Reference no: EM131749010
Topic: Business Analytics
Question: problem/task for the project.
Think about anything in your daily life that it might involve BOTH DECISION and DATA MODELS as we taught in the class.
For example, I trade BitCoin now, and thus, I will have a decision model to decide when to buy and sell and what amount there.
The data model is some type of "forecast" of BitCoin price either for the next few minutes, next hour or next day.
Then, the INTEGRATED DECISION-AND-DATA-ANALYTICS is to link the parameter/constant in the decision model with forecast/projection from the data model.
You do NOT have to finish all modeling details BUT to provide a step-by-step thinking process (with explanation and justification) about
i) HOW the DECISION MODEL can be constructed to meet the goal for optimization (need to specify the goal), and WHY the model looks like that.
ii) How the DATA MODEL is constructed and why? Is it going to be feasible to predict/forecast/project well for future events? Why?
iii) How to integrated the data model results into the decision model?
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