Definition of modeling terms - Essay Example

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A business analyst is responsible for developing and analyzing formal models by managing requirements, feasibility studies and provision of coordination services between technical and business group. The business analyst develops decision support system by performing activities…
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Definition of modeling terms
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Business Analyst A business analyst is responsible for developing and analyzing formal models by managing requirements, feasibility studies and provision of coordination services between technical and business group. The business analyst develops decision support system by performing activities like system scope management, interpreting business needs into technical description, spelling out system requirements, testing and validating the developed system and managing stakeholders.
Decision-support models
This is type of modeling which is actually a computer system that supports the management to take informed decisions regarding their businesses by tie together models, data analysis and presentation tools.
Spreadsheet engineering
Spreadsheet engineering is the study of modeling that enables us to plan and develop more complex and detailed business models. The study also facilitates business communication especially performing modeling tasks and accounting statements in effective and efficient manner.
Code inspection
Code inspection is to evaluating the code written by modelers with intentions to find and fix the syntax as well as semantic errors.
Model formulation
Model formulation is to removing needless details and abstracting critical features of the real world. It is a development for making the actual situation understandable, easier and capturing a core objective of solving a real world problem.
Decisions are to make up your mind for selecting a way forward keeping in view the possible alternatives. The decision can be taken on the number of items to buy/sell, quantity of items to be manufactured
Outcomes are results that appear after taking a decision. This could include profit/loss, expenditure/savings, increase/decrease in productivity and performance etc.
Structure is a relationship between elements of modeling that tied together to provide you results may include profit, inventory, sales, etc.
Interpretation is to explain the models in real world so that it could be understandable and useful for management to take informed decisions.
Problem Context
Problem Context is an activity of modeling that explains the fundamental causes and the current situation of the problem raised by the modeler. It should be structured considering the client’s view of the problem so that they can guide to a solution.
Model Structure
Model structure is an activity of modeling in which a modeler builds a model by selecting/ inserting items, values and their relationship in the spreadsheets considering options of using model types, breaking the problem into sub-problems.
Model Realization
Model realization is an activity of modeling in which general models are created on the basis of available/inserted data and results are calculated.
Model Assessment
Model assessment is an activity of modeling in which the developed models are evaluated to find out either they are viable, suitable and satisfactoriness keeping in view the problem of the client and objective of their development.
Model Implementation
Model implementation is to deploy the model in client’s organization in order to get the expected outcomes from the model. Read More
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