Decision trees and payoff tables are tools that can be used while making decisions under uncertainty. How have you seen these used in at your work or in other organizations? If you haven't seen them in action yet, would you envision their use?

Based on a real or imagined business scenario, design a Monte Carlo simulation that will enable you to make better business decisions. What do you hope togain from the simulation? Discuss the uses and shortcomings of Monte Carlo simulation. Propose onealternative method to the Monte Carlo simulation that you've learned about or used in real life.