One-Way Data Tables - ANSWER-Can be used to evaluate multiple outputs (i.e. profit
and revenue)
Two-Way Data Tables - ANSWER-Can be used to evaluate ONLY ONE output variable.
To evaluate multiple, you will need to make multiple of these data tables.
Predictive models - ANSWER--focus on understanding the future
-involve multiple time periods
-incorporate uncertainty element
Sales levels - ANSWER-often used to plan inventory levels (predictive decision models)
Optimization Models - ANSWER-have been used extensively in operations and supply
chains, finance, marketing, and other disciplines
Has 3 elements:
1. decision variables
2. objective to maximize or minimize
3. constraints
Optimization is the process of... - ANSWER-selecting values of decision variables that
minimize or maximize some quantity of interest.
Objective function - ANSWER-the quantity you are trying to maximize or minimize (in
optimization)
Optimization - ANSWER-the most important tool in PRESCRIPTIVE analytics ("optimize
your prescription" - Casey)
Constraints - ANSWER-restrictions placed on potential solutions to a problem
Simple Bounds Constraint - ANSWER-constrain the value of a single variable
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