Question: (a) Explain the concept of value of perfect information in decision analysis. Give a real world example where the value of perfect information will be useful to a decision maker.

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

(c) Briefly explain the different types of queuing systems. Give one real world example of each type.

(d) 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.