1. Summarize statistical methods used in forecasting and the types of times seri

Question

1. Summarize statistical methods used in forecasting and the types of times series to which they are most appropriate

2. List the principal rules for examining a control chart to determine if the process is in control
3. Explain what a decision model is and list the three types of inputs common to decision models.
4. Explain the concept of risk analysis.
5. How do you compute return on investment?


6. List the three elements queuing systems have in common. Describe each element.


7. Explain optimization and optimal solution.

8. How can binary variables be used to model logistical conditions. Provide examples.

Explanation / Answer

1)variaous methods like single regression multiple regression , used in forecasting. in time series model we use , holt's method , holt's winter method , exponential smothing , seasonal decomposing 2)rules for examining a control chart , verious control technique are used like cusum control chart , stewartzs control chart , ANSI Z 1.9 control techniques 5) A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. To calculate ROI, the benefit (return) of an investment is divided by the cost of the investment; the result is expressed as a percentage or a ratio. The return on investment formula: Return On Investment (ROI) = (gain from investment-cost of investment)/cost of investment In the above formula "gains from investment", refers to the proceeds obtained from selling the investment of interest. Return on investment is a very popular metric because of its versatility and simplicity. That is, if an investment does not have a positive ROI, or if there are other opportunities with a higher ROI, then the investment should be not be undertaken. 4)Risk analysis is a technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. This technique also helps to define preventive measures to reduce the probability of these factors from occurring and identify countermeasures to successfully deal with these constraints when they develop to avert possible negative effects on the competitiveness of the company. Reference class forecasting was developed to increase accuracy in risk analysis 3) database (or knowledge base), model (i.e., the decision context and user criteria), and user interface. algorithm 7) In the simplest case, an optimization problem consists of maximizing or minimizing a real function by systematically choosing input values from within an allowed set and computing the value of the function. The generalization of optimization theory and techniques to other formulations comprises a large area of applied mathematics. More generally, optimization includes finding "best available" values of some objective function given a defined domain, including a variety of different types of objective functions and different types of domains. 6)queue size waiting time inter arrival time 7) binary variables be used to model logistical conditions in making chromosome of genetic algorithm which is the most commonly used algorithm in logistics PLZ rate me LIFESAVER

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