Evaluate those alternatives on even basis

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During our careers as logistics managers we’ll have the need to evaluate many alternatives, in many cases evolving substantial amounts of money. The mathematical models we’ll use in this unit (Aspiration, Most Probable Future, Expected Value, Laplace, Maximax, Maximin, Present and Future Value) are used when risk or uncertainty is involved and we need to evaluate those alternatives on an even basis. Provide input on how the models are used rather than just the application of formulas.

Reference no: EM132176035

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