DSCI 300 Quiz 1 Notes

DSCI 300 Quiz 1 Notes - Chapter One Problem solving can be...

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Chapter One Problem solving can be defined as the process of identifying a difference between the actual and the desired state of affairs and then taking action to resolve the difference.The problem solving process involves the following 7 steps: Identify and define the problem. Determine the set of alternative solutions Determine the criterion or criteria that will be used to evaluate the alternatives, Evaluate the alternatives. Choose an alternative. Implement the selected alternative. Evaluate the results to determine whether a satisfactory solution has been obtained. Decision Making is the term generally associated with the first five steps of the problem solving process. Qualitative Analysis and decision making: Is based primarily on the manager's judgement and experience; it include;s the manager's intuitive "feel" for the problem. Quantitative approach: An analyst will concentrate on the quantitative facts or data associated with the problem and develop mathematical expressions that describe objectives, constraints, and other relationships that exist in the problem. Models are representations of real objects or situations and can be presented in various forms. Iconic models: physical replicas ex. scale model of an airplane Analog models: models that are physical in form but do not have the same physical appearance as the object being modeled. ex. the speedometer of a car. Mathematical models (what we will study): includes representation of a problem by a system of symbols and mathematical relationships or expressions. ex. P=10X *The purpose of any model is that it enables us to make inferences about real situations by studying and analyzing the model. Most frequently used quantitative methods are linear programming, integer programming, network models such as transportation and transshipment models, and simulation. The Institute of Operations Research and the Management Sciences (INFORMS) and the decision sciences institute (DSI) are the two professional societies that publish journals and newsletters dealing with current research and applications of operations research and mgmt. science techniques. Single Criterion decision problem: A problem in which the objective is to find the "best" solution with respect to just one criterion. Multicriteria decision problem: A problem that involves more than one criterion; the objective is to find the "best" solution, taking into account all the criteria. Decision: The alternative selected. Constraint: A restriction or limitation imposed on a problem. ex. production capacities Objective function: The mathematical expression that defines the quantity to be maximized or minimized. Uncontrollable input: The environmental factor or inputs that cannot be controlled by the decision maker.

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