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1. (a) In decision analysis models, what do the terms decision alternatives, states of nature, and payoff represent?
1. (a) In decision analysis models, what do the terms decision alternatives, states of nature, and payoff represent? Give a real world example and identify these terms in your example.
(b) What are the different types of integer programming problems? Briefly describe each type and give one real world example for each type.
(c) How is the simulation process used in the Decision Sciences models? What are the advantages of using simulation? What are its limitations? How can a simulation model be verified? Give a real world example where using simulation is appropriate.
(d) Briefly describe the different types of queue disciplines. Give one real world example for each type.
