Deterministic and stochastic or probabilistic models

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Reference no: EM131993651

1. A model that examines a current situation or system facing the manager is a:

A. descriptive model

B. prescriptive model

C. predictive model

D. all of these

2. Which of the following is a difference between deterministic and stochastic or probabilistic models?

A. Deterministic models set up functional relationships between dependent and independent variables and stochastic set up functional relationships between independent and dependent variables.

B. Deterministic models assume the dependent variable(s) are known with certainty and stochastic models assume the dependent variable(s) contain uncertainty.

C. Deterministic models assume the independent variable(s) are known with certainty and stochastic models assume the independent variable(s) contain uncertainty.

D. None of these.

Reference no: EM131993651

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