List,describe and Provide an Example of the Principles of Systems

question 19

Essay

List,describe and provide an example of the principles of Systems Theory.

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Definitions:

Monte Carlo Simulation

A computational technique that uses random sampling to obtain numerical results, often used to assess risk and uncertainty in financial and project management.

Subjective Estimates

Assessments or judgments made that rely on personal feelings, tastes, or opinions rather than external observable phenomena.

Probability Outcomes

The set of possible results in an experiment or situation, often quantified as likelihoods or percentages.

Decision Tree Analysis

A graphical representation of possible solutions to a decision based on different conditions, often used in business to strategize investments or processes.