock University
• Department: Information Technology Information Systems
• Course: ITIS 1P97
• Professor: Nigussie Mengesha

Document Summary

Quantitative analysis: is the scientific approach to managerial decision making in which raw data are processed and manipulated to produce meaningful info. In solving a problem, we must consider both qualitative and quantitative factors. Qualitative factors are difficult to find or calculate (weather, state & federal legislation, new technological breakthroughs) Quantitative factors are data that can be accurately calculated (interest rates, demand, labor. Investing in the stock market we can use quantitative analysis to determine how much our investment will be worth in the future. Business analytics: a data given approach to decision making that allows companies to make better decisions. Statistical and quantitative analysis are used to analyze the data and provide useful info. Statistical and mathematical models are used extensively for this purpose. Analysis techniques used are decision analysis & decision trees, regression models, Forecasting, simulation: prescriptive analytics: the use of optimization methods to provide new and better ways to operate based on specific business objectives.