Prescriptive Analytics: Optimization and Simulation - Certainty, Uncertainty and Risk (Risk Analysis)
4 important questions on Prescriptive Analytics: Optimization and Simulation - Certainty, Uncertainty and Risk (Risk Analysis)
Define what it means to perform decision making under assumed certainty, risk, and uncertainty.
- Certainty
- Uncertainty
- Risk
How can decision-making problems under assumed certainty be handled?
For structured problem and short time horizons.
How can decision-making problems under assumed uncertainty be handled?
Insufficient information.
Decision makers try to treat under certainty or under risk if possible.
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How can decision-making problems under assumed risk be handled?
The decision maker considers several possible outcomes for each alternative with a given probability.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
