16 Jan What are some of the assumption mad
COM315 Decision Support Systems
Module 7 Discussion
Give an example of a good decision you made that resulted in a bad outcome. Also, give an
example of a bad decision you made that resulted in a good outcome. Why was each decision
good or bad?
What is an alternative? What is an outcome?
Discuss the differences between decision making under uncertainty and decision making under risk and explain what decision making strategies are used in each situation.
What is the EMV? Give an example.
What is the difference between the EVPI and the EV with PI?
Explain Opportunity Loss and give an example.
What is the purpose of Bayesian analysis? Describe how you would use Bayesian analysis in the decision-making process.
What is Utility Theory and how is it used?
What is a queuing problem? What are the components of a queuing system?
What are the assumptions underlying common queuing models?
Describe the important operating characteristics of a queuing system.
Describe three situations in which the FIFO discipline rule is not applicable in queuing analysis.
Explain what is meant by a finite or limited waiting line. Provide four examples.
Do you think the Poisson distribution is a good estimation of arrival rates in the following queuing
systems? Defend your position in each case.
a. School cafeteria
b. Barbershop
c. Dentist’s office
d. College class
e. Movie theater
What’s the difference between single-server and single-phase? Give an example of each.
What is Kendall notation? Give some examples.
Explain the costs associated with a queue. Explain the typical relationship between these costs.
COM315 Decision Support Systems
Module 8 Discussion
What is the difference between a casual model and a time-series model?
What is the meaning of least squares in a regression model?
What are some of the problems and drawbacks of the moving average forecasting model?
What effect does the value of the smoothing constant have on the weight given to the past forecast and the past observed value?
Why wouldn’t a company always store large quantities of inventory to eliminate shortages and
stock outs?
What are some of the assumption made in using the EOQ model?
What is the ROP? How is it determined?
What assumptions are made in the EPQ model?
What happens to the EPQ model when the daily production rate becomes very large?
Describe what is involved in solving a quantity discount problem.Discuss the metho
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