59)The approach can be used in conjunction with artificial intelligence Answer, VIM Diff: 3 Page Ref: 360 60)Conventional generally reports statistical results at the end of a set of experiments Answer: simulation Diff: 3 Page Ref: 359 61)Why is there a trend to developing and using cloud -based tools for modeling? access to powerful tools and pre-existing models that they can use to solve business problems Answer: This trend exists because it simplifies the process for users. These systems give the Because these systems are cloud-based, there are costs associated with operating them and maintaining them Diff: 2 Page Ref: 327 62) List and briefly discuss the major components of a quantitative model Answer: These components include 1. Result(outcome)variables reflect the level of effectiveness of a system; that is, they ind icate how well the system performs or attains its goal(s) 2. Decision variables describe altemative courses of action the decision maker controls the decision variables 3. Uncontrollable Variables-in any decision-making situation, there are factors that affect the result variables but are not under the control of the dec ision maker 4. Intermediate result variables reflect intermed iate outcomes in mathematical models Diff: 2 Page Ref: 328-329 63)Why do many believe that making decisions under uncertainty is more difficult than making decisions under risk? but a known probability of the likelihood of those outcomes Diff: 2 Page Ref: 331 64)Why are spreadsheet applications so commonly used for decision modeling? Answer: Spreadsheets are often used for this purpose because they are very approachable and easy to use for end users. Spread sheets have a shallow learning curve that allows basic functions to be learned quickly. Add itionally, spreadsheets have evolved over time to include a more robust set of features and functions These functions can also be augmented through the use of add-ins, many of which are designed with decision support systems in mind Diff: 2 Page Ref: 332 Copyright C 2018 Pearson Education, Inc9 Copyright © 2018 Pearson Education, Inc. 59) The ________ approach can be used in conjunction with artificial intelligence. Answer: VIM Diff: 3 Page Ref: 360 60) Conventional ________ generally reports statistical results at the end of a set of experiments. Answer: simulation Diff: 3 Page Ref: 359 61) Why is there a trend to developing and using cloud-based tools for modeling? Answer: This trend exists because it simplifies the process for users. These systems give them access to powerful tools and pre-existing models that they can use to solve business problems. Because these systems are cloud-based, there are costs associated with operating them and maintaining them. Diff: 2 Page Ref: 327 62) List and briefly discuss the major components of a quantitative model. Answer: These components include: 1. Result (outcome) variables reflect the level of effectiveness of a system; that is, they indicate how well the system performs or attains its goal(s). 2. Decision variables describe alternative courses of action. The decision maker controls the decision variables. 3. Uncontrollable Variables - in any decision-making situation, there are factors that affect the result variables but are not under the control of the decision maker 4. Intermediate result variables reflect intermediate outcomes in mathematical models. Diff: 2 Page Ref: 328-329 63) Why do many believe that making decisions under uncertainty is more difficult than making decisions under risk? Answer: This opinion is commonly held because making decisions under uncertainty allows for an unlimited number of possible outcomes, yet no understanding of the likelihood of those outcomes. In contrast, decision-making under risk allows for an unlimited number of outcomes, but a known probability of the likelihood of those outcomes. Diff: 2 Page Ref: 331 64) Why are spreadsheet applications so commonly used for decision modeling? Answer: Spreadsheets are often used for this purpose because they are very approachable and easy to use for end users. Spreadsheets have a shallow learning curve that allows basic functions to be learned quickly. Additionally, spreadsheets have evolved over time to include a more robust set of features and functions. These functions can also be augmented through the use of add-ins, many of which are designed with decision support systems in mind. Diff: 2 Page Ref: 332