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Author Question: When a decision maker is faced with several alternatives and an uncertain set of future events, s/he ... (Read 145 times)

savannahhooper

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on: Jun 24, 2018
When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses ______ to develop an optimal strategy.
 a. utility theory b. predictive analytics
  c. data mining d. decision analysis

Question 2

Simulation optimization helps
 a. in identifying the constraints of the situation.
  b. to find good decisions in highly complex and highly uncertain settings.
  c. in assigning values to outcomes.
  d. to model certainty using optimization techniques.


JCABRERA33

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Reply #1 on: Jun 24, 2018
Answer to Question 1

d
RATIONALE: The techniques of decision analysis can be used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain set of future events.

Answer to Question 2

b
RATIONALE: Simulation optimization combines the use of probability and statistics to model uncertainty with optimization techniques to find good decisions in highly complex and highly uncertain settings.


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