MISY 5360 Final exam QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Influence Diagram - Correct Answers ✅A graphical representation of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes.cognitive map - Correct Answers ✅a mental representation of one's physical environment.Components of a quantitative model - Correct Answers ✅Uncontrollable variables; result variables; Intermediate variables; Decision variables Uncontrollable variable - Correct Answers ✅quantities that change but are not directly controlled by the decision maker Result variable - Correct Answers ✅Reflect the level of effectiveness of a system; that is, they indicate how well the system performs or attains its goal(s) Intermediate variable - Correct Answers ✅Reflect intermittent outcomes in mathematical models decision variables - Correct Answers ✅controllable inputs; decision alternatives specified by the decision maker, such as the number of units of a product to produce 1 / 3
MISY 5360 Final exam QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Mathematical models - Correct Answers ✅the components of a quantitative model are linked by mathematical expressions--equations or inequalities
ex. of a simple financial model: P = R - C
Decision making under uncertainty - Correct Answers ✅the decision maker considers situations in which several outcomes are possible for each course of action.Decision making under risk - Correct Answers ✅is one in which the decision maker must consider several possible outcomes for each alternative, each with a given probability of occurrence.Decision making under certainty - Correct Answers ✅it is assumed that complete knowledge is available sothat the decision maker knows exactly what the outcome of each course of action will be Spreadsheet features for modeling - Correct Answers ✅What-if analysis; goal seeking; data management; and programmability Static or dynamic spreadsheet models - Correct Answers ✅The first does not change very often; the latter change over time 2 / 3
MISY 5360 Final exam QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Characteristics displayed by a LP allocation problem - Correct Answers ✅limited quantity of economic resources is available for allocation; resources are used in the production of products or services; 2 or more ways in which the resources can be used.(each is called a solution or a program); each activity (product or service) in which the resources are used yields a return in terms of the stated goal; allocation is usually restricted by several limitations & requirements, constraints Assumptions used by LP allocation problem - Correct Answers ✅Returns from different allocations can be compared; that is, they can be measured by a common unit (e.g. dollars, utility).return from any allocation is independent of other allocations.the total return is the sum of the returns yielded by the different activities.all data are known w/ certainty. The resources are to be used in the most economical manner.What-if analysis - Correct Answers ✅It is a experimental process that helps determine what will happen to the solution/output if an input variable, an assumption, or a parameter value is changed.Goal-seeking analysis - Correct Answers ✅A prescriptive analytics where first a goal (target/desired value) is set, & then the satisfying set of input variable values is identified
- / 3