Solved: Which of the following statements are FALSE (choose all the false statements. Choosing

Which of the following statements are FALSE (choose all the false statements. Choosing True statements will incur negative marking)

-Models are simplified versions of a situation that we want to analyze/study. We only input variables that we can control in our model.

-Variables that we cannot control cannot be part of a decision model.

-In the problem solving process, once we test the results, we can directly implement the solution.

-Sensitivity analysis helps us find the optimal solution

-Finding the basic statistics (like mean), correlation, drawing pivot tables and charts are examples of descriptive models.

-Regression model is an example of a probabilistic and descriptive model

Expert Answer

-Finding the basic statistics (like mean), correlation, drawing pivot tables and charts are examples of descriptive models.

Basic statistics line mean and correlation are examples of probabilistic models, where drawing pivot tables and charts are examples of descriptive models.

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