Velasco, Patrick Josh R.
BSIT-1A
QUANTITATIVE METHODS
FINAL OUTPUT ESSAY:
LESSON 1
Quantitative Methods are a set of mathematical statistical and
Computational technique used to analyse numerical data
and decision making. the purpose of it is to improve decisions,
reduce uncertainty and optimise the limited resources
There are 4 Scope of Quantitative Methods
Statistical Methods
- descriptive statistics and probability
Mathematical Models
- Linear programming and optimization models
Decision Models
- Decision Trees and risk analysis
Simulation Models
- Monte Carlo Simulation and Systems simulation
The Role of Quantitative Methods in decision making are
identify the problem, collect relevant data, build a model,
analyse, interpret and make a decision that are widely use in
scientific decision making
Areas of Application are:
- Business and Management
- Engineering
- Information technology
- Economic and finance
- Government
Model represent a real world system such as physical models,
mathematical models and Simulation Models. Variables
represents measurable factors. therefore there is a
assumptions and limitations of use
LESSON 2
QUANTITATIVE THINKING has the ability to analyze the
problem using numbers and logic, identity relationship
between variables, intepret data and apply mathematical to
real world. Quantitative thinking helps by break down of
problems, avoid biased, evaluation of multiple alternatives,
predictions, and justify decision logically. to also think logically
and focused questions, facts and data.
Quantitative Problem Solving Process
Step 1. Problem Identification
- define the problem
Step 2. Data Collection
- identify relevant data
Step 3. Problem Structuring
- Decision Variables
Step 4. Model Formulation
- Develop Equations or model
Step 5. Solution
- Apply quantitative techniques
Step 6. Interpretation
- Analyse Numerical Data
Step 7. Implementation
- Apply the decision in real life
Well Structured Problems has clear objectives while
unstructured has vague Objective that requires judgement
and support. Quantitative thinking is the Foundation of
modelling by helping define variables, guide model and
support simulation To apply Quantitative problem on
business decisions, engineering, IT infrastructure, supply
chain and uncertainty analysis
LESSON 3
Data are a raw facts or observation collected from
measurement, and experiments. Data can be text, numbers
symbols and measurements. information is data that has
been processed, organised and [Link] is a
attribute that can take different values of different
individual or objects by observation.
TYPES OF VARIABLE
Discrete Variables
- Countable values
Continuous Variables
- Measurement of values
TYPES OF DATA
Quantitative Data
- Numerical and measurable
Qualitative Data
- Descriptive, Non numerical
MEASUREMENT SCALES
Nominal Scales - Categories or labels
Ordinal Scales - Meaningful order
Interval Scale - equal interval, No true zero
Ratio Scale - equal interval has a true zero
Data Quality is how to fit data for use, High-quality produce
reliability while poor leads to bad results, it has a
importance of accuracy Data. Decision depends on reliable
information.
DIMENSIONS OF DATA QUALITY
- Accuracy
- Completeness
- Consistency
- Timeliness
- Relevance