Discussion Questions
1 What is the difference between quantitative and qualitative analysis? Give several examples.
2 Define quantitative analysis. What are some of the organizations that support the use of the scientific approach?
3 What are the three categories of business analytics?
4 What is the quantitative analysis process? Give several examples of this process.
5 Briefly trace the history of quantitative analysis. What happened to the development of quantitative analysis during World War II?
6 Give some examples of various types of models. What is a mathematical model? Develop two examples of mathematical models.
7 List some sources of input data.
8 What is implementation, and why is it important?
9 Describe the use of sensitivity analysis and postoptimality analysis in analyzing the results.
10 Managers are quick to claim that quantitative analysts talk to them in a jargon that does not sound like English. List four terms that might not be understood by a manager. Then explain in nontechnical terms what each term means.
11 Why do you think many quantitative analysts don't like to participate in the implementation process? What could be done to change this attitude?
12 Should people who will be using the results of a new quantitative model become involved in the technical aspects of the problem-solving procedure?
13 C. W. Churchman once said that "mathematics tends to lull the unsuspecting into believing that he who thinks elaborately thinks well." Do you think that the best QA models are the ones that are most elaborate and complex mathematically? Why?
14 What is the break-even point? What parameters are necessary to find it?