A Simulation Model Uses the Mathematical Expressions and Logical Relationships

question 49

Multiple Choice

A simulation model uses the mathematical expressions and logical relationships of the

• A)real system.
• B)computer model.
• C)performance measures.
• D)estimated inferences.

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Definitions:

Classical Decision Model

Describes decision‐making with complete information.

Optimising Decisions

Making choices that lead to the best possible outcome, considering all available information and constraints.

Satisficing Decisions

Choose the first satisfactory alternative that comes to your attention.

Behavioural Decision Model

An approach to understanding decision-making, focusing on how individuals interpret and respond to information based on psychological and behavioural factors.