Podcast
Questions and Answers
What is the purpose of Model-Based Decision Making?
What is the purpose of Model-Based Decision Making?
- To skip the decision-making process entirely
- To complicate the decision-making process
- To test out decisions before making real-world choices (correct)
- To eliminate all possible outcomes
What is the main focus of Prescriptive Analytics?
What is the main focus of Prescriptive Analytics?
- Analyzing historical data
- Predicting future outcomes with certainty
- Ignoring specific scenarios and past performance
- Examining data to answer 'What should be done' or 'What can we do to make a desired outcome happen' (correct)
What is the first step in Model Based Decision Making?
What is the first step in Model Based Decision Making?
- Environmental Scanning and Analysis
- Skip the problem identification step
- Identification of the Problem (correct)
- Variable Identification
What is the purpose of Environmental Scanning and Analysis in Model Based Decision Making?
What is the purpose of Environmental Scanning and Analysis in Model Based Decision Making?
What does Variable Identification involve in Model Based Decision Making?
What does Variable Identification involve in Model Based Decision Making?
How does Prescriptive Analytics recommend actions?
How does Prescriptive Analytics recommend actions?
Which of the following best describes prescriptive analytics?
Which of the following best describes prescriptive analytics?
In the context of modeling, what do static models represent?
In the context of modeling, what do static models represent?
What do dynamic models represent in the context of modeling?
What do dynamic models represent in the context of modeling?
Which of the following is an example of a dynamic model?
Which of the following is an example of a dynamic model?
What is the main focus of uncertainty in decision-making?
What is the main focus of uncertainty in decision-making?
Which tool is known as the most popular end-user modeling tool with powerful functions and programmability?
Which tool is known as the most popular end-user modeling tool with powerful functions and programmability?
What is the primary focus of prescriptive analytics?
What is the primary focus of prescriptive analytics?
What do static models not account for in their representation?
What do static models not account for in their representation?
Static models do not account for changes over time, while dynamic models can capture changes, trends, and evolution.
Static models do not account for changes over time, while dynamic models can capture changes, trends, and evolution.
Prescriptive analytics uses past and present data to make informed predictions about future events.
Prescriptive analytics uses past and present data to make informed predictions about future events.
Uncertainty in decision-making means that all potential outcomes are known.
Uncertainty in decision-making means that all potential outcomes are known.
Modeling under certainty assumes complete knowledge, while modeling under risk analysis involves probability of each outcome being known.
Modeling under certainty assumes complete knowledge, while modeling under risk analysis involves probability of each outcome being known.
Variables in a business scenario might include costs, prices, demand, and supply.
Variables in a business scenario might include costs, prices, demand, and supply.
Decision modeling with spreadsheets is not flexible and easy to use.
Decision modeling with spreadsheets is not flexible and easy to use.
Prescriptive analytics focuses on recommending actions based on the predicted outcomes of different decisions.
Prescriptive analytics focuses on recommending actions based on the predicted outcomes of different decisions.
Environmental scanning and analysis does not play a role in Model-Based Decision Making.
Environmental scanning and analysis does not play a role in Model-Based Decision Making.
Dynamic models represent a system or process at a specific point in time.
Dynamic models represent a system or process at a specific point in time.
The most popular end-user modeling tool with powerful functions and programmability is a spreadsheet.
The most popular end-user modeling tool with powerful functions and programmability is a spreadsheet.
Prescriptive analytics is a type of advanced analytics that examines data to answer the question 'What should be done.'
Prescriptive analytics is a type of advanced analytics that examines data to answer the question 'What should be done.'
Model-Based Decision Making creates a simplified version of a situation to explore outcomes before making real-world choices.
Model-Based Decision Making creates a simplified version of a situation to explore outcomes before making real-world choices.
Before applying prescriptive analytics, it is crucial to clearly define the problem by specifying the objectives, constraints, and desired outcomes.
Before applying prescriptive analytics, it is crucial to clearly define the problem by specifying the objectives, constraints, and desired outcomes.
Environmental Scanning and Analysis involves reviewing the external and internal environments to gather relevant information.
Environmental Scanning and Analysis involves reviewing the external and internal environments to gather relevant information.
Identifying variables in Model Based Decision Making means recognizing all the elements or factors that can be changed, controlled, or that will impact the outcome.
Identifying variables in Model Based Decision Making means recognizing all the elements or factors that can be changed, controlled, or that will impact the outcome.
Prescriptive analytics takes into account specific scenarios, available resources, and past performance to recommend actions based on desired outcomes.
Prescriptive analytics takes into account specific scenarios, available resources, and past performance to recommend actions based on desired outcomes.
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