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MGS 3100 Chap 1 Introduction (Others # (Costs (Fixed costs: don't…
MGS 3100 Chap 1 Introduction
Business analysis: understand business better, use that analysis to make better decision, therefore to improve result
Model: representation of sth but seldom (很少）a perfect reprenetation
"+" make inferences about real situation , save money and time
Qualitative: observing using 5 senses
physical, analog and symobolic: shape, form of the sth they represent
Analog 模拟: show how it work, but look different from what they representative ex. Clock
Symbolic 符号: abstruct, approximation of what it represent ex. Language
Quantitative: data refers to measurable observations ex ruler
Induction 感应: observe sth in the world, discover common patterns to build models
Deduction 扣除: have a model, known rule that you can apply to the world
Deterministic and Probabilistic
Deterministic 确定性: able to predict
Probabilistic 概率: randomness, uncertain
Others
#
Revenue: company receive $ in specific period
Expenses
Profit: Revenue - Expenses
Costs
Fixed costs: don't change overtime
Variable: change overtime
Sunk costs: already happened, independent things occur in future, can't not avoid cut u already pay for them (irrelevant, should not include in your model)
Overhead: ongoing business expenses, not include third party expenses