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In ___________ models there is risk and uncertainty.
- ADeterministic Models
- BProbabilistic Models
- CBoth A and B
- DNone of the above
Correct answer: B
Discussion 1
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Probabilistic Models
In Probabilistic Models there is risk and uncertainty. Probabailistic models incorporate random variables and probability distributions into the model of an event or phenomenon. While a deterministic model gives a single possible outcome for an event, a probabilistic model gives a probability distribution as a solution.
In Probabilistic Models there is risk and uncertainty. Probabailistic models incorporate random variables and probability distributions into the model of an event or phenomenon. While a deterministic model gives a single possible outcome for an event, a probabilistic model gives a probability distribution as a solution.