A Probabilistic Model is a model which assumes that some input data are known with certainty.

1. True
2. False

A parameteris a quantity that influences the output or behavior of a mathematical object but is viewed as being held constant.

1. True
2. False

An individual who is responsible for developing a decision model is know model specialist

1. True
2. False

Total revenues earned by a business exceeds total expenses results in a profit.

1. True
2. False

Sensitivity Analysis is an action that includes determining how sensitive a solution is to changes in the formulation of a problem.

1. True
2. False

Quantitative data is numerical while aualitative data is descriptive.

1. True
2. False

Decision modeling is a scientific approach to decision making in practical situations faced by managers.

1. True
2. False

A mathematical representation of a system in which relationships are fixed is known as deterministic model

1. True
2. False

Decision variables are a set of quantities to be determined for solving the problem

1. True
2. False

Breakeven isthenumber of units sold that will result in total revenue equaling total costs (i.e., profit is $0).of balance making neither a profit nor a loss.

1. True
2. False