OPRE 3333 Study Guide - Spring 2018, Comprehensive Midterm Notes - Time Series, Mathematical Optimization, Time

• School: UT-Dallas
• Department: Operations Research
• Course: OPRE 3333
• Professor: Brussolo Monica

Document Summary

Ch 1 + ch 3 intro & data visualization. Business analytics: an objective scientific process of transforming data into insightful decision making. Managers plan, coordinate and organize: strategic decisions : higher-level issues abt overall direction of company , 3-5 yrs. how the organization should achieve the goals and objectives set by its strategy, Operational decisions: operation managers run day to day operations. midlevel, 1 yr. Mathematical modeling- accurately represent reality, gives insight on info, saves $ and time and useful to communicate problems. Decision model- used to understand, analyze, or facilitate decision making. Descriptive analytics- describes what has happened in the past. Exs: data queries, reports, descriptive statistics, data visualization, data-mining techniques. Predictive analytics- uses past data to predict the future or evaluate the impact of one variable or another. Exs: linear regression, time series analysis, some data-mining techniques, and simulation are part of this category. Prescriptive analytics- indicate the best course of action to take, the best possible decision.