One of the Advantages of Simulation Is That

question 45

Multiple Choice

One of the advantages of simulation is that:

• A) real-world complications can be included that most OM models cannot permit.
• B) it always generates a more accurate solution than a mathematical model does.
• C) it is a repetitive approach that may produce different solutions in repeated runs.
• D) model development is less time consuming than for mathematical models.
• E) model solutions are transferable to a wide variety of problems.

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Definitions:

Liabilities

Financial obligations or debts that a company owes to others, which are expected to be paid in the future.

Journal Entry

A record of financial transactions in the double-entry bookkeeping system, indicating credits and debits in accounts.

Decedent's Death

A term referring to the time of death of an individual, often used in legal, tax, and financial contexts.

Savings Account

A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate.