CMU Sensitivity Analysis Importance& Application in Business Essay – Question Description
I’m working on a business discussion question and need support to help me learn.
TOPIC: Sensitivity Analysis
1. Explain the importance and application of sensitivity analysis in business researches.
2. Bring an example of research that used sensitivity analysis. Identify variables and parameters and discuss how sensitivity analysis worked in the research.
Professor’s Guidance
Sensitivity Analysis (SA) is a method that measures how the impact of uncertainties of one or more input variables can lead to uncertainties on the output variables. This analysis is useful because it improves the prediction of the model, or reduces it by studying qualitatively and/or quantitatively the model response to a change in input variables, or by understanding the phenomenon studied by the analysis of interactions between variables. .
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TEXT
An Introduction to Management Science: Quantitative Approach 15th Ed.
David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm , James J. Cochran
Cengage 2019
ISBN-13: 9781337406529
Machine Learning in Production: Developing and Optimizing Data Science Workflows and Applications
Andrew Kelleher & Adam Kelleher
Addison-Wesley Professional, 2019
ISBN-13: 978-0134116549
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