In ___________ models there is risk and uncertainty.
A. Deterministic Models
B. Probabilistic Models
C. Both A and B
D. None of the above
Answer: Option B
Solution(By Examveda Team)
In Probabilistic Models there is risk and uncertainty. Probabailistic models incorporate random variables and probability distributions into the model of an event or phenomenon. While a deterministic model gives a single possible outcome for an event, a probabilistic model gives a probability distribution as a solution.This Question Belongs to Management >> Operations Research
Related Questions on Operations Research
A. Is possible when the variables value is known
B. Reduces the scope of judgement & intuition known with certainty in decision-making
C. Require the use of computer software
D. None of the above
A. Must be deterministic
B. Requires computer aid for its solution
C. Represents data in numerical form
D. All of the above
A physical model is example of.
A. An iconic model
B. An analogue model
C. A verbal model
D. A mathematical model
The qualitative approach to decision analysis relies on.
A. Experience
B. Judgement
C. Intuition
D. All of the above
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