(a) Briefly describe the important parts of each step needed to make a decision
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Question
(a) Briefly describe the important parts of each step needed to make a decision using decision sciences models.
(b)What are the different methods to solve a system of linear equations? Briefly describe the steps needed in each method.
(c) What is an unbounded linear programming problem? How do we find if a given linear programming problem has unbounded optimal solution? Give a real world example of a linear programming problem where unbounded optimal solution may occur.
(d) Describe the important aspects of, and give a real world example for, the deterministic models. Describe the important aspects of, and give a real world example for, the stochastic models. What are the differences between the deterministic models and the stochastic models?
Explanation / Answer
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(a) The process of decision making is a complex process developing all the alternatives present in the scientifc model and then evaluating the models in order to implement the solution and then monitor the effectiveness of the solution over the period of time in order to guarantee the best possible decision
Steps are
1) Develop the alternatives to solve the problem
2) Evaluation of the alternatives designed in the step 1
3) Making the Decision on which model to choose depending on the evaluation from the step 2
4) Implementing the proposed alternative from step 3
5) Monitor the solution in order to calculate its effectiveness
b) There are many ways to solve the system of linear equations
1) Graphing approach, graph all the possible constraints on the graph paper and then check out for the common points in order to find the minimum and maximum of the function
2) Elimination approach, substitute one variable in terms of other variables and solve the two equations
3) Addition/subtraction approach, solving the system of linear equations by addition and subtraction
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