Explain the concept of value of perfect information

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Reference no: EM13901158

1.(a) Explain the concept of value of perfect information in decision analysis.Give a real world example where the value of perfect information will be usefulto a decision maker.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

(b)Briefly describe different elements of queuing analysis. Give a real worldexample and identify different elements in your example.

(c)What are the zero-one integer programming problems? Why are they so useful inreal world situations? Briefly describe a real world example of a zero-oneinteger programming problem.

(d)How is the simulation process used in Decision Sciences models? What are theadvantages of using simulation? What are its limitations? How can a simulationmodel be verified? Give a real world example where using simulation isappropriate.

Reference no: EM13901158

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Explain the concept of value of perfect information : 1.(a) Explain the concept of value of perfect information in decision analysis.Give a real world example where the value of perfect information will be usefulto a decision maker.

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