Difference between descriptive and prescriptive models

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Reference no: EM13100011

1. Explain the difference between descriptive and prescriptive (optimization) models.

2. Describe how to use Excel data tables, scenario manager, and goal seek tools to analyze decision models.

3. Explain the purpose of Solver and what type of decision model it is used for.

4. What approaches can you use to incorporate uncertainty into decision models?

5. Explain the concept of risk analysis and how Monte Carlo simulation can provide useful information for making decisions.

6. Outline the process for using Crystal Ball to run a Monte Carlo simulation.

7. Explain the terms assumption, forecast, and decision as used in Crystal Ball.

Reference no: EM13100011

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