Ch 9 questions word

Section 9.2 Review Questions (Major modeling issues)
1. List and describe the major issues in modeling.
-problem identification and environmental analysis: scanning the
environment to figure out what problems exist and can be solved via a
-variable identification: identifying the critical factors in a model and their
-forecasting: predicting the future
-model categories: selecting the right type of model for the problem or subproblem
-model management: coordinating a firm’s models and their use
2. What are the major types of models used in DSS?
-Optimization with few alternatives
-Optimization via an algorithm
-Optimization via an analytical formula
-Heuristics (―rules of thumb‖)
-Predictive models
-Other models
Section 9.3 Review Questions (STRUCTURE OF MATHEMATICAL
1. What is a decision variable?
A decision variable is a data element controlled by the decision maker, whose
possible values describe alternative courses of action.
2. List and briefly discuss the three major components of linear
Of the four components of any decision support mathematical model, linear
programming uses result (outcome) variables, decision variables, and
uncontrollable variables (parameters). Linear programming models do not use
the fourth component, intermediate result variables.
1. Define what it means to perform decision making under assumed
certainty, risk,
and uncertainty. Slide 11*
-Decision making under assumed certainty: the values of all variables affecting
the decision, including future values, are known or can be assumed to be known.
-Decision making under risk: the exact value of decision variables is not known,
but their statistical probability distributions are known (or can be assumed to be).
-Decision making under uncertainty: even these distributions are not known.
Section 9.5 Review
1. Explain why a spreadsheet is so conducive to the development of DSS.
Because it provides an easily understood metaphor for the computation and
typically incorporates many powerful modeling functions.
Section 9.6 Review Questions (MATHEMATICAL PROGRAMMING
1. Define the product-mix problem.
The product-mix problem is a linear programming problem in which a variety of
different products are made from common resources. Each product requires a
known resource mix and has a known profitability. Some resources are limited.
Total profitability is to be maximized.
A product-mix problem can be viewed as an allocation problem. The difference
is that a person formulating the problem as a product-mix problem is typically
interested in the quantities of each product to be produced, while a person
formulating the same problem as an allocation problem is usually interested in
the quantities of each resource to be used. The solutions are identical, and each
approach can produce both answers.
Section 9.7 Review Questions (MULTIPLE GOALS, SENSITIVITY
1. List some difficulties that may arise when analyzing multiple goals.
-It is usually difficult to obtain an explicit statement of the organization’s goals.
-The importance of specific goals may change over time or in different situations.
-Goals and subgoals are viewed and weighted differently by different people and
in different parts of the organization.
-Goals change in response to changes in the organization and its environment.
-The relationship between alternatives and their role in determining goals may be
difficult to quantify.
-Participants assess the importance (priorities) of the various goals differently.
2. List the reasons for performing sensitivity analysis.
Sensitivity analysis attempts to assess the impact of a change in input data or
parameters on the result variable(s). Reasons for using it listed in this section
-Revising models to eliminate too-large sensitivities
-Adding details about sensitive variables or scenarios
-Obtaining better estimates of sensitive external variables
-Altering a real-world system to reduce actual sensitivities
-Accepting and using the sensitive (and hence vulnerable) real world,
leading to the continuous and close monitoring of actual results
3. Explain why a manager might perform what-if analysis.
A manager might perform what-if analysis to find out what will happen if a
particular action is taken. A manager might also perform what-if analysis to try
out several alternatives, choosing the one that works out best.
4. Explain why a manager might use goal seeking.
A manager might use goal seeking to find values of decision variables that enable
him or her to meet a predetermined criterion. For example, a manager may need
to find an advertising budget that will reach X households at a cost of not over
1. What is a decision table?
A decision table is a way to organize information in a systematic way to prepare
it for analysis.
2. What is a decision tree?
A decision tree is an alternative representation of a decision situation, in which
choices and states of nature are shown as alternating nodes along the branches of
a tree.
3. How can a decision tree be used in decision making?
By showing the decision maker the possible outcomes that could result from a
given choice, the tree gives the decision maker information by which to compare
4. Describe what it means to have multiple goals.
Having multiple goals means that a decision maker hopes to obtain the best
possible combination of several factors, all of which depend on the decision to
be made. For example, a student may want to find an instructor who is
entertaining, has a good reputation for teaching, grades easily, assigns little
homework, and whose section meets at convenient times.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat