Quantitative Analysis for Decision Making

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QSO 510 Quantitative Analysis for Decision Making

Homework Assignment 1

Please answer all questions

 

Question 1

What is all about the quantitative analysis for decision making course?

 

Question 2

Earlier on, data analysis was based on sample (small) data to infer the big data (population) instead of dealing with the big data itself. However, nowadays, it has been possible to deal with the big data.

Explain very briefly, why it was not possible before to deal with big data but it is now possible.

 

Question 2.

It is very important to understand your data before you decide on the method of analyzing the data. Please list the characteristics of data that you have learned so far.

 

Question 3.

List any three important decisions in business that may require evidences from the data before they are made.

 

Question 4

What is the difference between observed and estimated data? Provide an example

 

Question 5

You just agreed to take position of Economic Adviser at InoSmart Inc. The manager of the company asked you to evaluate salaries paid by the company to its employees last year. The manager delivers to you the aggregate monthly salaries data as follows:

Months Aggregate Salaries
January 7434.30
February 7053.20
March 6795.00
April 7802.40
May 5019.70
June 6944.00
July 8196.55
August 6384.38
September 7911.11
October 6553.37
November 7107.64
December 8050.50

 

Questions 1.

Type Yes (to agree) or No (to disagree) with each of the following:

The data provided is

(a) Qualitative only …………. …                      (b) Time series ……………… (c) Cross-sectional ………..

(d) Continuous ……………….          (c) Quantitative only…………….. (d) Discrete ………….

(e) Sample ……………..                      (f) Population …………….                 ( g) estimated …………….

(h) Observed ……………..                 (I) both qualitative and quantitative (non-numerical and numerical) ……….

Normally distributed or other distributions ………….

 

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