Which of the Following Statements Regarding Simulation Is True

question 72

Multiple Choice

Which of the following statements regarding simulation is true?

• A) Simulation can be physical or mathematical.
• B) Simulation has numerous areas of application in operations.
• C) Simulation attempts to duplicate a real system.
• D) Monte Carlo simulation is a chance-based mathematical model of a real system.
• E) All of these are true.

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Definitions:

Alternative Use

speaks to the different ways an asset or resource can be utilized outside its current application, highlighting its opportunity cost.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing to invest resources in one option over another.

Hard Drive

A data storage device used for storing and retrieving digital information, typically using rapidly rotating disks coated with magnetic material.

Apple

A multinational technology company known for its consumer electronics, software, and services, famous for products like the iPhone and MacBook.