CEE593ExamNovember29 - CEE 593 Exam Name Page1/4 A Briefly...

  • Notes
  • GrandIceGuineaPig10448
  • 4
  • 100% (1) 1 out of 1 people found this document helpful

Info icon This preview shows pages 1–3. Sign up to view the full content.

CEE 593 Exam November 29, 1999 Name:_________________ Page1/4 A. Briefly answer, in the space provided using size 12 font or larger, the following: Under what conditions is modeling useful to managers (decision makers)? Decision to be made Many alternatives Best alternative not obvious Problem at least partially quantifiable Define the ‘modeling process’ in your own words. Establish goals or objectives – evaluation criteria Identify system and its components and interrelationships, decision variables, constraints, boundary conditions, input data Define relationships between decision variables and objectives, constraints Identify solution procedure and modify model as required Solve model and perform sensitivity analyses What are the possible sources of uncertainty in any planning or management model and how can one deal with them? Model input data Model parameters Model itself Perform sensitivity analyses Include probabilities within model Distinguish between simulation What if – given system design, operating policy and data input optimization What should be – based on some criteria and model assumptions. decision analysis (decision trees and other methods) A network showing all alternatives and chance events that can be used to find best expected value resulting from each decision.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Identify some pitfalls of modeling. Believing the model really is the real world and not questioning the results. Not addressing the real issues, or providing the information needed when it is needed and at the right level of detail. Inadequate calibration, verification. B. The revenue obtained from the production of ‘goodies’ depends on the unit price, amount produced, q, and on the number sold, i.e., the demand for these goodies.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '00
  • consultant, Woolworth Store, Park Foundation

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern