Question: 1. Define predictive models and prescriptive models, and explain how they differ? Provide one (1) example of how each model might be used. 2. What

1. Define predictive models and prescriptive models, and explain how they differ? Provide one (1) example of how each model might be used.

2. What is Monte Carlo simulation? Explain and provide an example.

3. Explain the characteristics of dynamic systems and why these are more challenging to simulate than Monte Carlo spreadsheet models

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