Difference between descriptive and prescriptive models

Reference no: EM13100011

1. Explain the difference between descriptive and prescriptive (optimization) models.

2. Describe how to use Excel data tables, scenario manager, and goal seek tools to analyze decision models.

3. Explain the purpose of Solver and what type of decision model it is used for.

4. What approaches can you use to incorporate uncertainty into decision models?

5. Explain the concept of risk analysis and how Monte Carlo simulation can provide useful information for making decisions.

6. Outline the process for using Crystal Ball to run a Monte Carlo simulation.

7. Explain the terms assumption, forecast, and decision as used in Crystal Ball.

Reference no: EM13100011

Questions Cloud

Explain clarions current information systems : Recognize the key players in this case. Explain each players role and their relationship to each other. Explain the IS management position(s) which were missing at Clarion and suggest candidate(s) to fill roles.

Identify the gas that was produced : Hypothesize why some substances were not metabolized, while others were. Research the chemical formula of Equal and Splenda and explain how it would affect respiration.

Tracer for java : Implementation of a tracer of Java objects and the tracer can be invoked from any point of a Java program, accepting an object as argument.

Designing and implementing mrp system : Stan Garner resides in illinois and promotes boxing matches for Supersports, INC. an Illinois corporation. Garner created the conect of "ages" promotion- a three fight series of boxing matches pitting an older fighter (george foreman) against a young..

Difference between descriptive and prescriptive models : Explain the difference between descriptive and prescriptive (optimization) models. Describe how to use Excel data tables, scenario manager, and goal seek tools to analyze decision models.

Estimating quality assurance and binomial distribution : John Rengel is the Quality Assurance Supervisor for Vino Supremo Vinyards. He knows that 10 percent of each box of corks is undersized.

Determine the concentration of culture a and b : Assume that you measure the OD of two E.coli cultures: culture A and culture B. The spectrophotometer gives you a reading of 3.2 for culture A and 0.01 for culture B. What would you do to determine the concentration of culture A and B and why? Giv..

How can enzyme activity be increased : Design an experiment to determine the optimal temperature for enzyme function, complete with controls. Where would you find the enzymes for this experiment? What substrate would you use?

Determining probabilities and confidence : An important issue facing Americans is the large number of medical malpractice lawsuits and the expenses that they generate. In a study of 1228 randomly selected medical malpractice lawsuits

User Account

All Pages