11/17/2019 Chapter 7 Flashcards | Quizlet

Chapter 7
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Terms in this set (9)

What-if Model A model designed to study the impact of

changes in model inputs on model outputs

Make-versus-buy A decision often faced by companies that

decision have to decide whether they should

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manufacture a product or outsource its

production to another firm

Influence Diagram A visual representation that shows which

entities influence others in a model

Parameter In a what-if model, a parameter refer to an

uncontrollable model input

Decision Variable A model input the decision maker can

control

Data Table An excel tool that quantifies the impact of

changing the value of a specific input on
an output of interest

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One- Way Data Table An excel data table that summarizes a

single input's impact on the output of
interest

Two- Way Data Table An excel data table that summarizes two
inputs' impact of the output of interest

Goal Seek An excel tool that allows the users to

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determine the value for an input cell that

will cause the value of a related output cell
to equal some specified value, called the
goal

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