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“Building and Using Models” Note: Online students, please select one of the two subjects to discuss. Imagine that you are a business manager for a mid-sized company. Propose one (1) overall strategy t

“Building and Using Models” Note: Online students, please select one of the two subjects to discuss.

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  • Imagine that you are a business manager for a mid-sized company. Propose one (1) overall strategy to build an effective business model in order to both monitor / control changes in business process and predict future business performance for your company. Provide a rationale (e.g., verification process) for your response.
  • trying to understand factors that impact the outcomes of business process is an important aspect of improving business operations. Conventional wisdom plans experiment one-factor-at-a-time (OFAAT). Compare and contrast the main advantages and disadvantages of OFAAT and DOE and select the approach (e.g., OFAAT or DOE) that you would use in order to obtain effective business process. Provide a rationale for your response.