Describe the techniques used to solve problems under uncertainty.

1. Please respond to the following:

What is a mathematical model?

1. Give a minimum of two examples of types of models and explain what outcome is expected from the model.
2. Provide two well defined real world practical applications of the use of a mathematical model to solve a business problem. One model must be deterministic and the other must be probabilistic.
3. Show how the business problem was solved using each of the models presented in part c and explain in detail the results of each.

1. The normal distribution is the most important distribution in statistics. It is also used in many business processes. Provide examples of two business processes that can be described by the normal distribution. Demonstrate the use of the normal distribution by providing two practical example showing how the normal distribution was used to solve a real world problem. Show your work in detail along with the results and decisions made.

1. There are several techniques used to solve decision – making problems. Describe the techniques used to solve problems under uncertainty. Which techniques results in an optimistic decision? Which techniques results in a pessimistic decision?  Provide a detailed real world example of each technique, show and explain the results.