Which of the following are benefits of good models (select allthat apply)?A.Can provide...

Which of the following are benefits of good models (select all that apply)?

	A.	Can provide timely, economical and reliable results
	B.	Yield good decision support
	C.	Enhance communication about a problem
	D.	Always accurately represent reality

In which step of the approach to quantitative analysis do you assess how well the solution works?

	A.	Define the Problem
	B.	Develop a Model
	C.	Acquire Input Data
	D.	Develop a Solution
	E.	Test the Solution
	F.	Analyze the Results
	G.	Implement the Results

Which of the following is concerned with what should happen?

	A.	Descriptive Analytics
	B.	Predictive Analytics
	C.	Prescriptive Analytics

Solutions

Expert Solution

1. B. Yield good decision support

C. Enhance communication about a problem

Good models allow us the ability to make better decisions and communicate the issues but do not guarantee a better result or an accurate representation always

2. F. Analyze the result.

It is in this phase that we assess how well the solution works by testing its implementation.

3. C. Prescriptive analytics

Prescriptive analytics makes use of the future implications of any process and therefore, deals what with what should happen rather than what would happen, as in case of predictive analytics and what has happened as in the case of descriptive analytics.

keosha answered 1 year ago

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