All T/F are 2 points each. Solve all problems to 3 decimal points. True/False, a

Question

All T/F are 2 points each. Solve all problems to 3 decimal points. True/False, a=True, b=False A sensitivity plot would illustrate how the decision changes as the probability of a decision alternative changes. Forecasting is part of predictive analytics and based on data obtained in the sales and marketing department. In time series forecasting models time is the Y variable 5. 1. Simulation modeling is the science/art of developing computer based models that mimic the behavior of 6. an existing/ proposed system. 2. Randomness relates to different outcomes that are 7. controlled by the decisions maker Monte Carlo simulation models can be developed in Excel. 3. 8. In regression models a low R2 means a good fit. 9. The main benefit of simulation is that we can 4. The States of Nature are the alternatives being considered experiment in a virtual environment. 10. The payoff table provides the relationship between SNs and DAs

Explanation / Answer

1
true , we try to deal with the uncertainity by simulating it

2
True

3)
yes , monte carlo simulation can be done in excel using rand() and randbetween() functions and other functions for chi square , normal distribution etc

4
true , different possible putcomes are different states

6
Treu , forecasting is a part of predictive analytics
7
False , Y axis is the variable , X axis is the time
8

False , high r2 means better models , range from 0 to 1

Please note that we can answer only 4 small questions at a time , as per the answering guidelines

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