STAT 201 Saudi Electronic University Quantitative Analysis Discussion

Description

Purpose

To assess your ability to:

apply the terminology of decision making to describe business problems

compare and contrast deterministic and probabilistic models

• Action Items
• 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).