Prescriptive Model
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Description
If the values for the independent variables are under the decision maker's control, the decision problem in these types of situations boils down to determining the values of the independent variables that produce the best possible value for the dependent variable. these types of models are called prescriptive models because their solution tells the decision maker what actions to take.
Concept Prerequisite
Wikipedia Reference
Learning Material
Covered in Topic(s)
| Making Decisions Using Models |