Reference no: EM132875008
Purpose 1
To assess your ability to develop a model and simulate a decision process.
Action Items
1. Choose an industry that is of particular interest to you. This can be transportation, manufacturing, health care, finance, or another industry in which you have some interest.
2. For your chosen industry, identify in a three- to four-page Word document:
- Why is this industry of interest to you?
- What types of problems come to mind that would be of specific interest to this industry?
- How might this industry apply each concept covered in this course?
3. Include examples of each data analysis concept. The data analysis concepts you must include:
1. Decision tree analysis
2. Linear programming
3. Sensitivity analysis
4. Queuing
5. Forecasting
6. Simulation
7. Inventory control
Purpose 2
To assess your ability to develop a model and simulate a decision process.
Action Items
1. Write a one paragraph describing the industry you selected in Part 1.
2. Choose three of the data analysis concepts you described in Part 1.
3. Write one to two paragraphs that specifically describe the types of problems that are solved using the concepts you choose.
4. Create a Microsoft Excel model, network diagram, or another appropriate type of analysis that could be used to handle each of the data analysis concepts you choose in action item 2 above.
5. Choose appropriate "real world" inputs for your model that would be reasonable for your analysis. Outputs should pass the "reality check". When this step is complete, you should have three separate types of analysis.