Choose one business question
Answer your choice of one of the discussion questions below. Please clearly indicate which question you’re answering by labeling it with the question number (e.g. “Question 1”).
- What is an influence diagram and what is its purpose? How can it be used in your own organization (or in one with which you have familiarity)?2. What are a model, model assumptions, and validity? Provide your own original example for each.
3. Explain the Overbooking model and why it is used. Provide your own original example for illustrative purposes.
- What is What-if Analysis and why is it used? How can it be used in your own organization (or in one with which you have familiarity)?
- Define Monte Carlo simulation and indicate how it differs from Hypercube simulation. Provide your own original example of each for illustrative purposes.Your initial post must be at least 200 words in length and must include references from reliable sources.
Solution:
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