BUS 660 lecture aid Decision Analysis Models Introduction Decision analysis models generally present expected results associated with several possible alternatives that face the decision maker so that the alternative with the best-expected result can be c
BUS 660 lecture aid The Case for Business Modeling Introduction Decision making is at the core of business management and, in fact, at the core of human existence. In a sense, the present is a result of our past decisions, and today's decisions will shape
BUS 660 lecture aid Simple Regression Models Introduction This lecture reviews an important and widely used business modeling technique known as simple regression. Strictly speaking, simple regression models can be linear as well as nonlinear, meaning tha
BUS 660 lecture aid
Introduction Last week's lecture illustrated the concept of simple regression and how it can be meaningfully applied to business situations. Simple linear regression essentially attempts to explain the variation of a dependent variable
BUS 660 lecture aid Forecasting Models Introduction Forecasting within a business environment relates to predicting future events. Frequently, this relates to predicting future demand for a company's products or services. These predications are then used
BUS 660 lecture aid Optimization Modeling Applications Introduction This module is an extension of the Module 6 introduction to optimization modeling. As discussed last week, linear optimization techniques are used to solve a wide array of optimization pr
BUS 660 lecture aid Simulation Introduction Simulation is generally the business modeling technique of last resort, so it is appropriate to leave it for the very last week of this course. Recall from Module 1 that models merely approximate reality. Many b
BUS 660 lecture aid Introduction to Optimization Modeling Introduction The models covered thus far in this course have been descriptive, that is,they provide useful input to decision making but do not quite provide the decision itself. This week's linear