## Elasticity Coefficient – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Elasticity Coefficient Definition Price elasticity or elasticity coefficient is an economic term that...

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## Elasticity Coefficient – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Elasticity Coefficient Definition Price elasticity or elasticity coefficient is an economic term that...## Analysis of Variance (ANOVA) – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Analysis of Variance – ANOVA Definition Analysis of variance or ANOVA is a...## Analysis of Means – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Analysis of means (ANOM) Definition Analysis of means is a systematic statistical procedure...## Autoregressive Moving Average (ARMA) Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Autoregressive Moving Average (ARMA) Explained ARMA is a model of forecasting in which...## Bell Curve – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Bell Curve Definition A bell curve is referred to as a normal distribution...## Boolean Logic – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Boolean Logic Definition In mathematical concepts and mathematical logic, the term Boolean algebra...## Box Cox Transformation – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Box-Cox Transformation Defined A Box-Cox power transformation refers to a way of transforming...## Bounded Rationality – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Bounded Rationality Definition Bounded rationality is the theory that when people make decisions,...## Cost Benefit Analysis Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Cost-Benefit Analysis Definition Cost benefits analysis refers to a technique used to measure...## Chi Square Distribution – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Chi-Square (C2) Distribution Definition In probability theory and statistics, the Chi-squared distribution also...## Confidence Interval Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Confidence Interval Definition A confidence interval shows a range of values within which...## Kurtosis Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Kurtosis Definition This is a statistical procedure used in reporting the distribution. Unlike...## Linear Regression Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Linear Regression Definition This is known in statistics as a linear approach to...## Kruskal Wallis Test Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Kruskal Wallis Test Definition The Kruskal–Wallis test refers to a rank-based nonparametric test...## Likert Scale – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Likert Scale Definition Named after its inventor, Rensis Likert, the Likert scale is...## Law of Large Numbers – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Law of Large Numbers Definition This is a concept of probability denoting that...## OODA Loop – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE OODA Loop Definition United States Air Force Colonel and Military Strategist, John Boyd,...## A Posteriori – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE A Posteriori Definition A posteriori is a Latin phrase that means “from the...## Regression Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Regression Analysis Definition Regression analysis is a statistical method employed in statistical modeling...## Variance Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Variance Analysis Definition Variance analysis is used in budgeting and management accounting. It...## Altman Z-Score – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Altman Z-Score Definition The Altman Z-score (or simply, “Z-Score”) is a statistical measurement...## Bonferroni Test – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Bonferroni Test Definition A Bonferroni Test is defined as a comparison tests often...## Degrees of Freedom – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Degrees of Freedom Definition Degree of Freedom refers to the number of values...## Venn Diagram – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Venn Diagram Definition A Venn diagram refers to an illustration that makes use...## Autoregression – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Autoregression Definition An Autoregressive model (AR model) is basically the method used to...## Multiple Linear Regression – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Multiple Linear Regression Definition A Multiple linear regression (MLR) is a statistical technique,...## Pareto Rule (80/20 Rule)

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Pareto or 80-20 Rule Definition The 80-20 rule, also known as Pareto Analysis,...## Box Jenkins Model – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Box Jenkins (B-J) Model Definition The Box-Jenkins Model is a mathematical model used...## Bartlett’s Test (Statistics) – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Bartlett’s Test (Statistics) Definition The Bartlett’s Test is a method used in statistics...## A Fortiori Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE A Fortiori Analysis Definition A Fortiori analysis is an analysis done to deliberately...## A Priori Probability – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE A Priori Probability Definition A priori Probability refers to the logical estimation of...## Multivariate Model – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Multivariate Model Definition The multivariate model is a widely used statistical measure that...## Weighted Average – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Weighted Average Definition In arithmetic or mathematical calculation, a weighted average refers to...## Random Factor Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Random Factor Analysis Definition Random factor analysis refers to a statistical technique that...## Data Analytics – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Data Analytics Definition Data analytics is a process of extracting valuable insights from...## Data Mining – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Data Mining Definition Data mining is a method used by companies to generate...## Data Science – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Data Science Definition Data science is defined as a collection of processes, concepts,...## Back of the Envelope Calculation – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Back-Of-The-Envelope Calculation Definition A back-of-the-envelope calculation is a form of mathematical calculation carried...## Decision Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Decision Analysis Definition Decision analysis (DA) is a management technique used by corporations...## Decision Theory – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Decision Theory Definition Simply put, decision theory is an analysis of decision-making process....## Decision Tree – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Decision Tree Definition In a decision-making process, a decision tree is a graphical...## R-Squared – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE R-Squared Definition R-squared, also referred to as the coefficient of determination, is a...## One-Tailed Test – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE One-Tailed Test Definition One-tailed test, also called directional test or directional hypothesis, is...## Alpha Risk – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Alpha Risk Definition Alpha Risk refers to the risk that a null hypothesis...## Uniform Distribution – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Uniform Distribution Definition Uniform distribution is also called rectangular distribution, it is a...## Tree Diagram – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Tree Diagram Definition A tree diagram is a tool (especially a graphical representation)...## Sampling Distribution – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Sampling Distribution Definition A sampling distribution refers to a probability distribution that reflects...## Correlation – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Correlation Definition In finance and investments, correlation is a statistical measure that calculates...## Cost-Benefit Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Cost-Benefit Analysis Definition A cost-benefit analysis is a model used by businesses in...## T Distribution – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE T Distribution Definition The T distribution, also known as Student’s t-distribution, is a...## Sampling Error – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Sampling Error Definition A sampling error is a form of error that occurs...## Standard Error – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Standard Error Definition In statistics, the standard error refers to the deviation of...## Positive Correlation – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Positive Correlation Definition Positive correlation refers to the relationship formed between two variables...## Trend Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Trend Analysis Definition Trend analysis is a statistical technique used in technical analysis...## Empirical Rule – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Empirical Rule Definition The empirical rule refers to a statistical rule that mentions...## Subjective Probability – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Subjective Probability Definition Subjective probability refers to a form of probability that is...## Trimmed Mean – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Trimmed Mean Definition A trimmed mean, which is also known as a truncated...## Sum of Squares – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Sum of Squares Definition In regression analysis, sum of squares refers to a...## Empirical Probability – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Empirical Probability Definition Empirical probability refers to an estimated probability that considers the...## Wilcoxon Test – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Wilcoxon Test Definition The Wilcoxon test is a nonparametric test used in statistics...## Absolute Frequency – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Absolute Frequency Definition The term absolute frequency depicts the number of times a...## Least Squares Method – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Least Squares Method Definition The least squares method is a procedure of finding...## Normal Distribution – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Normal Distribution Definition Normal distribution, which is also referred to as the Gaussian...## Null Hypothesis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Null Hypothesis Definition A null hypothesis refers to a kind of statistical hypothesis...## Hypothesis Testing – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Hypothesis Testing Definition In statistics, hypothesis testing is an action in which securities...## Stochastic Modeling – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Stochastic Modeling Definition Stochastic modeling is a form of statistical modeling, primarily used...## Two-Way ANOVA – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Two-Way ANOVA Definition A two-way ANOVA is a one-way ANOVA’s extension, a statistical...## Qualitative Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Qualitative Analysis Definition The qualitative analysis started as an analysis technique in chemistry...## Poisson Distribution – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Poisson Distribution Definition A Poisson distribution refers to a statistical distribution reflecting the...## Quantitative Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Quantitative Analysis (QA) Definition Quantitative analysis (QA) refers to a measure or an...## Histogram – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Histogram Definition A histogram refers to a process of arranging data points based...## Probability Distribution – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Probability Distribution Definition A probability distribution is a mathematical and statistical theory that...## Predictive Modeling – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Predictive Modeling Definition Predictive modeling is a technique that uses a set of...## Big Data – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Big Data Definition Big data is a term often used when there is...## Statistically Significant – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Statistical Significance Definition Statistical significance refers to the probability that a relationship formed...## Discrete Distribution – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Discrete Distribution Definition In statistics, a discrete distribution is a probability distribution of...## Predictive Analytics – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Predictive Analytics Definition Predictive analytics is a form of analytics that seeks to...## Three Way Anova – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Three-Way ANOVA Definition A three-way ANOVA which is also referred to as three-factor...## Covariance – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Covariance Definition Covariance is a metric used in statistics and probability theory to...## Cluster Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Cluster Analysis Definition Cluster analysis is a classification method that groups sets of...## Central Limit Theorem – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Central Limit Theorem (CLT) Definition The central limit theorem states that with the...## Nonlinear Regression – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Nonlinear Regression Definition Nonlinear regression is a type of regression analysis that uses...## Mean-Variance Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Mean-Variance Analysis Definition The Mean-variance analysis is otherwise called the modern portfolio theory....## P Value – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE P-Value Definition The P-value refers to a continuous measure of the evidence against...## Clinical Trial – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Clinical Trials Definition Clinical trials refer to scientific studies and observations carried out...## Residual Sum of Squares – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Residual Sum of Squares (RSS) Definition A Residual sum of square tells you...## Sensitivity Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Sensitivity Analysis Definition Sensitivity analysis, also referred to as simulation analysis, is a...## Frequency Distribution – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Frequency Distribution Definition A frequency distribution is a chart or list that presents...## Stepwise Regression – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Stepwise Regression Definition Stepwise regression is a statistical method of building a model...## Type I Error – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Type I Error Definition A type I error is a type of error...## Type II Error – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Type II Error Definition A type II error occurs when there is a...## Coefficient of Determination – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Coefficient of Determination Definition The coefficient of determination (R squared), is defined as...## Coefficient of Variation – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Coefficient of Variation (CV) Definition According to probability theory and statistics, the standardized...## Incremental Analysis – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Incremental Analysis Definition The incremental analysis, also known as differential or marginal analysis,...## Scheffe’s Test – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Scheffe’s Test Definition The Scheffe’s Test is used in an analysis of variance...## Hedonic Regression – Definition

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Hedonic Regression Definition Hedonic regression refers to a revealed preference approach applied in...## What is Environmental Scanning?

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE What is Environmental Scanning? Environmental scanning is done to identify potential environmental uncertainty....## Management and Decision Making

Back to: Business Management What is Management Decision Making? Management decision making is a critical part of the management planning...## Programmed and Unprogrammed Decisions

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE What is a Programmed Decision and an Unprogrammed Decision? The response to a...## Prescriptive Analytics

Back to: RESEARCH, ANALYSIS, & DECISION SCIENCE Prescriptive Analytics Prescriptive analytics is a method of finding the best course of...

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