List and describe four categories of models. Give examples in ...

[haleyc112]

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

[jaykayy05]

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]

Thanks for the timely response, appreciate it

[amynguyen1221]

Excellent