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Dear tutor,
I have watched the lectures on uncertainty and risk couple of times and also did practice multiple questions from my revision kit. However, it’s still difficult for me to understand how I should start at the beginning of each question in order to understand how i should approach the solution. What is confusing for me is knowing which criteria (demand, production, supply and etc.) to plot on the row and which on columns when doing the tabular solution. Is there a logic or some kind of a technique which could help me to better understand that?
Thank you in Advance!
KarinaIt doesn’t matter which way round you show the table (i.e. which criteria is as rows and which as columns) because if you understand what is happening then the result will be the same.
It really is down to reading the question carefully. Whichever factor you are given probabilities for is the uncertain one, and the requirement tells you which factor it is that you are having to make the decision about.
Again, I am afraid that you cannot just learn an approach – the exam questions are designed so as to make sure that you understand what is happening.
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