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k303 exam 4 With Questions And Answers
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k303 exam 4 With Questions AndAnswers
models based on 5 business functions - Answer - 1. accounting: quick analysis of debits
and credits
2. finance: numerical framework that highlights growth and opportunity
3. management: decision making across all functional areas
4. marketing: improve customer leads and sales
5. operations: business process improvements
qualitative data - Answer - descriptions that are observed
colors, textures, smells, tasts appearance
open-ended teacher evals
quantitative data - Answer - numbers that can be measured
length, height, area, volume
spreadsheet model - Answer - quantitative representation of real problem
show how dif factors interact
model components - Answer - 1. inputs (given) (blue cells)
2. outputs (mathmatical expressions)
4. decision variables (red cells) (unknown)
ddescriptive model - Answer - grad calc
describes current grade
what if analysis - Answer - model can quickly recalculate outputs to showwhat would
happen if
prescriptive or deterministic model - Answer - tells you what you must get to achieve
specific objective/target
constraints - Answer - boundaries
prediective or stochastic model - Answer - use performance on past assignments to
establish a probability of you earning certain scores on remaining
simulate your performance
model principles - Answer - primary goal: strive to create model that is...
1. accurate
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