OM 300 Exam 1 Nunnelley Complete Questions And Answers
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Course
OM 300
Institution
OM 300
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...
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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