Differences between static and dynamic models

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1. How does prescriptive analytics relate to descriptive and predictive analytics?

2. Explain the differences between static and dynamic models. How can one evolve into the other?

3. What is the difference between an optimistic approach and a pessimistic approach to decision making under assumed uncertainty?

4. Explain why solving problems under uncertainty some-times involves assuming that the problem is to be solved under conditions of risk.

5. Investigate via a Web search how models and their solutions are used by the U.S. Department of Homeland Security in the "war against terrorism." Also investigate how other governments or government agencies are using models in their missions.

Reference no: EM132816276

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