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OMGT 3223 Midterm Exam Questions with Latest Update
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OMGT 3223 Midterm Exam Questions with Latest Update
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OMGT 3223 Midterm Exam Questionswith Latest Update
Model - Answer-A simplified representation of a real life system; An external and explicit
representation of part of reality as seen by the people who wish to use it to understand,
to change, to manage, and to control that part of reality; All models (quantitative or
otherwise) are abstractions of some real-world system; We must make assumptions
when building these.
Model Purpose & Parameter Certainty - Answer-We can classify models along 2
different dimensions
Model Purpose - Answer-Descriptive, Prescriptive, & Predictive
Parameter Certainty - Answer-Deterministic & Stochastic
Descriptive - Answer-Attempts to model the behavior of a system. It describes the
behavior of something. These models can be used to calculate output measures given a
set of inputs or to perform a sensitivity analysis.
Descriptive - Answer-Example: A model that calculates the profit associated with any
given production plan
Prescriptive - Answer-Prescribes a solution to your problems. It not only replicates the
behavior of a system but also identifies the input values that will help the decision maker
achieve an objective (e.g. what selling price will maximize profits). These are often built
as extensions/enhancements to descriptive models.
Prescriptive - Answer-A model that determines the production plan that will maximize
profit
Predictive - Answer-A model capable of forecasting specific aspects of the system's
behavior. Similar to descriptive models but allow for the fact that the outputs can't be
predicted exactly from the inputs (ex: if we flip a coin 50 times we can predict we will get
heads 25 times even though we may not necessarily get exactly 25 heads). In this
model, the exact functional relationship between the outputs and inputs is not known or
can't be fully described with the data available.
Predictive - Answer-A model that estimates property values using input values such as
square footage, location, etc
Parameter Certainty - Answer-What kinds of inputs and outputs do we have in our
model? (It's one of the dimensions)
, Deterministic - Answer-ALL of the inputs are assumed to be known with certainty. It has
single values as inputs. The outputs of these models are also single values. These
models can be used for both descriptive and prescriptive purposes. Simple models.
Stochastic - Answer-SOME inputs are random. Some of the model inputs are random
variables specified by probability distributions. The outputs of these models are typically
random variables with probability distributions. We can summarize the output these
models using a single value (ex: average cost). Though, often times we will summarize
the probability of specific outcomes via a histogram.
What If/Sensitivity Analysis - Answer-Excel Tool: Data Table
Search specified output level. (What If Analysis) - Answer-Excel Tool: Goal Seek
Optimization - Answer-Excel Tool: Solver (This is an Excel add-in)
Forecasting problems: concepts/capabilities - Answer-Excel Tool: Curve Fitting
Mean, Median, & Mode - Answer-Measures of Central Tendency
Mean - Answer-The most common central tendency; It's the sum of all the
measurements in a data set divided by the number of observations in a set.
Median - Answer-The middle data point; The 50th percentile of the data set; It splits the
sorted data in half; If the number of elements in the data set is ODD then it is the
midpoint; if it is EVEN then it is the average of the two middle points
Mode - Answer-The observation(s) in the data set that occurs with the greatest
frequency (the most likely observation).
Symmetric - Answer-Between measures of central tendency: Mean=Median=Mode
Skewed to the left - Answer-Between measures of central tendency:
Mean<=Median<=Mode (less than, equal to)
Skewed to the right - Answer-Between measures of central tendency:
Mode<=Median<=Mean (less than, equal to)
=AVERAGE(Data) - Answer-Descriptive Statistics in Excel (Excel Formula): Mean
=MEDIAN(Data) - Answer-Descriptive Statistics in Excel (Excel Formula): Median
=MODE(Data) - Answer-Descriptive Statistics in Excel (Excel Formula): Mode
=VAR(Data) - Answer-Descriptive Statistics in Excel (Excel Formula): Variance
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