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____ Applications Address Such Long-Term,strategic Questions as "Where Should We

question 38

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____ applications address such long-term,strategic questions as "Where should we locate warehouses?",and "How large should our transportation fleet be?," often making use of simulation and optimization modeling.


Definitions:

Event

In probability and statistics, a set of outcomes of an experiment to which a probability is assigned.

Outcome

The result of an experiment or process, which can be a single value, a set of values, or a qualitative effect.

Event

In probability and statistics, an outcome or a set of outcomes of a random experiment; an event defines a specific occurrence within a sample space.

Probability Theory

The branch of mathematics that deals with the analysis of random phenomena and the likelihood of various outcomes.

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