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)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ProPerfomer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
