Before computers were widespread, almost all risk analysis was done without simulation. Therefore, only a handful...

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?  

Homework Answers

Answer #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.

  • To summarize 1000s of reproduced situations we have to improve our approach.Identified risks by running reproductions to recognize the range of possible outcomes.A random sampling is performed by utilizing uncertain risk.This is normally done by setting up a numerical model and then running simulations utilizing this model to evaluate the impact of project risks.

please give me thumb up

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
Active Questions
  • Solve the equation y''-y'=-3 y(0)=0 and y'(0)=0 by using the method of parameters and determinants
    asked 58 seconds ago
  • You wish to test the following claim (HaHa) at a significance level of α=0.002α=0.002.       Ho:μ=68.3Ho:μ=68.3       Ha:μ≠68.3Ha:μ≠68.3...
    asked 58 seconds ago
  • Integrativelong dash Risk and Valuation   Hamlin Steel Company wishes to determine the value of Craft​ Foundry,...
    asked 7 minutes ago
  • A gas chromatogram of the organic components of a sample of beer using a column that...
    asked 37 minutes ago
  • Describe how RNAi works, and explain how RNAi is involved in post transcriptional regulation.
    asked 38 minutes ago
  • You bought a bond one year ago for $1,070.85. This bond pays a semi-annual coupon at...
    asked 42 minutes ago
  • The Wall Street Journal reports that 33% of taxpayers with adjusted gross incomes between $30,000 and...
    asked 43 minutes ago
  • comparing the expenditure profile to event values allows the contracting officer to:(select all that applies) a....
    asked 43 minutes ago
  • If you double the amount of enzyme present in your activity assay, should the activity double?...
    asked 50 minutes ago
  • The mass m1 on a smooth table is connected to the mass m2 which moves only...
    asked 59 minutes ago
  • Florin and Guilder are two countries separated by a narrow sea. They use currencies called, respectively,...
    asked 1 hour ago
  • determine the net allowable bearing capacity for 1.1 × 1.7 m foundation with limiting settlement of...
    asked 1 hour ago