GC BUS660 All Discussions latest 2016 july

GC BUS660 week 1 DQ 1 & DQ 2 latest 2016 july

dq 1

Present an example of a business situation that you believe would lend itself to the use of a quantitative business model. Clearly explain how the model could be used in this situation.

dq 2

Multiple models are often used in supporting business decision making. Outline a situation in your organization or industry that required the need for multiple models. What factors were unique to this situation? Support your response with rationale from the readings or external research.

dq 1

Apply a business decision model to something you do every day, such as select an outfit, order lunch, or determine your exercise routine. Be creative in your approach. How did you select the model? Include rationale with support from the readings.

dq 2

Using the decision tree resources available in the Topic Materials, create a decision tree for the scenario you outlined in Topic 2 DQ 1. Attach the decision tree to your response and include insights in crafting the decision tree. How would you apply your experience to larger-scale decisions at an organizational level?

dq 1

Identify two business situations or problems within your current organization or industry. Articulate how one of these lends itself to a simple linear regression and how one does not. Why is simple linear regression appropriate to address one situation or problem but not the other? Support your ideas with evidence from the readings.

dq 2

You are the vice president of sales for TerraFirma, a company that manufactures outdoor sporting gear. You receive a report on your desk one morning that claims little or no relationship between the University of Michigan Consumer Sentiment Index (CSI) and outdoor sporting gear sales. The claim is based on a very low R2 of the simple regression model, using these two variables (CSI and sales). Discuss how you would (or should) react to this report and why. What clarifying questions might you ask?

dq 1

Provide an example based on your professional experience of a situation in which using a multiple regression model or nonlinear regression model may have helped your organization make a better decision.

dq 2

What types of business situations or problems might best lend themselves to multiple linear regression? What types may not? When do you anticipate using a multiple linear regression model in your postgraduate, professional experience? Explain.

dq 1

Discuss the strategic importance of forecasting at your organization (or one with which you are familiar). What strategic decisions does it need to make in terms of forecasting? Provide two recent examples. In your opinion, was this the best way? How could the process be improved?

dq 2

Refer to the Topic Material, "Chapter 1 - Fundamental Issues in Business Forecasting." This resource includes a discussion of unrealistic expectations and forecast accuracy. How have you seen this demonstrated in your organization or industry? Describe the forecasting scenario and the "prediction" that did not come true. What conversations did management have surrounding this issue? How would you mitigate expectations for a situation like this in the future?

dq 1

Identify two key strategic decisions made by your current team, department, or organization. How could those decisions have been enhanced by optimization models? Support your rationale with evidence from readings or external research.

dq 2

Find a current example of a linear optimization model used in your industry. Describe the industry's needs, including any unique factors, how the linear optimization model was used, and the problem or challenge it addressed. Would you suggest a different model be used? Why or why not? Support your response with rationale from the assigned readings.

dq 1

Explain the importance of correctly stating the objective function and constraints in linear optimization problems. Using examples from your professional experience, describe the problems that could result if the objective function and constraints are not stated properly. Why did these problems arise? Support your anecdotal evidence with support and rationale from the readings.

dq 2

Describe a workforce scheduling, a blending, and a logistics problem facing your current organization or industry. What is being optimized in each of your examples and why? How do linear optimization techniques differ from decision tree analysis? Which are more applicable to the examples you identified? Support your response with rationale from the readings.

dq 1

Describe a current problem facing your department, organization, or industry that would indicate the need for simulation. What key factors of this business situation indicate the need for simulation (versus the other modeling techniques covered in the course)? Support your response with rationale from the readings.

dq 2

Consider some of the examples you have brought up in earlier topics. Describe the key differences between simulation models and the models covered earlier in the course. Outline how the approach to solving this problem would differ in terms of applying and computing/solving the models.