by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is the Z-Score?The Z-score is a statistical measurement of one variables relationship to the mean (average) of a group of values. More specifcally, the Z-score states the number of standard deviations a variable lies from the mean of the group of values. What...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
[cite] Back to: Business Management What is Management Decision Making? Management decision making is a critical part of the management planning function. Understanding the unique nature of managerial decisions requires understanding the types of decisions and the...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
[cite] Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE What is a Programmed Decision and an Unprogrammed Decision? The response to a problem is generally based upon the nature of the problem. The method of response can generally be characterized as follows:...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
[cite] Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE What is Environmental Scanning? Environmental scanning is done to identify potential environmental uncertainty. More specifically, it concerns scanning the immediate environment for environmental contingencies...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
[cite] Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Pareto or 80-20 Rule Definition The 80-20 rule, also known as Pareto Analysis, is the principle of factor sparsity. It is a business rule which states that 80 percent of many events come from 20 percent of the...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Pearson Coefficient?The Pearson coefficient refers to a type of correlation coefficient in statistics representing the relationship between two variables measured on the same ratio scale or the same interval. The Pearson coefficient is an associations...
