Describe the general process of simulation

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How does prescriptive analytics relate to descriptive and predictive analytics?

Explain why solving problems under uncertainty sometimes involves assuming that the problem is to be solved under conditions of risk.

Explain how LP can solve allocation problems. What are the advantages of using an LP package to create and solve LP models? What are the disadvantages?

Describe the general process of simulation. And list some of the major advantages of simulation over optimization and vice versa.

Reference no: EM133048106

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