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...
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
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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