BUS660 Week 1 -8 All Discussions
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week 1
Present an example of a business situation that you believe would lend
itself to the use of a quantitative business model. Clearly explain how the
model could be used in this situation.Multiple models are often used in supporting business decision making. Why might this be the case and what factors may dictate the need for multiple models?
week 2
What are some inherent challenges in using decision trees effectively in today's organizations? How can these challenges be overcome?
week 3
A health researcher is interested in determining whether or not the speed at which people walk is related to their cholesterol levels. He picks 100 adult volunteers at random, checks their cholesterol levels, and then times each one while they walk a stretch of 100 yards. He is amazed at the results: a simple regression between the walk times and the cholesterol levels has an R2 of 0.98 and the slope of the regression line is 0.7. Would he be justified in concluding that walking slowly may cause high cholesterol or that high cholesterol may affect walking speed? Discuss why or why not.
week 4
What types of business situations or problems might best lend themselves to
multiple linear regression? What types may not? Explain.Give an example based on your experience of a situation in which using a multiple regression model or non-linear regression model may have helped you make a better decision.
week 5
Refer to "Forecasting Practices in U.S. Corporations: Survey Results." Which point was most interesting and why?
week 6
Using the GCU Library and/or Internet resources, find an example of a linear optimization model used in industry. Describe which industry it is or was used in and briefly discuss the problem or challenge it addressed.
week 7
Explain the importance of correctly stating the objective function and constraints in linear optimization problems. Provide a few examples of the problems that could result if the objective function and constraints are not stated properly. Why would these problems arise?
week 8
What key factors of a business situation indicate the need for simulation (versus the other modeling techniques covered in the course)?
Describe the key differences between simulation models and the models covered in previous modules, not only from the perspective of their applications, but also from the perspective of computing/solving the models.
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