OM 300- Midterm Exam Guide - Comprehensive Notes for the exam ( 94 pages long!)
12 Oct 2017
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What is a model: a model is a purposeful representation of the key factors of an object or system and the relationships among those factors. Enough detail so that key factors and relationships are accurately represented. Omit unnecessary details (cid:498)everything should be made as simple as possible, but not simpler(cid:499) (cid:523)albert. Types of models: mental models, visual models, physical models, mathematical models. Characteristics of a mathematical model: usually motivated by a decision. Quantities or factors that affect a decision. The spreadsheet modeling process: turn off the computer. Draw a picture/diagram, identify controllable & uncontrollable inputs, outputs (influence chart: sketch out overall plan for spreadsheet model. Determine where inputs, intermediate calculations, and outputs will go: develop the base case spreadsheet model, test the model using trial values, use the model to perform the needed analysis, document the model so others can understand it. Influence chart: you should start the spreadsheet modeling process by drawing an influence chart.
