Answer each of the following questions. a. In solving problems, analysts conside

Question

Answer each of the following questions. a. In solving problems, analysts consider both quantitative and qualitative factors. What is the difference between quantitative and qualitative factors? b. Are drawing a heart and drawing a non-heart from a deck of 52 cards mutually exclusive events? Why? c. What are the six steps in decision making? d. What is the difference between uncertain environment and risky environment? c. What is the difference between explanatory and dependent variables n a regression model?

Explanation / Answer

Part a

The qualitative factors explain the quality of variables or factors and this quality we do not measure in the numbers. For measuring these qualitative factors we use ordinal level of measurement. The quantitative factors are defined by using numbers and ratio scale of measurement is used for quantitative factors.

Part b

Drawing a heart and drawing a non-heart from a deck of 52 cards is a mutually exclusive because there is no any same card in the both events.

Part c

The six steps in the decision making are given as below:

Part d

Uncertain environment is the environment in which an organization lacks the adequate factual information and there is uncertainty for outputs or alternatives during operations or transactions of organization. However, the risky environment is the environment where there is some probability for the outputs or alternatives and sometimes it results in high profits or loss.

Part e

The explanatory variable or independent variable in the regression model is the variable by using which we make a regression equation or model. The dependent variable or responsible variable is the variable for which we want to predict the value. We find out the regression equation for the estimation of the dependent variable or response variable based on the independent variable or explanatory variables or repressors.

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