by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Decision Theory?Simply put, decision theory is an analysis of decision-making process. It seeks to evaluate how choices are made. Decision theory is a logical study of how decisions are made in a structure or system where the decision environment is uncertain...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Back-Of-The-Envelope Calculation?A back-of-the-envelope calculation is a form of mathematical calculation carried out quickly just to give a rough estimate of a particular calculation. It is an informal calculation done on an envelope or a piece of paper....
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Data Analytics?Data analytics is a process of extracting valuable insights from raw data that are needed to arrive at conclusions about an information. This is a holistic process that involves extracting, cleansing and inspecting raw data with the aim of...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Data Mining?Data mining is a method used by companies to generate new and useful information from existing raw data. When a company searches through existing databases, analyzes patterns of the raw data to get useful information, this is data mining. There are...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Data Science?Data science is defined as a collection of processes, concepts, techniques and tools that is directed towards getting useful information from a variety of complex data. Data science focuses on retrieving useful or relevant information and insights...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Random Factor Analysis?Random factor analysis refers to a statistical technique that is used to identify the origin of the randomly collected data. Random factor analysis is applied when you want to determine whether the underlying trend is the cause of the...
