Explain how decision-making problems under assumed certainty and uncertainty can be handled.
Write a 4 page paper in APA format (not including the cover page and reference page). Below is a recommended outline. Please use the APA attachment provided. You must conduct research and have at least 2 scholarly references (peer reviewed journal articles) and use in-text citations.
Instructions: Explain how decision-making problems under assumed certainty and uncertainty can be handled. Ensure that your paper fully addresses the use of models in decision making including the use of spreadsheets, linear programming, and optimization. Include using sensitivity analysis, what-if analysis, and goal-seeking. In your research, find examples of these types of problem solving and explain the application of different types of decision modeling.
Be sure that your paper addresses the following:
1 Prescriptive analytic techniques for reporting and predictive analytics using the concepts of analytical decision modeling.
2 Analytical models including linear programming and simulation models for decision support.
3 Spreadsheets in analytical modeling and solutions.
4 When to use optimization.
5 Sensitivity analysis, what-if analysis, and goal-seeking.
Below is a recommended outline. Cover page (See APA Sample paper). Cover page (See APA Sample paper).
A thesis statement
Purpose of paper
Overview of paper
Body (Cite sources with in-text citations.)
Conclusion – Summary of main points
Lessons Learned and/or Recommendations