About Quantitative Decision Making

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This chapter focuses on the "what if" approach, which is frequently used in quantitative decision-making. Explain what-if analysis is meant to mean in this area of the review question. What-If Analysis is the process of altering values in a certain statistical model or a cell of a spreadsheet and figuring out how these changes will effect the results (Hiller & Hiller, 2015). This methodical process of changing values necessitates intense focus. What-If The analysis, which determines how sensitive the outputs are to a certain alteration in the inputs, is occasionally referred to as the sensitivity analysis. The real-world application of this topic in the evaluation of interest rates whereby professionals calculate the expected outcome basing on the changes of the input.

Chapter Six

The primary focus of this chapter is the Network Optimization problems. The chosen review question under the topic of Network Optimization problems is: “Identify some areas of application for minimum-cost flow problems, maximum flow problems, and shortest path problems.” The key area of application of the minimum cost flow problem is the transport industry. This problem is applicable in determining the shortest route from one region to another where there the transport network has an existent cost and capacity association (Hiller & Hiller, 2015). Maximum flow problems find wide applications in airline scheduling. There exist great scheduling problems in the aviation industry. The head of the scheduling unit could consider a set of flight L as the input problem and utilize bounded circulation to find the solution. The shortest path problems are widely applied in project management when finding the best path that would yield pleasant results. The experience had with these problems was when conducting an evaluation of the critical path of a given problem. The shortest path problems were of benefit in obtaining this route.

Reference

Hiller, F. & Hiller, M. (2015). Introduction to Management Science: A Modeling and Case Studies Approach with Spreadsheets (5th ed.). New York: McGraw-Hill Education.

April 06, 2023
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