CH04_withFigures - Chapter 4 MODELING AND ANALYSIS Learning...

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Chapter 4 MODELING AND ANALYSIS
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Learning Objectives Understand the basic concepts of management support system (MSS) modeling Describe how MSS models interact with data and the user Understand some different, well-known model classes Understand how to structure decision making with a few alternatives
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Learning Objectives Describe how spreadsheets can be used for MSS modeling and solution Explain the basic concepts of optimization, simulation, and heuristics, and when to use them Describe how to structure a linear programming model
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Learning Objectives Understand how search methods are used to solve MSS models Explain the differences among algorithms, blind search, and heuristics Describe how to handle multiple goals Explain what is meant by sensitivity analysis, what-if analysis, and goal seeking Describe the key issues of model management
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MSS Modeling Lessons from modeling at DuPont By accurately modeling and simulating its rail transportation system, decision makers were able to experiment with different policies and alternatives quickly and inexpensively The simulation model was developed and tested known alternative solutions
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MSS Modeling DSS can be composed of several models used collectively to support strategic decisions in the company Models must be integrated models may be decomposed and simplified A suboptimization approach may be appropriate Human judgment is an important aspect of using models in decision making
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MSS Modeling Lessons from additional modeling applications Mathematical (quantitative) model A system of symbols and expressions that represent a real situation Applying models to real-world situations can save millions of dollars or generate millions of dollars in revenue
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MSS Modeling Current modeling issues Identification of the problem and environmental analysis Environmental scanning and analysis A process that involves conducting a search for and an analysis of information in external databases and flows of information
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MSS Modeling Current modeling issues Variable identification Forecasting Predicting the future Predictive analytics systems attempt to predict the most profitable customers, the worst customers, and focus on identifying products and services at appropriate prices to appeal to them
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MSS Modeling Current modeling issues Multiple models: A DSS can include several models, each of which represents a different part of the decision-making problem Model categories Optimization of problems with few alternatives Optimization via algorithm Optimization via an analytic formula Simulation Predictive models Other models
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MSS Modeling Current modeling issues Model management Knowledge-based modeling Current trends Model libraries and solution technique libraries Development and use of Web tools Multidimensional analysis (modeling) A modeling method that involves data analysis in several dimensions
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This note was uploaded on 03/31/2010 for the course IS 425 taught by Professor Lemon during the Spring '10 term at University of Maryland Baltimore.

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CH04_withFigures - Chapter 4 MODELING AND ANALYSIS Learning...

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