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Modeling in Business Analytics
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Key Concepts:
Terms in this set (25)
It is important to make decisions to solve ___ and increase ___ for ourselves or the ___ we work for.
It is important to make decisions to solve problems and increase opportunities for ourselves or the organizations we work for. While making decisions you need to consider the alternatives using multiple criteria.
Making decisions is not ___, as we need to consider the alternatives using ___ ___.
Making decisions is not easy, as we need to consider the alternatives using multiple criteria.
Computer Model
A set of mathematical relationships and logical assumptions implemented in a computer.
___ models are the most convenient and useful.
Spreadsheet models are the most convenient and useful.
Informs defines analytics as a ___ process of transforming data into ___ for making better decisions.
Informs defines analytics as a scientific process of transforming data into insight for making better decisions.
Analytics is a end-to-end process starting with identifying the business ___ to evaluating and drawing conclusions about the ___.
Analytics is a end-to-end process starting with identifying the business problem to evaluating and drawing conclusions about the solution.
Types of Models
- Mental Models
- Visual Models
- Physical Models
- Mathematical Models
Visual Model
- Blueprints for building
- Maps for travelling
Mental Model
Visualize the outcome
Physical Models
Prototypes
Mathematical Models
- Spreadsheets are used to build mathematical models
The following are Characteristics and Benefits of ___:
1. Models are simplified versions of the decision problem
2. Models represent relevant characteristics
3. Less Expensive to analyze using a model
4. Models deliver in timely fashion
5. Helpful in examining things that would be impossible in reality
6. Models allow us to gain insight and understanding
The following are Characteristics and Benefits of Modelling:
1. Models are simplified versions of the decision problem
2. Models represent relevant characteristics
3. Less Expensive to analyze using a model
4. Models deliver in timely fashion
5. Helpful in examining things that would be impossible in reality
6. Models allow us to gain insight and understanding
The data is usually collected ___. But Stats Canada is a good source of ___ Economic data.
The data is usually collected internally. But Stats Canada is a good source of external Economic data.
Must consider the time and cost of
- ___, organizing, and ___ relevant data
- Generating a ___ approach
- Using the model.
Must consider the time and cost of
- Collecting, organizing, and sorting relevant data
- Generating a solution approach
- Using the model.
End-User Development
Building models yourself
End-User Documentation
Written records of the model
Two errors in Human Judgement:
- Anchoring
- Framing
Anchoring depends on your ___ point.
Anchoring depends on your starting point.
In Framing Effects the decision is based on how the question is ___, the decisions maker's perception of ___, and/or how it would ___ the decision maker personally.
In Framing Effects the decision is based on how the question is asked, the decisions maker's perception of risk, and/or how it would impact the decision maker personally.
Hierarchy of Modelling Skills
1. Numeracy and Logic Skills (Math & Stats)
2. Basic Modelling Skills (manipulate data in spreadsheet and graph it)
3. Advanced Modelling Skills (Pivot Tables)
4.Busness Analytics tools and applications (specialized add-in software)
Categories of Mathematical Models
- Deterministic (Prescriptive)
- Probabilistic (Predictive and Descriptive)
Deterministic (Prescriptive) is known and well ___: Stats, Linear and ___ Programming.
Deterministic (Prescriptive) is known and well defined: Stats, Linear and Integer Programming.
Probabilistic (Predictive):
independent variables known but their impact is unknown = FORECASTING
Probabilistic (Descriptive):
inputs are unknown = DECISION THEORY, SIMULATION, QUEUING
Business Analytics and the Problem-Solving Process
1. Define the Problem
2. Model the Problem
3. Solve the Problem
4. Communicate the Results
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