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OMGT 3223 EXAM 1 QUESTIONS AND ANSWERS $10.49   Add to cart

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OMGT 3223 EXAM 1 QUESTIONS AND ANSWERS

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OMGT 3223 EXAM 1 QUESTIONS AND ANSWERS

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  • October 27, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • OMGT
  • OMGT
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lectknancy
OMGT 3223 EXAM 1 QUESTIONS AND
ANSWERS
breakeven analysis: - Answer-the sales volume at which revenue covers costs

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

prescriptive model: - Answer--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: - Answer--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: - Answer--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: - Answer--some inputs are random
-some inputs are random variables specified by probability distributions and outputs

data table: - Answer-perform sensitivity analysis

goal seek: - Answer-search for specified output level

solver: - Answer-perform constrained optimization

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

symmetric data: - Answer-mean and median approximately equal

data skewed left: - Answer-mean < median < mode

data skewed right: - Answer-mode < median < mean

mean: - Answer-=AVERAGE(Data)

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