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Study Resources (Business Management)

15.List some of the major advantages of simulation over optimization and vice versa. 16.What are the advantages of using a spreadsheet package to perform simulation studies? What are the disadvantages? 17.Compare the methodology of simulation to Simon’s four-phase model of decision making. Does the methodology of simulation map directly into Simon’s model?.
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1.What are the most popular commercial data mining tools? 2.Why do you think the most popular tools are developed by statistics companies? 3.What are the most popular free data mining tools? 4.What are the main differences between commercial and free data mining software tools? 5.What would be your top five selection criteria for a.
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18.Many computer games can be considered visual simulation. Explain why. 19.Explain why VIS is particularly helpful in implementing recommendations derived by computers. 20.There are hundreds of DBMS packages on the market. Explain why there are no packages for MBMS. 21.Does Simon’s four-phase decision-making model fit into most of the modeling methodologies described? How.
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4.Explain why solving problems under uncertainty sometimes involves assuming that the problem is to be solved under conditions of risk. 5.Excel is probably the most popular spreadsheet software for PCs. Why? What can we do with this package that makes it so attractive for modeling efforts? .
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1.What are the major application areas for data mining? 2.Identify at least five specific applications of data mining and list five common        characteristics of these applications. 3.What do you think is the most prominent application area for data mining? Why? 4.Can you think of other application areas for data mining not discussed in.
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6.What are the main data mining application areas? Discuss the commonalities of these areas that make them a prospect for data mining studies. 7.Why do we need a standardized data mining process? What are the most commonly used data mining processes? 8.Discuss the differences between the two most commonly used data mining.
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1.What is the relationship between environmental analysis and problem identification? 2.Explain the differences between static and dynamic models. How can one evolve into the other? 3.What is the difference between an optimistic approach and a pessimistic approach to decision making under assumed uncertainty? .
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9.What are the advantages of using a spreadsheet package to create and solve LP models? What are the disadvantages? 10.What are the advantages of using an LP package to create and solve LP models? What are the disadvantages? 11.What is the difference between decision analysis with a single goal and decision analysis.
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