ADM 1370 Lecture Notes - Lecture 2: Spreadsheet, Fixed Cost, Killer Application

• School: University of Ottawa
• Department: Administration
• Course: ADM 1370
• Professor: Craig Kuziemsky

Document Summary

> complex decision making, data management, most popular application in the workforce, killer app . Spreadsheet = text and numbers laid out in a rectangular grid. > there"s more rows than columns (vertically easier than horizontally) 3 main stages: formulate, solution, interpretation models= simplified versions of things the real world. > can be mental (e. g, arranging things), visual (blueprint), physical/stable (buildings) or mathematical (e. g, financial analysis) > its economical (less costly through spreadsheets), timeliness, feasible (we can do things that used to be impossible) > models give us insight & understanding that improves decision making. Model layers: data (raw data, preparing the data, analysis (use formulas and calculations on the data to get temporary results, presentation (formatting of the information in charts, colours . ) Mathematical model = the relationship between variables e. g, profi = rev - ex. Absolute value: e. g, huristics = guess. maximal, averaging dmv.