please type out. Before computers were widespread, almost all risk analysis was done without simulation. Therefore, only a handful of scenarios could be formulated to understand the risk of a decision. Typically, a best-case and worst-case scenario was determined and decisions were based on these two scenarios. What are some of the drawbacks of this decision-making approach? Specifically, how does the capability to summarize 1,000s of simulated scenarios improve the approach
(1)Decision making need a great deal of informations in the assessment step,to acquire the information,usually it need a long time of observation,collection and anaysis.
In some cases the data is insufficient.In this condition,decision producer does not have any data which can help to make the decision.
Example:a organization needs to choose whether to introduce another item with another market,but in this market these is no similar item on sale.
Get Answers For Free
Most questions answered within 1 hours.