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hi,
can you tell me where should i put demand and where should i put supply ? as in your lectures demand is above but in acca past answers its on side column can you please guide me as i prefer your style but want to know is uncertainty demand or suppy and you put it above ?
many thanks.It does not matter how you present the table, so long as you make it clear what it is you are having to decide, and what it is that is uncertain.
ok and can you please explain me your method and how we will identify what is uncertain and what is our choice ?
I am not sure what you mean by my ‘method’. I list the choices down the side, and the uncertain items along the top.
You can always find out what it is you are having to decide from the requirements in the question. One part (usually part (b) ) will ask what decision should we make about something. That is what you are having to choose.
Most questions ask for the expected values as one of the requirements. For this you need the probabilities of whatever is uncertain, and so you will be given probabilities in the question and that tells you which the uncertain factor it.
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