Which of the Following Is Not Considered One of the 5

question 19

Multiple Choice

Which of the following is not considered one of the 5 steps of Monte Carlo Simulation?

• A)establishing probability distributions for important input variables
• B)generating random number
• C)building a cumulative probability distribution for each input variable
• D)establishing an objective function

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Definitions:

Grouped Data

Data that is organized into intervals or groups for the purpose of analysis.

Individual Data Values

These are the specific observations or measurements collected in a study or analysis.

Descriptive Statistics

Statistical methods that summarize and organize characteristics of data sets, such as mean, median, mode, and range.

Variability

The extent to which data points in a statistical distribution or data set diverge from the average or mean value.