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Module 1: Managerial Solution Techniques

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Managerial Solution Techniques - Lesson Summary

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The key points from this module are:
A Structured problem is very well defined. It cannot be interpreted in any other manner.
A model is a set of mathematical relationships that correspond to some real-world relationships.
There are three real-world model types; Choice Model, Sorting Model and Ranking Model.
We need a DSS Model Because business decisions, business problems will come, and you will have to make a decision.
These are the classification of models in the real world:
Stochastic modelsMathematical Programming Models