State whether the following statements are True or False. Develop a model is the

Question

State whether the following statements are True or False.       

Develop a model is the first step in quantitative analysis.

In decision theory, probabilities are associated with states of nature.

The minimum EOL criterion will always result in the same decision as the maximax criterion.

A forecasting model that only uses historical data for the variable being forecast is called a causal model.

Sales for a company are typically higher in the summer months than in the winter months. This variation would be called a seasonal factor.

Explanation / Answer

The answers to the above mnetioned statements are:

a False

b true

c True

d False

e True

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