OPR 3450 Ch 1-5 Exam Questions & Answers 2024/2025
computer model - ANSWERSa set of mathematical relationships and logical assumptions implemented in a computer as a representation of some real-world object, decision problem, or phenomenon
spreadsheet model - ANSWERSa computer model impleme...
computer model - ANSWERSa set of mathematical relationships and logical assumptions implemented in
a computer as a representation of some real-world object, decision problem, or phenomenon
spreadsheet model - ANSWERSa computer model implemented on a spreadsheet
business analytics - ANSWERSa field of study that uses data, computers, statistics, and mathematics to
solve business problems.
a discipline (often associated with engineering) that uses data, computers, statistics, and mathematics to
solve problems (4 terms) - ANSWERSmanagement science, decision science, and business analytics,
operations research
mental model - ANSWERSimaginary representation of an object or phenomenon in a person's mind.
visual model - ANSWERSa graphic representation of an object or phenomenon.
physical - ANSWERSa material representation of an object or phenomenon that maintains accurate
relationships between all important aspects of the object or phenomenon being modeled. See scale
model.
scale models - ANSWERSa physical representation of an object or phenomenon that maintains accurate
relationships between all important aspects of the object or phenomenon being modeled. See physical
model.
mathematical model - ANSWERSa description of an object or phenomenon in terms of algebraic
relationships and logical assumptions.
, valid - ANSWERSa model that accurately represents the relevant characteristics of an object or decision
problem being studied.
dependent - ANSWERSa variable whose value depends on other variables. (Often also referred to as an
output variable.)
independent - ANSWERSa variable whose value impacts or helps to determine the value of other
variables. (Often also referred to as an input variable.)
input - ANSWERSa cell in a spreadsheet in which values are entered.
output - ANSWERSa cell in a spreadsheet containing a formula that depends on other spreadsheet cells.
prescriptive models - ANSWERSa model with an objective of specifying what set of actions should be
taken. It aims to answer the question "What should we do?"
predictive models - ANSWERSa model with an objective of estimating an outcome based on a set of
input variables.
descriptive models - ANSWERSa model with an objective of characterizing what has happened or the
behavior of a system under study.
opportunities - ANSWERScircumstances that makes it possible to do something.
problems - ANSWERSsituations regarded as undesirable and needing to be dealt with and overcome
representing a difference between a desired future state and the current state.
probortunity - ANSWERSa merging of the words "problem" and "opportunity" that is used to describe
situations with the possibility of improving or bettering one's circumstances.
anchoring - ANSWERSa psychological bias in which a seemingly trivial factor serves as a starting point for
estimations and can influence decision makers' judgments.
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