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OMGT 3223 EXAM 1 || CORRECTLY ANSWERED.
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  • OMGT
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  • OMGT

breakeven analysis: correct answers the sales volume at which revenue covers costs descriptive model: correct answers -model the behavior of a system -calculate measures given a set of inputs or to perform sensitivity analysis -EX: simulation models prescriptive model: correct answers -repl...

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  • August 7, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • breakeven analysis

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  • OMGT
  • OMGT

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OMGT 3223 EXAM 1 || CORRECTLY ANSWERED.
breakeven analysis: correct answers the sales volume at which revenue covers costs

descriptive model: correct answers -model the behavior of a system
-calculate measures given a set of inputs or to perform sensitivity analysis
-EX: simulation models

prescriptive model: correct answers -replicates behavior of system and identifies input values
that will help decision maker achieve an objective
-often built as extensions/enhancements to descriptive model
-EX: prescribe a solution; optimization model

predictive model: correct answers -model capable of forecasting specific aspects of the
system's behavior
-outputs cannot be predicted exactly from inputs
-exact functional relationship between inputs and outputs is not known
EX: regression model

deterministic model: correct answers -all inputs are assumed to be known with certainty (no
probability distribution)
-single values as input and outputs
-used for both descriptive and prescriptive

scholastic model: correct answers -some inputs are random
-some inputs are random variables specified by probability distributions and outputs

data table: correct answers perform sensitivity analysis

goal seek: correct answers search for specified output level

solver: correct answers perform constrained optimization

curve fitting: correct answers forecasting; fit linear and non linear functions to a set of
observed data

symmetric data: correct answers mean and median approximately equal

data skewed left: correct answers mean < median < mode

data skewed right: correct answers mode < median < mean

mean: correct answers =AVERAGE(Data)

median: correct answers =MEDIAN(Data)

mode: correct answers =MODE(Data)

range: correct answers =MAX(Data)-MIN(Data)

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