Q21
In ___________ models there is risk and uncertainty.
A.
Deterministic Models
B.
Probabilistic Models
AnswerC.
Both A and B
D.
None of the above
Answer: Option B
Solution
Answer: Option B
Solution:
In Probabilistic Models there is risk and uncertainty. Probabailistic models incorporate random variables and probability distributions into the model of an event or phenomenon. While a deterministic model gives a single possible outcome for an event, a probabilistic model gives a probability distribution as a solution.