Explain the discrete probability distributions

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Question: 1. A friend of yours has just learned about Monte Carlo simulation methods and has asked you to do a simulation of a complicated decision problem to help her make a choice. She would be happy to have you solve the problem and then recommend what action she should take. Explain why she needs to be involved in the simulation modeling process and what kind of information you need from her.

2. Explain why a simulation model with only discrete probability distributions produces the same results as the corresponding decision tree model even though it uses very different solution methods.

3. Why should you not model a decision variable as a random variable with a probability distribution?

Reference no: EM131524369

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