Prescriptive Decision Models Help

question 19

Multiple Choice

Prescriptive decision models help:

• A) make predictions of how demand is influenced by price.
• B) make trade-offs between greater rewards and risks of potential losses.
• C) decision makers identify the best solution to decision problems.
• D) describe relationships and influence of various elements in the model.

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Definitions:

Iterative Technique

A procedure that repeats a series of operations until a specific condition is met, often used in computing and problem-solving to refine solutions.

Degeneracy

A situation in mathematical optimization where more than one solution exists for a problem, often complicating the solution process.

Transportation Model

A mathematical method used in operations research to solve problems involving the distribution of goods or services from multiple sources to multiple destinations.

JIT Principles

Just-In-Time (JIT) Principles focus on reducing waste in the production process, implementing efficient production techniques, and improving quality by producing only what is needed, when it is needed.