Question: (a) In decision analysis models, what do the terms decision alternatives, states of nature, and payoff represent? Give a real world example and identify these terms in your example.

(b) What are the different types of integer programming problems? Briefly describe each type and give one real world example for each type.

(c) How is the simulation process used in Decision Sciences models? What are the advantages of using simulation? What are its limitations? How can a simulation model be verified? Give a real world example where using simulation is appropriate.

(d) Briefly describe a single-server waiting line model and a multiple-server waiting line model. How are the two models different? Give one real world example for each model and identify the difference(s).

Price: $2.99

Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document