Decision Support Systems Models
MODEL COMPONENTS (refer to Institute
for Operations Research and Management Science - INFORMS OR/MS)
TYPES OF ANALYTICAL MODELS
A major element of a Decision
Support System (refer to decision
making process) is a Model, a simplified representation of reality. Models
are classified according to the degree of abstraction:
- Iconic - least abstract, a
physical replica of a system
- Analog model - functional
equivalent, but does not look like the system
- Mathematical/Quantitative - more abstract
mathematical or other quantitative models.
TYPES OF ANALYTICAL MODELS
- What if analysis - Observing
how changes to selected variables affect other varibales.
Example: What happens to sales if we cut advertising by 10%?
- Sensitivity analysis -
Observing how repeated changes to a single variable affect other variables.
Example: If advertising is cut by $100 repeatedely, to see how
- Goal-seeking analysis -
Making repeated changes to selected variables until a chosen variable
reaches a target value. Example, Increase advertising until sales
reach $5,000,000 USD.
- Optimization analysis -
Finds an optimum value for selected variable given certain
constraints: Example: What is the best amount of advertising to
have, given budget and media choice?
- Decision variables
- Un-controllable variables
- Result variables
- Mathematical Relationship
- Descriptive Models are
mathematically-based and include"
EXAMPLES - LINKS TO DEPLOYED MODELS/CURRENT EVENTS
Computer Models for Analytical Chemistry Instruction
- free interactive models for analytical chemistry
instruction ... Interactive Computer Models for Analytical Chemistry Instruction
Tom O'Haver Department of Chemistry and Biochemistry
The University of Maryland at College Park...
Corn and Soybean Weather/Production Models (92001)
- Spreadsheet models to calculate corn and
soybean yields, harvested acreage, and the production for states, regions, and
the U.S. based on planted acreage, weather, and fertilizer application.
Mine Cost Data Exchange
free production data spreadsheets for all mines on the site.
Ball - Risk Analysis with Excel
Decisioneering produces Crystal Ball, an Excel-based forecasting and
simulation tool that increases your ability to model and identify your business
and financial risks.
Crew Schedule Optimization in Excel
Download simple crew scheduling optimization model and other scheduling examples
in Excel. Optimize large scale, custom models with advanced
Solvers for Excel - Download free trial versions.
to Buy Chevy and Avoid Dealer Scams
Free consumer advocate site is the best of its kind. Reveals dealer scams,
negotiating tips, dealer cost, buying & selling used cars, info on
financing, leases and free Excel spreadsheets.
Model Excel Templates
Investment-Calc PRO financial models for cash flows, NPV, IRR and ROI.
QuickValue PRO for balance sheets and income proformas for company valuation models.
River Basin Water Plan - Surface Water Models are now available online at
spreadsheet models were developed to determine average monthly streamflow in the
Green River Basin during
wet, and dry years. In addition, these models aid in validating existing basin
uses, assist in determining
location of water available for future development, and help to assess impacts
of future water
InvestSmart Market Simulation. This interactive educational
stock and mutual fund simulation uses real stock and mutual fund delayed quotes
from the major US exchanges such as NYSE, AMEX, and NASDAQ.
- This is an on-line
futures market where contract payoffs are based on real-world events such as
political outcomes, companies' earnings per share (EPS), and stock price
returns. It is run as a non-profit educational and research project by faculty
at University of Iowa Henry B. Tippie College of Business. Most of the markets
use real money, although there is a free practice market.
Market Game (SMG Worldwide)
- Provided by a
consortium of educational organizations, This is a dedicated educational stock
Games run over set time periods, and there are separate divisions for adults and
Your Own Indicator of Sustainable Economic Welfare
- The focus of this
interactive site is the comparison between GDP and welfare. It allows the user
to select and balance several factors to produce a customised indicator. Java is
used to plot a graph of this indicator over the second half of the Twentieth
Century, with a plot of GDP for comparison.
- A detailed model of
the UK Economy, based on the H.M. Treasury model, which puts you in the position
of Chancellor, showing you the macro- and micro-economic consequences of your
budgets. Users can choose to alter a limited number of variables, or the full
set. As well as very professional design and presentation, the site offers
background material on macroeconomic theory.
A Game for Macroeconomists
- Worth Publishers'
companion site to Mankiw's textbook hosts several interactive features using
Shockwave. One of them is an online game in which the student takes the role of
American President, setting rates of taxes and government spending and viewing
the effects on a variety of indicators
- Anders Schneiderman and Nathan Newman - Center
for Community Economic Research, U.C. Berkeley
challenges the user to balance the 1995 US Budget by making a serious of choices
from drop-down menus. There are "short" and "long" lists of
choices, so you can choose the level of detail. The site works mostly in text,
but has an optional graphing feature.
- VirtualStockExchange is a
simulated securities broker that provides mock trading of all securities listed
on the major U.S. exchanges.
For Education Decisions
for Financial Decisions
for Health Decisions
(personalized fitness & nutrition advice)
(health evaluation, tips, news, answers)
(alternatives, evaluators, tips)
for Information Technology Decisions
(ROI calculation for technology investment)
(advice, tips, tutorials, news, online library)
for Insurance Decisions
(alternatives, ratings, guidance)
(neural net and genetic algorithm forecasts, performance, comparison)
(online demo of portfolio optimizer)
for Natural Resource Decisions
for Purchasing Decisions
for Real Estate Decisions
(online demo for radioactive waste disposal)
(tutorial, course, materials)