Short Answer Questions:

1. Discuss the importance of applications of MS models in today's management decisions.

2. What are major components of a decision model?

3. Discuss the major differences between decision-making under certainty and decision-making under uncertainty.

4. Why "Utility" theory has been developed for decision-making under risk? Give two your own examples where "Expected Monetary Value" is not representative for individual's willingness.

5. What are major assumptions underlying the Game Theory models?

6. What are the major application problems of LP in business decision