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OMIS 327 Exam 1 Question and answers already passed

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OMIS 327 Exam 1 Question and answers already passed OMIS 327 Exam 1 Descriptive Analytics - correct answer the study and consolidation of historical data Predictive Analytics - correct answer forecasting future outcomes based on patterns in the past data Prescriptive Analytics - corre...

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  • November 5, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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OMIS 327 Exam 1
Descriptive Analytics - correct answer ✔the study and consolidation of
historical data


Predictive Analytics - correct answer ✔forecasting future outcomes based on
patterns in the past data


Prescriptive Analytics - correct answer ✔the use of optimization methods


Deterministic Model - correct answer ✔A mathematical model that does not
involve rick or chance; all values are know with complete certainty


Probabilistic Model - correct answer ✔A mathematical model that involve rick
or chance; Values are based on estimates


Decision making under certainty - correct answer ✔the decision maker
knows with certainty the consequences of every alternative or decision choice


Decision making under uncertainty - correct answer ✔the decision maker
does not know all the alternatives, the risks associated with each, or the
consequences of each alternative; use maximax, maximin, or minimax regret
criteria


Decision making under risk - correct answer ✔the decision maker knows the
probabilities of the various outcomes; use EMV method and choose highest
expected monetary value

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