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OMGT 3223 Business Decision Modeling Exam 1
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What is Business Decision Modeling according to Taylor?
"The application of scientific approach to solving management in order to help managers make better decisions"
What is BDM according to Lee?
The application of quantitative analysis to managerial decision making
What is BDM according to Hillier & Lieberman
"A scientific approach to decision making"
What is BDM according to Schroeder?
"The study of decision making in the operations function."
What is BDM?
use of structured approach to support decision making
BDM can be thought of as?
A process for solving different types of problems in different business areas.
True or False? BDM is a set of tools applicable to
ALL
True
False
TRUE
What are different names for BDM?
-Management Science (MS)
-Operations research (OR)
-Quantitative analysis
-Operations management (OM)
What is step 1 of the BDM process?
Identification of the problem
What is step 2 of the BDM process?
Definition of the Problem
What is step 3 of the BDM process?
Modeling of the Problem
What is step 4 of the BDM process?
Initial Model Solutions/Conclusions
What is step 5 of the BDM process?
Review and Iteration
What is step 6 of the BDM process?
Implementation
What is step 7 of the BDM process?
Feedback
TRUE OR FALSE? Step 1: Identification of the Problem is one of the most important steps in the BDM process?
True
False
TRUE
Step 1: Identification of the Problem includes what?
1.
What
we want to accomplish
2.
how
success will be measured (establish criteria)
Step 2: Definition of the Problem includes?
Identify key
parameters
Define major
assumptions
Define what factors are
in scope
and what factors are
out of scope
The company can hire new employees is an example of?
In scope
Th new facility cannot be built is an example of?
out of scope
Step 3: Modeling of the problem is?
develop a model or a series of models of the situation
True or False? models may be developed at different levels of detail/abstraction.
True
False
True
True or False? For our purposes we are not concerned with analytical models
True
False
False. we are concerned with analytical models
What does step 4: Initial model solutions/conclusions do?
develop a preliminary set of results and make sure that they make sense
Verification
The model behaves correctly
Validation
the model is a reasonable representation of the real world situation.
Author
beattiej12
ID
202464
Card Set
OMGT 3223 Business Decision Modeling Exam 1
Description
Business Decision Modeling Overview
Updated
2/22/2013, 4:42:15 AM
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