OM 300- Exam 1 Nunnelley questions with answers

OM 300- Exam 1 Nunnelley questions
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with answers |\




What are the different levels of analytics? - CORRECT ANSWERS
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✔✔-Optimization
|\ -What's the best decision? |\ |\ |\




-Predictive Modeling |\




|\ -What will or could happen?
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-Forecasting
|\ -What if these trends continue?
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-Statistical Analysis |\




|\ -Why is this happening?
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Examples:
|\ -Identifying profitable and loyal customers |\ |\ |\ |\




|\ -Determining the optimal price for a product or service |\ |\ |\ |\ |\ |\ |\ |\




-Finding the lowest possible level of inventory without reducing
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availability to the customer |\ |\ |\




|\ - Finding the best people to hire, retain and promote
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What is a spreadsheet? - CORRECT ANSWERS ✔✔-Cells, columns,
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rows and addresses
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What is a model? - CORRECT ANSWERS ✔✔- A model is a
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purposeful representation of the key elements of an object or
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system and the relationships among those elements
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,|\ - Abstract representation of something real
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- Enough detail so that key elements and relationships are
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accurately represented |\




|\ - Omit unnecessary details
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What are the different types of Models? - CORRECT ANSWERS
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✔✔-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?
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7 Step Modeling Process: - CORRECT ANSWERS ✔✔Step 1:
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Problem Definition |\




|\ -Identify the correct problem |\ |\ |\




|\ -Defining the correct problem is not always easy
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Step 2: Data Collection
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|\ -Practical data is always not in good shape for the analysts
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|\ -Collecting data requires most time |\ |\ |\ |\




Step 3: Model development
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|\ -Where your quantitative skills are brought into play
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, |\ -Make sure the model accurately represent the real problem
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|\ -Balance between being too simple or too complex |\ |\ |\ |\ |\ |\ |\




Step 4: Model verification
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|\ -Use clients current data as input
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|\ - Are the outputs in line with the current situation?
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|\ -Use some reasonable data
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|\ - Are the outputs reasonable?
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Step 5: Optimization and decision making
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|\ -Optimization of an objective: Maximize profit, or minimize cost |\ |\ |\ |\ |\ |\ |\ |\




Step 6: Model communication to management
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-A large gap exists between the management science analysts
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and managers of organizations
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-Involve the people in the organizations in the project from the
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beginning
|\ -Try to make the model intuitive and user-friendly
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Step 7: Model implementation
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- Clients have to be convinced that your model can help them
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add value and are implementable
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- The people who are going to implement the model need to be
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trained to: |\




|\ - Input the appropriate data
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|\ - Run what- if analysis
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|\ - Interpret the model's ouput's correctly
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What are the ABC's of spreadsheet models? - CORRECT ANSWERS
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✔✔- All of your work must
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