State whether the following statements are True or False: 1- Developing a model

ID: 3124261 • Letter: S

Question

State whether the following statements are True or False:

1- Developing a model is the first step in quantitative analysis.

2- In decision theory, probabilities are associated with states of nature

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

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

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

1- False

2- True

3- False

4- false

5- True

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