Question 1: How does prescriptive analytics relate to descriptive and predictive analytics?
Question 2: Explain the differences between static and dynamic models. How can one evolve into the other?
Question 3: What is the difference between an optimistic approach and a pessimistic approach to decision making under assumed uncertainty?
Question 4: Explain why solving problems under uncertainty sometimes involves assuming that the problem is to be solved under conditions of risk.
Sample Solution