BIAM 570 Modeling for Decision Making DeVry

The best way to understand the advantages of using a model is to actually create one and to understand theory of the model. This assignment will help you create a model using a spreadsheet and understand its theory completing the task below from the deliverables.

After you are done, you will submit your completed Lab.

In the realm of business, organizations are always looking for the most cost effective ways to operate. In this effort, there will always be a certain level of uncertainty depending on each case; however, organizations are able to use sensitivity analysis methods using assumptions, and estimates view expected results. These expected results, although not perfect, can help senior management and leadership of organizations to make decisions and changes where needed. To further explore the theory and application of sensitivity analysis, complete the steps below.

After you are done, you will submit your completed Lab.

In the realm of business, organizations in most cases will look for ways to improve the customer experience when services and products provided; however, sometimes we have to wait for such services for longer periods of time we do not desire. Although not perfect, organizations will use techniques based on queuing theories to measure wait times in which customers have to wait in order to be helped or serviced, and based on the measurements, management and leadership attempt to make decisions to improve or reduce these waiting times. In this Lab, you will have an opportunity to learn about and use common queuing models and their results to make decisions. To get started, complete all steps below.

After you are done, you will submit your completed Lab.

In the realm of business, organizations are looking to make money and are also looking for ways to be the most efficient reducing cost so that profit margins continue to get better over time. Awareness of this is something we have all probably heard where time is money. So we have the need for time series forecasting and analysis, which are various forms of models that can help managers and leaders of organizations make a wide range of energetic managerial decisions successfully, where time and money are directly related leading to anticipated predictions. In an uncertain world, we will make decisions knowing there are uncertainties but knowing we have a history of data to work from, we can make good decisions with good anticipations.

After you are done, you will submit your completed Lab.

In the realm of business, there are many options to help managers and leaders develop good decisions based on data analysis outcomes and associated risk. One important option and tool in this case is a decision tree. Decision trees are ideal when there are cases of many possible outcomes. They provide an organized structure that allows managers and leaders to examine these possible results while making decisions based on the options available from the outcomes. In other words, a decision tree is like a visual map of potential roadways for actions to take.

After you are done, you will submit your completed Lab.

In the realm of business, business manages and leaders are always looking for optimal solutions to help in the decision-making process. During Week 2, everyone explored Linear Programing ( LP) models to create sensitivity analysis reports. LP models can do much more to help mangers and leaders also find optimal solutions, but as current or future managers and leaders, we must be aware that some optimal solutions given certain cases may be out of our reach for the given conditions or work environment.

After you are done, you will submit your completed Lab.

In the realm of business, business manages and leaders are always looking for optimal solutions to help in the decision-making process. During Weeks 2 and 6, everyone explored Linear Programing ( LP) models to create sensitivity analysis reports and to use output from the LP models to make decisions. Now we are going to go further with Linear Programing ( LP) models exploring integers, goal programming, and multiple objective optimization. For the nature of these models, a manager or leader is able to learn there are several different variations and options with Linear Programing ( LP) models that can output data analysis suited for a specific case and need to support the decision-making process.

After you are done, you will submit your completed Lab.