Stochastic Optimization: Chance Constraints and Risk Management

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Multiple Choice

In a stochastic optimization problem, what is the purpose of a chance constraint?

  1. To ensure that the objective function is minimized with a high probability.
  2. To guarantee that all constraints are satisfied with certainty.
  3. To limit the probability of violating a particular constraint.
  4. To maximize the expected value of the objective function.
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