Which of the Following Is Not Considered One of the 5

question 21

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
• E)simulating a series of trials

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Definitions:

Accumulate Production

This term may not be standard; however, it could refer to the process of compiling or aggregating the total output of goods or services produced over a period.

Work in Process Inventory

Items currently in production but not yet completed; part of a manufacturing company's inventory.

Finished Goods Inventory

The total value of all the finished products that are ready for sale but have not yet been sold by the company.

Work in Process Inventory

Items in production that are not yet completed, representing a stage between raw materials and finished goods in manufacturing.