by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
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 context for making those decisions.What...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative 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: What are Programmed Decisions? Programmed decisions are repetitive...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative 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 facing the organization. Planners use this information to...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is a Hedonic Regression?Hedonic regression refers to a revealed preference approach applied in consumer science and economics to determine the variables relative importance that affects the price of service or good. Regression analysis is the one used to...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Scheffe’s Test?The Scheffes Test is used in an analysis of variance (ANOVA) to test multiple comparisons among a group of means. This test analyzes a group of means to evaluate the difference between the means. Scheffes test is used when making an...
by TheBusinessProfessor | Feb 23, 2025 | Research, Quantitative Analysis, & Decision Science
What is Marginal Analysis?Marginal analysis, also known as differential or incremental analysis, is a tool in accounting that businesses use to make short-term decisions. It identifies potential changes in revenues and costs that arise from the existing alternative...
