NAME & ROLL NO: SAUD LIAQAT 19I-1175

BI EVENING SETION
BI-MG460 ASSIGNMENT 3 –IN CLASS [06-09-2021]
NOTE: MUST answer following questions with the help of EXAMPLES from book(s) or internet.

SUBMIT BY 10:00PM TODAY: EMAIL: haider.ali@nu.edu.pk

END OF CHAPTER QUESTIONS

1. What does environmental scanning and analysis mean?

Environmental scanning is a method of collecting and analysing data in order to detect external
opportunities and dangers that may have an impact on future actions.
It's similar to a S.W.O.T. study and should be included in the strategic planning process.
2. Why is the concept of model management important?
A management model refers to how a company's senior executives establish objectives,
encourage effort, coordinate activities, and distribute resources; in other words, how they
define management's task.

3. How does knowledge-based modeling relate to DSS Modeling?

A management model refers to how a company's senior executives establish objectives,
encourage effort, coordinate activities, and distribute resources; in other words, how they
define management's task.
4. List the major categories of models and discuss their suitability for DSS tasks. What
are the components of decision support mathematical models?

Components of a Decision Support System

The three main components of a DSS framework are:

1. Model Management System

The model management system S=stores models that managers can use in their decision-making.
The models are used in decision-making regarding the financial health of the organization and
forecasting demand for a good or service.
NAME & ROLL NO: SAUD LIAQAT 19I-1175

2. User Interface

The user interface includes tools that help the end-user of a DSS to navigate through the system.

3. Knowledge Base

The knowledge base includes information from internal sources (information collected in a
transaction process system) and external sources (newspapers and online databases).

5. What is the basic structure of mathematical models? Compare them with other
types of models you have encountered during your study.

6. Discuss the concept of risk analysis for DSS in the context of enterprise-wide risk
assessment and management.
A management model refers to how a company's senior executives establish objectives,
encourage effort, coordinate activities, and distribute resources; in other words, how they
define management's task. Moreover, the knowledge related to risks in DSD is scattered
over different publications which make it difficult to and relevant information to be used
in practice. This research aims to develop an automated decision support system to aid
practitioners in assessing risks and deciding on suitable control strategies. In order to
construct the knowledge base for the proposed decision support system, a systematic
literature review (SLR) is conducted. Results of SLR are used to identify required
questions, options and set of rules to implement our decision support system (DSS). In
total 80 studies were identified from which 49 aspects, 53 questions, and a set of rules are
extracted. DSS is evaluated through multiple case studies. The results indicate that the
NAME & ROLL NO: SAUD LIAQAT 19I-1175

developed DSS supports decision-making process in risk assessment and selection of

control strategy.

7. A manager with knowledge of business management may use data mining and
analytics tools (Rapid Miner, Talend, etc.), R scripting language and spreadsheets
(MS EXCEL, Libre Office), or a combination of them. Which task is each most
suitable for?

8. What are the major classes of mathematical programming?

9. What are the most common optimization models that can be solved by
mathematical programming methods?

10. What are the aims for which sensitivity analysis is used?

11. Compare and contrast what-if analysis and goal seeking.

13. Describe the general process of simulation.

14. List some of the major advantages of simulation over optimization and vice versa.

15. Many computer games can be considered visual simulation. Explain why?

16. Explain why VIS is particularly helpful in implementing recommendations derived by

computers.