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3 weeks ago
List and describe four categories of models. Give examples in each category.
Textbook 

Analytics, Data Science, & Artificial Intelligence: Systems for Decision Support


Edition: 11th
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Optimization of problems with few alternatives: Find the best solution from a small number of alternatives; e.g., decision tables, decision trees, analytic hierarchy process
Optimization via algorithm: Find the best solution from a large number of alternatives, using a step-by-step improvement process; e.g., linear and other mathematical programming models, network models
Optimization via an analytic formula: Find the best solution in one step, using a formula; e.g., some inventory models
Simulation: Find a good enough solution or the best among the alternatives checked, using experimentation; e.g., Monte Carlo simulation
Heuristics: Find a good enough solution, using rules; e.g., heuristic programming, expert systems
Predictive models: Predict the future for a given scenario; e.g., forecasting models, Markov analysis
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