Prescriptive Analytics: Optimization and Simulation - Model Based Decision Making
4 important questions on Prescriptive Analytics: Optimization and Simulation - Model Based Decision Making
List 3 lessons learned from modelling
Modelling can generate millions of dollars
Modelling can help in routing and scheduling
List and describe the major issues in modelling
What are the major types of models used in DSS?
Models play a major role in DSS. They are used to describe real decision-making situations.
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What are the current trends in modelling?
Trend to developing and using cloud-based tools and software to access and run software to perform modeling, optimizing, simulation...
Trend toward making analytic models completely transparant to the decision maker.
Trend to build a model of a model to help in ts analysis. e.g. Influence diagram is a graphical representation of a model.
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