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Chapter 1A notes

Chapter 1A
1.Define Business Analysis.: The investigations in to he operations of a business to expose the causes
behind the results achieved and the effect of those results on the business.
2. A Model is: _______Analogy_____, Compares what we understand very well to something we don’t
understand, Explains what we see and help us to Predict what will happen, and ____Recipe to
understand complex things__.
3. A Model ( is or is not) a perfect representation of something.
4. We use models to :
A. Make inferences about the real situation by studying and analyzing the model.
B. __Save Money________________
C. __Save Time________________
5. Analysis uses a ___Model____________ to get ______Results_________.
6. Intuition is making decisions based off of ________gut feeling, thinking something is a good
7. Three examples of models in the video are:
1.) models of profit, deal with uncertainty, forecast demand
1.) World, Truck, map, video game, sundial