Prior to a new product launch, marketers need to infer how demand will respond to various levels of marketing mix variables in order to set an appropriate marketing plan. A critical challenge in estimating marketing mix responsiveness from historical data is that the observed decisions were...

How can you evaluate a potential investment if there are several possibilities to change the course of action in the future depending on different emerging situations? And even more challenging: How can you do so if you cannot come up with point estimates - but you have to use several ranges of...