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by: Bernardo Schaden


Bernardo Schaden
GPA 3.99


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Class Notes
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This 1 page Class Notes was uploaded by Bernardo Schaden on Monday September 21, 2015. The Class Notes belongs to MBA 7025 at Georgia State University taught by Staff in Fall. Since its upload, it has received 9 views. For similar materials see /class/209834/mba-7025-georgia-state-university in Business Administration at Georgia State University.




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Date Created: 09/21/15
Matthew A Horvath MBA 7025 Summary of Chapter 1 Data Analysis amp Decision Making The first chapter of Data Analysis and Decision Making serves as brief introduction to the subject of data analysis as well as a descriptive outline of the remainder of the book It also provides a justification for the study of the subject matter found in the book The authors begin Chapter 1 with the insightful observation that our modern age of technology has facilitated the collection and analysis of huge amounts of data This data contains useful information that organizations can utilize in order to make better decisions By virtue of readily available and surprisingly sophisticated software almost anyone can use quantitative analysis to uncover this beneficial information buried in an otherwise unintelligible mountain of data The authors also suggest that the organizations able to apply the quantitative methods found in the remainder of the book will have a competitive advantage in business The main purpose of the book therefore is to instruct the reader in the use of a collection of quantitative methods useful for decision making in business Following this explanation and justification of purpose the authors reference three principal themes and eight subthemes that are spread about the chapters comprising the remainder of the book The first theme Data Analysis includes the subthemes of Description Inference and Relationships The second theme Decision Making includes the subthemes of Optimization Decision Analysis with Uncertainty and Sensitivity Analysis The final theme Uncertainty includes the subthemes of Measuring and Modeling Chapter 1 provides a convenient chart re ecting which chapters of the book emphasize these themes and subthemes Chapter 1 also describes the software Excel plus various add ins used in the book and draws on several examples from later chapters to illustrate the type of problems that the reader will learn to solve Chapter 1 also contains a discussion of models and the modeling process which the authors believe are key elements throughout the book Three types of models are described 1 graphical models 2 algebraic models and 3 spreadsheet models Spreadsheet models are the focus of this book Following this discussion Chapter 1 outlines a seven step modeling process The seven steps are as follows Define the problem Collect and summarize data Develop a model Verify the model Select one or more suitable decisions Present the results to the organization Implement the model and update it over time F Q Sher NZ Finally Chapter 1 comes to a close with a perfunctory conclusion and a case study called Entertainment on a Cruise Ship The problem presented in the case study concerns the managerial problem of how to provide the right quantity and mix of entertainment on a cruise ship such that passengers are adequately but not wastefully entertained during a particular cruise ship voyage


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