List in the below table five Decision Modeling Simulations you have used during
ID: 3124103 • Letter: L
Question
List in the below table five Decision Modeling Simulations you have used during this course. Explain the purpose of each simulation (application). Lastly, list a software tool that can be used to analyze each type of simulation.
give more more Explanation
Decision Model Simulations
Purpose (Application)
Software used
Liner programming
To achieve the best outcome (maximum profit/ lowest cost) in a particular model or a formula.
Excel’s Solver
Spreadsheet
linear program solver lips
Queuing Model
To make business decision about the resources needed to provide a service.
analyze a variety of operating characteristics of queuing systems
To obtain the best level of service
Excel’s Spreadsheet Initialization
Simulation
To model the behavior of individual elements within the system using random sampling
Draw conclusions and make action decisions based on the results
Excel’s standard functions
Sensitivity Analysis
To determine how different values of an independent variable impacts another dependent variable under a given set of assumptions
Excel’s Solver Parameters
Decision Tree Analysis
Used to assign monetary or time to possible outcomes as that can be automated
Using TreePlan With Excel
Or
gambit software
Decision Model Simulations
Purpose (Application)
Software used
Liner programming
To achieve the best outcome (maximum profit/ lowest cost) in a particular model or a formula.
Excel’s Solver
Spreadsheet
linear program solver lips
Queuing Model
To make business decision about the resources needed to provide a service.
analyze a variety of operating characteristics of queuing systems
To obtain the best level of service
Excel’s Spreadsheet Initialization
Simulation
To model the behavior of individual elements within the system using random sampling
Draw conclusions and make action decisions based on the results
Excel’s standard functions
Sensitivity Analysis
To determine how different values of an independent variable impacts another dependent variable under a given set of assumptions
Excel’s Solver Parameters
Decision Tree Analysis
Used to assign monetary or time to possible outcomes as that can be automated
Using TreePlan With Excel
Or
gambit software
Explanation / Answer
Here is the more explanation for the table above. now you can add this to the contents from the table below.
Decision model simulations
Purpose(Applications)
Software used
Linear programming
It is tool for solving optimization problems and can be used in Industrial and management applications.
Excel Solver spread sheet and MAT lab can be used. Softwares used are OpenMDAO, dlib, IPOPT
Queuing model
Applications include reduction of traffic congestion in toll booths, can be used for scheduling work in a production control.
Tools and software used are Lingo, Smio, Matlab
Simulation
Used to evaluate various strategies. Possible outcomes can be generated using a Simulation technique.
Tools and software are Net-Logo, DWSIM, OpenEaagles
Sensitivity analysis
Can be applied in Risk communication, identify the ineffective parameters
Excel is the tool, UNCSAM is the Software tool.
Decision tree analysis
Can be applied in machine learning and predictive analytics and remote sensing.
Spread sheet program in excel , Gambit, Silver Decisions, KNIME
Decision model simulations
Purpose(Applications)
Software used
Linear programming
It is tool for solving optimization problems and can be used in Industrial and management applications.
Excel Solver spread sheet and MAT lab can be used. Softwares used are OpenMDAO, dlib, IPOPT
Queuing model
Applications include reduction of traffic congestion in toll booths, can be used for scheduling work in a production control.
Tools and software used are Lingo, Smio, Matlab
Simulation
Used to evaluate various strategies. Possible outcomes can be generated using a Simulation technique.
Tools and software are Net-Logo, DWSIM, OpenEaagles
Sensitivity analysis
Can be applied in Risk communication, identify the ineffective parameters
Excel is the tool, UNCSAM is the Software tool.
Decision tree analysis
Can be applied in machine learning and predictive analytics and remote sensing.
Spread sheet program in excel , Gambit, Silver Decisions, KNIME
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.