NETWORK MODELING
Name 2 business problems that can be used to model network flow problems?
What is transshipment problems, shortest path problems, maximal flow problems, transportation/assignment problems, or generalized network flow models.
What kind of technique is regression analysis?
What is statistical.
What does time series methods for stationary data mean?
What is without a strong upward or downward trend.
What two reasons does it state as the purpose of making decision analysis a hard task.
hint:Chapter 14 power points
What is
Uncertainty regarding the future
Conflicting values or objectives
circles used in graphs of network flow problems to represent various entities
What is NODES
What is in the Linear Programming network flow problem that can be easily be implemented and solved in a spreadsheet?
What are constraints.
What provides a way to determine the best values for the parameters in a regression model for a given sample of data?
What is method of least squares.
What does time series methods for nonstationary data mean?
What is a strong upward or downward linear or nonlinear trend.
What does using sample information in decision making allow you to do with the outcomes?
hint:Chapter 14 power points
What is refine probability estimates associated with various outcomes.
and or
What is obtain information about the possible outcomes of decisions before the decisions are made.
a network flow problem with the objective of meeting demand in the network at a minimum cost
What is minimum cost network flow problems
How are network flow problems displayed?
What is graphical.
True or false can regression functions assume a variety of forms?
What is true.
What is the most useful way to model and compare time series data?
What is to try several techniques and then compare them based on measures of forecast accuracy, including a graphical inspection of how well the model fits the historical data.
True or False:
A structured approach to decision making can not help us make good decisions, but can guarantee good outcomes.
What is false.
A structured approach to decision making can help us make good decisions, but can’t guarantee good outcomes.
the difference between the actual values of a dependent variable and the estimated or predicted values produced by an estimated regression model
What is residuals
What are lines used for and what does it connect to in a network flow model?
What is Lines are used as arc’s that connect the nodes.
What is f( ) describes systematic variation in the relationship.
What is E the unsystematic variation (or random error) in the relationship.
What kind of observations are used in time-series?
hint:-Source:Chapter 11 Introduction to Time Series Analysis
What is quantitative variable.
-Source:Chapter 11 Reading(Quantitative Variable. Variables that have are measured on a numeric or quantitative scale.
Ordinal, interval and ratio scales are quantitative. A country's population, a person's shoe size, or a car's speed are all q uan titative variables. Variables
that are not quantitative are known as qualitative variables.)
Name two characteristics of decision problems?
hint: chapter 14 powerpoints
What is
Alternatives - different courses of action intended to solve a problem.
Criteria - factors that are important to the decision maker and influenced by the alternatives.
States of Nature - future events not under the decision makers control.
a measure of the scatter (standard deviation) of the actual values of the dependent variable around the estimated regression function
What is standard error
What are supply nodes called?
What is sending nodes?
What is to identify a function that describes, as closely as possible, the relationship between these variables so that we can predict what value the dependent variable will assume given specific values for the independent variables.
or
What is identify a function of the independent variables that adequately accounts for the behavior of the dependent variable.
What is analyzed in time series analysis?
What is past behavior of a variable in order to predict its future behavior.
What is the Maximin Decision Rule?
hint:chapter 14 power points
What is
Identify the minimum payoff for each alternative.
Choose the alternative with the largest minimum payoff.
A table summarizing the final outcome for each decision alternative under each possible state of nature
What is payoff matrix