Probabilistic Models

Question Description

  • apply the terminology of decision making to describe business problems
  • compare and contrast deterministic and probabilistic models


  • Using the definitions found in Chapter 1 of Quantitative Analysis, the Internet, and your own personal experiences, make notes on and post one example of each of the following to the class Discussion Board topic “Deterministic and Probabilistic Models”.
    • A deterministic model;
    • A probabilistic model; and
    • A situation in which you could use post optimality analysis (also known as sensitivity analysis

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