Which of the Following Categories of Modeling Techniques Includes Simulation

question 74

Multiple Choice

Which of the following categories of modeling techniques includes simulation?

• A)Descriptive models
• B)Predictive models
• C)Prescriptive models
• D)Scale models

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Definitions:

Decision Alternative

Different courses of action or strategies that a decision-maker can choose from in a decision-making process.

State of Nature Probabilities

The likelihoods of different possible outcomes or states in a probabilistic model, often used in decision making and forecasts.

Products

Items or services created through a process and offered to a market for consumption or use.

States of Nature

Possible scenarios or outcomes in decision theory, which are not under the control of the decision-maker.