Flashcards
Keywords 3.3
Cards in this deck (18)
- 1Time Series AnalysisA management tool to make predictions based on past data
- 2Scatter GraphsA graph which shows the performance of one variable (sales) against another (spends on marketing)
- 3CyclicalChanges in the data due to large changes such as a recession
- 4correlationa relationship between to sets of variables
- 5Line of Best FitA line that can be drawn through a series of data to look for a trend
- 6ExtrapolationWhen data is stretched out over a line of best fit to predict what will happen in the future
- 7PaybackSimple method of working out which project proposal will pay the investors back the soonest
- 8ARRAverage rate of return, a simple method of calculating which project offers the best rate of return on investment, compare with bank rate of 5% for savings.
- 9NPVNet present Value, discounts the future value of money, taking into account interest rates and time
- 10Decision TreeA pictorial decision making tool that shows all possible outcomes from a decision
- 11Chance NodesThese are always round and show the probabilities of the success or failure of a decision
- 12ProbabilitiesThe chance that an outcome will happen, for example 0.5 is 50% chance
- 13Expected Monetary OutcomesThe financial outcome of each decision
- 14Decision PointThis is a square and indicates where a business must make a decision
- 15Critical Path AnalysisThis is a management tool that shows the total time that a project takes to complete
- 16Earliest Start Time (EST)The first day that the task can begin, when all tasks dependant on it are finished
- 17Latest Finishing Time (LFT)The latest the task can finish without delaying he whole project
- 18Float TimeFree time in the network diagram calculated by LFT of the task - ESR of the task - Duration
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- A2 Business Studies (Unit 3.3) Flashcards on Keywords 3.3, created by India Ashberry on 16/01/2017.
- Created by
- India Ashberry · Jan 2017
- Updated
- Jan 17, 2017
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