Question: Instruction: Answer ANY Two (2 ) questions from below. 1. Explain the concept of risk analysis and how Monte Carlo simulation can provide useful information

Instruction: Answer ANY Two (2) questions from below.

1. Explain the concept of risk analysis and how Monte Carlo simulation can provide useful information for making decisions.

2.Which is better; group decision or individual decision? Justify your answer?

3.What is the representativeness heuristic referring to and how is it applied in the working arena?

4. What is the PEARL system and how is it applied?

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