Exam (elaborations)
OMGT 3223 Mid-term Exam Questions and Answers Latest Update
- Course
- Institution
OMGT 3223 Mid-term Exam Questions and Answers Latest Update
[Show more]
Content preview
OMGT 3223 Mid-term Exam Questionsand Answers Latest Update
BDM Applications - Answer-Finance, Management, Operations and supply chain
management, IT, marketing, & Hospitality management
BDM Process step 1 - Answer-Identification of the problem- What we want to
accomplish? How success will be measured? (Recognize the problem and do a brief
examination of the problem)
BDM Process step 2 - Answer-Definition of the problem- Identify key parameters, Define
major assumptions, define what factors are in scope and what factors are out of scope
(Recognize the problem in detail and determine what you can realistically do to solve it.)
BDM Process step 3 - Answer-Modeling of the problem - Develop a model of the
situation. Analytical (Quantitative Models) (What models can we use to solve our
problem? How can we best organize information to efficiently solve the problem?)
BDM Process step 4 - Answer-Initial Model Solutions/Conclusions- Develop a
preliminary set of results, Validate(behaves correctly) and verify(a reasonable
representation of the real world) models (What conclusions can be made from the data
gathered via modeling?)
BDM Process step 5 - Answer-Review and iteration- Test new ideas, perform "What if"
Analyses (Sensitivity Analyses) (Use the information concluded from use of models to
formulate and final solution/strategy.)
BDM Process Step 6&7 - Answer-Implementation and Feedback- recommendations put
into action, Track results (Implement & Monitor new strategy in terms of effectiveness
and efficiency)
Break-Even Analysis - Answer-Set profit = zero
Fixed Cost/(Price-Variable Cost)
Models are .... - Answer-Simplified representations of real life systems.
In quantitative models outputs are mathematical functions of one ore more __________.
- Answer-Inputs
Model Purposes are either - Answer-Descriptive, Prescriptive or Predictive
Descriptive Model - Answer-models the behavior of a system; calculates output given a
set of inputs or perform a sensitivity analysis. e.g. Simulation Models
, Simulation Models are a subset model of Descriptive models and calculates profit
associated with any given production plan. (Also a model that simulates the expected
return associated with a specific investment)
T or F? - Answer-T
Prescriptive model - Answer-uses keywords best, optimal, min cost, max profit;
prescribes a solution; helps with decision making (Prescribes Solutions) Often built as
extensions/enhancements to descriptive models. E.g. Optimization Models
Optimization Models can be used to determine the
_____________________________......____. - Answer-Production plan that will
maximize profits. (Or the investment that will maximize expected returns)
Predictive Model - Answer-capable of forecasting specific aspects of the system's
behavior; model for unpredictable outputs. (The exact functional relationship between
inputs and outputs is not known or cannot be fully described within the data available).
E.g Regression Models
An example of a regression model is a model that..... - Answer-Estimates property
values using input values such as square footage, location, etc.
Parameter Certainty - Answer-Deterministic & Stochastic
Deterministic Model - Answer-Known values; ALL inputs are assumed to be known with
certainty (NO PROBABILITY DISTRIBUTION, i.e. number of students in class). Can be
used for both desriptive and prescriptive purposes.
Stochastic Model - Answer-Uncertain values; Some inputs are random variables;
typically random values are specified from probability distributions. Outputs are typically
random variables with probability distributions. We can summarize the outputs of a
stochastic model using a sigle value e.g. average cost, however, often times the
probability of specified outcomes is mesaured using a histogram.
Model parameters can be - Answer-Known values (# of students in a class) or Uncertain
values (expected # of viewers if we run a tv commercial)
Many real world systems are with uncertain parameters are modled as ___________
models because they are easier to build and solve. - Answer-Deterministic
Data Tables - Answer-What if/Sensitivity analysis
Goal Seek - Answer-Search specified output level
Solver - Answer-Optimization
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now