1. Read The decision-making tree - A simple way to visualize a decision. Optional: also read The Roots of Decision Making a. Explain, in your own words, what is a decision tree? b. What are three options for your education or career. Based on the text, how can you use a decision tree to help choose among these? c. What do you expect will be the most challenging or difficult part of using a decision tree to help you make this choice? 2. Read pp. 565 to 574 of Managerial Decision Modeling: Business Analytics with Spreadsheets. a. Explain, in your own words, what is Monte Carlo simulation? b. Based on the text, how can you use numerical simulations to help you decide among the three options you mentioned in 1b? c. What do you expect will be the most challenging or difficult part of using a simulation to help you make this choice?
1. Read The decision-making tree - A simple way to visualize a decision. Optional: also read The Roots of Decision Making a. Explain, in your own words, what is a decision tree? b. What are three options for your education or career. Based on the text, how can you use a decision tree to help choose among these? c. What do you expect will be the most challenging or difficult part of using a decision tree to help you make this choice? 2. Read pp. 565 to 574 of Managerial Decision Modeling: Business Analytics with Spreadsheets. a. Explain, in your own words, what is Monte Carlo simulation? b. Based on the text, how can you use numerical simulations to help you decide among the three options you mentioned in 1b? c. What do you expect will be the most challenging or difficult part of using a simulation to help you make this choice?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Transcribed Image Text:1. Read The decision-making tree - A simple way to
visualize a decision. Optional: also read The Roots of
Decision Making
a. Explain, in your own words, what is a decision
tree?
b. What are three options for your education or
career. Based on the text, how can you use a
decision tree to help choose among these?
c. What do you expect will be the most challenging
or difficult part of using a decision tree to help
you make this choice?
2. Read pp. 565 to 574 of Managerial Decision Modeling:
Business Analytics with Spreadsheets.
a. Explain, in your own words, what is Monte Carlo
simulation?
b. Based on the text, how can you use numerical
simulations to help you decide among the three
options you mentioned in 1b?
c. What do you expect will be the most challenging
or difficult part of using a simulation to help you
make this choice?
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