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OM 300 Exam 1 Nunnelley Complete Questions And Answers
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OM 300 Exam 1 Nunnelley Complete Questions And Answers What are the different levels of analytics? ANS -Optimization -What's the best decision? -Predictive Modeling -What will or could happen? -Forecasting -What if these trends continue? -Statistical Analysis -Why is this happening? E...

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  • September 1, 2024
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  • 2024/2025
  • Exam (elaborations)
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OM 300 Exam 1 Nunnelley Complete Questions And
Answers
What are the different levels of analytics? ANS -Optimization

-What's the best decision?

-Predictive Modeling

-What will or could happen?

-Forecasting

-What if these trends continue?

-Statistical Analysis

-Why is this happening?

Examples:

-Identifying profitable and loyal customers

-Determining the optimal price for a product or service

-Finding the lowest possible level of inventory without reducing availability to the customer

- Finding the best people to hire, retain and promote



What is a spreadsheet? ANS -Cells, columns, rows and addresses



What is a model? ANS - A model is a purposeful representation of the key elements of an object or system and
the relationships among those elements

- Abstract representation of something real

- Enough detail so that key elements and relationships are accurately represented

- Omit unnecessary details



What are the different types of Models? ANS -Mental models

-Visual Models

-Physical Models

-Mathematical Models

-Weather Forecast

-Balance Sheet

-Income Statement

, -Spreadsheet Model



What are the different steps in the modeling process?

7 Step Modeling Process: ANS Step 1: Problem Definition

-Identify the correct problem

-Defining the correct problem is not always easy

Step 2: Data Collection

-Practical data is always not in good shape for the analysts

-Collecting data requires most time

Step 3: Model development

-Where your quantitative skills are brought into play

-Make sure the model accurately represent the real problem

-Balance between being too simple or too complex

Step 4: Model verification

-Use clients current data as input

- Are the outputs in line with the current situation?

-Use some reasonable data

- Are the outputs reasonable?

Step 5: Optimization and decision making

-Optimization of an objective: Maximize profit, or minimize cost

Step 6: Model communication to management

-A large gap exists between the management science analysts and managers of organizations

-Involve the people in the organizations in the project from the beginning

-Try to make the model intuitive and user-friendly

Step 7: Model implementation

- Clients have to be convinced that your model can help them add value and are implementable

- The people who are going to implement the model need to be trained to:

- Input the appropriate data

- Run what- if analysis

- Interpret the model's ouput's correctly



What are the ABC's of spreadsheet models? ANS - All of your work must

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