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Author Question: List and describe four categories of models. Give examples in each category. What will be an ... (Read 120 times)

haleyc112

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List and describe four categories of models. Give examples in each category.
 
  What will be an ideal response?

Question 2

Metrics are used to describe costs, benefits, or the ratio between them and need to be defined properly with a clear way to measure them.
 
  Indicate whether the statement is true or false



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jaykayy05

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Answer to Question 1

 Optimization of problems with few alternatives: Find the best solution from a small number of alternatives; e.g., decision tables, decision trees, analytic hierarchy process
 Optimization via algorithm: Find the best solution from a large number of alternatives, using a step-by-step improvement process; e.g., linear and other mathematical programming models, network models
 Optimization via an analytic formula: Find the best solution in one step, using a formula; e.g., some inventory models
 Simulation: Find a good enough solution or the best among the alternatives checked, using experimentation; e.g., Monte Carlo simulation
 Heuristics: Find a good enough solution, using rules; e.g., heuristic programming, expert systems
 Predictive models: Predict the future for a given scenario; e.g., forecasting models, Markov analysis

Answer to Question 2

TRUE




haleyc112

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Reply 2 on: Jul 7, 2018
YES! Correct, THANKS for helping me on my review


sultansheikh

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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