M B A 8590 Lecture Notes - Lecture 2: Graphical Model, Regression Analysis, Feasible Region

• School: Clemson University
• Department: Business Administration
• Course: M B A 8590
• Professor: Gabriela Sava

Document Summary

Decision modeling 859 class notes - #2. Assignment #1 can be on word or excel but the rest will be excel. Allows you to take real life problems and optimize the solution. Whatever assumption you will end up in a different setting it only means that you consider data in a different way. Most of the cases are going to be business oriented except for the beginning, it will be math. Business analytics has its roots in wwii. Networking in supply chain and revenue management is a field that can take a big advantage of this subject and specifically businesses like airlines, car rental, hotels, etc. In real life modeling there"s no need or way to add every single variable: at the end we care about maximize profit or minimize cost. Elements: decision variables: controllable inputs determined by your model, objective function: goal, Minimizing (cost, time: constraints: restrictions, un(cid:272)ontrolla(cid:271)le inputs: (cid:449)e don"t in(cid:272)lude (cid:449)hat (cid:449)e cant control.