by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Cost-Benefit Analysis?Cost benefits analysis refers to a technique used to measure the return against cost in both financial and environmental aspects. The technique provides a better analysis of the data under evaluation. The current economy is based on...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Bounded Rationality?Bounded rationality is the theory that when people make decisions, their ability to reason through the problem is limited by: available information cognitive capacity or ability, time to think about the situation. This management concept...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Boolean Logic?In mathematical concepts and mathematical logic, the term Boolean algebra refers to the branch of algebra that deals with the true value of variables. These values are based on determining whether a number is true or false and usually assigned 1...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Box-Cox Transformation?A Box-Cox power transformation refers to a way of transforming response to satisfy the usual regression assumption of homogeneity and normality of variance. The regression model is therefore used to fit the transformed response. The...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Bell Curve?A bell curve is referred to as a normal distribution because it is the most common type of distribution for a variable. The term bell curve’ is derived from the graph depicting a normal distribution because it consists of a bell-shaped line....
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Analysis of Means (ANOM)?Analysis of means is a systematic statistical procedure used in depicting significant differences among groups of information in a visual form. It is active mostly in quality control. ANOM methodology compares the average of each group...
