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BIT 3434 Exam 1 Notes Questions And Accurate Answers (100% Pass)
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BIT 3434 Exam 1 Notes Questions And AccurateAnswers (100% Pass)
Business analytics - Answer A field of study that uses computers, statistics, and
mathematics to solve business problems
What is business analytics also known as? - Answer -Operations research
-Management science
-Decision science
Model - Answer -A set of of mathematical relationships and logical assumptions
-Simplified version of reality that is useful only if valid
What is the purpose of a model? - Answer Improve decision making
What is a valid model? -Answer Accurately represents the relevant characteristics of
the object or decision problem being studied
Valid model = -Answer Accurate model
Benefits of using models - Answer -Economy-less expensive
-Timeliness-deliver info quickly
-Feasability-help examine things/situation that would be impossible to replicate in reality
-Give us insight/understanding that improves decision making
Diagnostic analytics -Answer Why did it happen?
, Descriptive analytics -Answer What happened?
Predictive analytics - Answer What is likely to happen next?
Prescriptive statistics - Answer What should I do about it?
Problem solving process - Answer 1. Identify problem
2. Formulate & implement model
3. Analyze model
4. Test results
5. Implement solution
Classes of models - Answer -Deterministic vs. stochastic
-Linear vs. nonlinear
-Unconstrained vs. constrained
-Continuous vs. discrete
-Single objective vs. multiple objectives
Deterministic vs. stochastic - Answer -Deterministic = "certainty"/known parameters
-Stochastic = "uncertainty"/unknown parameters
Unconstrained vs. constrained - Answer -Unconstrained = no restriction
-Constrained = COnrestrictions on solution variables
Continuous vs. discrete - Answer -Continuous = decimals/""real"" variables
-Discrete = ""interger"" variables
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