Exam (elaborations)
OMGT 3223 Midterm Exam Questions with Latest Update
- Course
- Institution
OMGT 3223 Midterm Exam Questions with Latest Update
[Show more]
Content preview
OMGT 3223 Midterm Exam Questionswith Latest Update
Model - Answer-A simplified representation of a real life system; An external and explicit
representation of part of reality as seen by the people who wish to use it to understand,
to change, to manage, and to control that part of reality; All models (quantitative or
otherwise) are abstractions of some real-world system; We must make assumptions
when building these.
Model Purpose & Parameter Certainty - Answer-We can classify models along 2
different dimensions
Model Purpose - Answer-Descriptive, Prescriptive, & Predictive
Parameter Certainty - Answer-Deterministic & Stochastic
Descriptive - Answer-Attempts to model the behavior of a system. It describes the
behavior of something. These models can be used to calculate output measures given a
set of inputs or to perform a sensitivity analysis.
Descriptive - Answer-Example: A model that calculates the profit associated with any
given production plan
Prescriptive - Answer-Prescribes a solution to your problems. It not only replicates the
behavior of a system but also identifies the input values that will help the decision maker
achieve an objective (e.g. what selling price will maximize profits). These are often built
as extensions/enhancements to descriptive models.
Prescriptive - Answer-A model that determines the production plan that will maximize
profit
Predictive - Answer-A model capable of forecasting specific aspects of the system's
behavior. Similar to descriptive models but allow for the fact that the outputs can't be
predicted exactly from the inputs (ex: if we flip a coin 50 times we can predict we will get
heads 25 times even though we may not necessarily get exactly 25 heads). In this
model, the exact functional relationship between the outputs and inputs is not known or
can't be fully described with the data available.
Predictive - Answer-A model that estimates property values using input values such as
square footage, location, etc
Parameter Certainty - Answer-What kinds of inputs and outputs do we have in our
model? (It's one of the dimensions)
, Deterministic - Answer-ALL of the inputs are assumed to be known with certainty. It has
single values as inputs. The outputs of these models are also single values. These
models can be used for both descriptive and prescriptive purposes. Simple models.
Stochastic - Answer-SOME inputs are random. Some of the model inputs are random
variables specified by probability distributions. The outputs of these models are typically
random variables with probability distributions. We can summarize the output these
models using a single value (ex: average cost). Though, often times we will summarize
the probability of specific outcomes via a histogram.
What If/Sensitivity Analysis - Answer-Excel Tool: Data Table
Search specified output level. (What If Analysis) - Answer-Excel Tool: Goal Seek
Optimization - Answer-Excel Tool: Solver (This is an Excel add-in)
Forecasting problems: concepts/capabilities - Answer-Excel Tool: Curve Fitting
Mean, Median, & Mode - Answer-Measures of Central Tendency
Mean - Answer-The most common central tendency; It's the sum of all the
measurements in a data set divided by the number of observations in a set.
Median - Answer-The middle data point; The 50th percentile of the data set; It splits the
sorted data in half; If the number of elements in the data set is ODD then it is the
midpoint; if it is EVEN then it is the average of the two middle points
Mode - Answer-The observation(s) in the data set that occurs with the greatest
frequency (the most likely observation).
Symmetric - Answer-Between measures of central tendency: Mean=Median=Mode
Skewed to the left - Answer-Between measures of central tendency:
Mean<=Median<=Mode (less than, equal to)
Skewed to the right - Answer-Between measures of central tendency:
Mode<=Median<=Mean (less than, equal to)
=AVERAGE(Data) - Answer-Descriptive Statistics in Excel (Excel Formula): Mean
=MEDIAN(Data) - Answer-Descriptive Statistics in Excel (Excel Formula): Median
=MODE(Data) - Answer-Descriptive Statistics in Excel (Excel Formula): Mode
=VAR(Data) - Answer-Descriptive Statistics in Excel (Excel Formula): Variance
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 lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77858 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now