Exam 9: Model-Based Decision Making: Optimization and Multi-Criteria Systems

Managers in organizations typically have

In the Midwest ISO opening vignette, the solution provided by the model's output determined the best output level to be produced by each power plant.

In the Fletcher Allen Health Care case, the ________ engine in Excel was used to find a feasible solution to the assignment problem.

In the CARE International end-of-chapter case study, what were the intended benefits of the model used and the actual benefits after deployment?

Modeling can be viewed as a science in its entirety.

Identifying a model's ________ (e.g., decision and result) and their relationships is very important in creating and using models.

In handling uncertainty in decision modeling, what does the pessimistic approach do?

Decision trees are best suited to solve what types of problems?

In the end-of-chapter CARE International case study, an optimization model was used to decide on warehouse ________.

Compare and contrast decision making under uncertainty, risk and certainty.

Linear programming seeks to optimally allocate resources among competing activities and is likely the best known optimization model.

________ seeking calculates the values of the inputs necessary to achieve a desired level of an output.

In handling uncertainty in decision modeling, the optimistic approach assumes

In comparison to static models, ________ models represent behavior over time.

In non-quantitative models, the relationships are symbolic or ________.

________ tables conveniently organize information and knowledge in a systematic, tabular manner to prepare it for analysis and consideration of alternatives.

The question "How many servers will be needed to reduce the waiting time of restaurant customers to less than 9 minutes?" is a type of

The trend is towards developing and using Web tools and software to access and run modeling software.

Which of the following is NOT a component of a linear programming problem?

Can customer relationship management (CRM) systems and revenue management systems (RMS) recommend not selling a particular product to certain customers? If so, why; if not, why not?