DSIMGTS Test (2023) || Questions & Answers (Graded A+)
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DSIMGTS Test (2023) || Questions & Answers (Graded A+)
DSIMGTS Test (2023) || Questions & Answers (Graded A+)
Management Science - ANSWER - A discipline that aids managerial decision making through applying scientific approach to managerial problems that require quantitative factors.
Scienti...
DSIMGTS Test (2023) || Questions &
Answers (Graded A+)
Management Science - ANSWER - A discipline that aids managerial decision making
through applying scientific approach to managerial problems that require quantitative
factors.
Scientific Method Steps - ANSWER - 1. Define the problem and gather data
2. Formulate a model
3. Develop a computer based procedure to derive solutions for the problem
4. Test the model and refine it as needed
5. Apply the model to analyze the problem and
6. Help to implement the team's recommendations
Linear programming - ANSWER - A mathematical modeling technique used by
businesses to aid in planning and decision making, specifically for resource allocation.
Product mix problem? - ANSWER - In this problem, LP is used in order to find the most
realistic and practical allocation for 2 or more products that are produced with limited
resources.
Three components of the LP Model - ANSWER - 1. Decision Variables
2. Objective Function
3. Constraints
Steps in formulating an LP Model - ANSWER - 1. Analyze the problem given.
2. Identify the decision variables.
3. Use the variables to formulate the objective function and the constraints.
4. State the non - negativity constraint.
Excel Solver - ANSWER - ________________________ is used in order to find the
optimal solution.
Link - ANSWER - lines that connect nodes and allow travel in either direction
Arc - ANSWER - lines that connect nodes but DO NOT allow travel in either direction
Binary Integer Programming - ANSWER - A special case of integer linear programming,
wherein variables are binary. (0 or 1)
Pure BIP model - ANSWER - A BIP model wherein the variables are restricted to binary
variables
, Mixed BIP model - ANSWER - A BIP model wherein only some variables are restricted
to binary variables
Non-Linear Programming? - ANSWER - the model is a linear programming model
except for having at least one nonlinear formula for an output cell (such as the objective
cell)
Decision Analysis? - ANSWER - It provides a framework that business leaders could
use whenever outcomes to situations become uncertain.
Decision Maker - ANSWER - individual/group responsible for the decision making
Alternatives - ANSWER - A set of options that the decision maker could choose from.
State of nature - ANSWER - A possible situation that could arise due to random factors
that aren't controlled by the decision maker
Payoff - ANSWER - The quantitative measure to the consequences of each outcome.
Prior Probability - ANSWER - The estimated probabilities of the states of nature prior to
obtaining additional information through a test or survey.
Maximax Criterion - ANSWER - This criterion gives an opportunity for the best possible
outcome (the largest payoff in the entire payoff table) to occur
Maximin Criterion - ANSWER - This criterion provides the best possible protection
against being unlucky
Maximum likelihood Criterion - ANSWER - Through basing our decision on the
assumption that the most likely state of nature will occur, there is a higher chance of
better outcome.
Bayes' Decision Rule - ANSWER - decision rule says to choose the alternative with the
largest expected payoff.
Decision tree - ANSWER - Illustration for decision analysis
Queueing System - ANSWER - Customers arrive individually and wait in a line or queue
in order to await service
Inter-arrival times - ANSWER - The times between consecutive arrivals to a queueing
system
Queue - ANSWER - It is where customers wait before being served
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