OMGT 3223 Business Decision Modeling Exam 1

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beattiej12
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202464
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OMGT 3223 Business Decision Modeling Exam 1
Updated:
2013-02-21 23:42:15
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Lecture
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Business Decision Modeling Overview
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  1. What is Business Decision Modeling according to Taylor?
    "The application of scientific approach to solving management in order to help managers make better decisions"
  2. What is BDM according to Lee?
    The application of quantitative analysis to managerial decision making
  3. What is BDM according to Hillier & Lieberman
    "A scientific approach to decision making"
  4. What is BDM according to Schroeder?
    "The study of decision making in the operations function."
  5. What is BDM?
    use of structured approach to support decision making
  6. BDM can be thought of as?
    A process for solving different types of problems in different business areas.
  7. True or False? BDM is a set of tools applicable to ALL
    TRUE
  8. What are different names for BDM?
    • -Management Science (MS)
    • -Operations research (OR)
    • -Quantitative analysis
    • -Operations management (OM)
  9. What is step 1 of the BDM process?
    Identification of the problem
  10. What is step 2 of the BDM process?
    Definition of the Problem
  11. What is step 3 of the BDM process?
    Modeling of the Problem
  12. What is step 4 of the BDM process?
    Initial Model Solutions/Conclusions
  13. What is step 5 of the BDM process?
    Review and Iteration
  14. What is step 6 of the BDM process?
    Implementation
  15. What is step 7 of the BDM process?
    Feedback
  16. TRUE OR FALSE? Step 1: Identification of the Problem is one of the most important steps in the BDM process?
    TRUE
  17. Step 1: Identification of the Problem includes what?
    • 1.What we want to accomplish
    • 2. how success will be measured (establish criteria)
  18. 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
  19. The company can hire new employees is an example of?
    In scope
  20. Th new facility cannot be built is an example of?
    out of scope
  21. Step 3: Modeling of the problem is?
    develop a model or a series of models of the situation
  22. True or False? models may be developed at different levels of detail/abstraction.
    True
  23. True or False? For our purposes we are not concerned with analytical models
    False. we are concerned with analytical models
  24. What does step 4: Initial model solutions/conclusions do?
    develop a preliminary set of results and make sure that they make sense
  25. Verification
    The model behaves correctly
  26. Validation
    the model is a reasonable representation of the real world situation.

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