Posted by: Robert Davis
Compliance Management, Control System, Decision Support Systems, Decision Techniques, DSS, Game Theory, Information System, Linear Programming, Operations Research, Word Processing Software
There are many types of detail variables that may be associated with a mathematical model. Binary variables are employed for “go” and “no-go” decisions. Furthermore, discrete variables are utilized for any of a finite number of values. Questions of “which” and “when” are represented as specific discrete values. Such datum need not be continuous, however, continuous variables present an infinite number of possible values, and all the values will lie within a specific range. Among the other characteristics of variables, they can be random variables that model uncertainty and are expressed as probabilities. They can also be exogenous variables, ones that are external to the model and cannot be influenced by decision makers.
“View Part I of the Compliance through Automation: Decision Support Systems series here“