A Decision Support System Gives Managers a Model-Building Capability and So

question 1

True/False

A decision support system gives managers a model-building capability and so provides them with the ability to manipulate information in a variety of ways.

---

Definitions:

Monte Carlo Simulation

A computational algorithm that uses repeated random sampling to obtain numerical results, especially to calculate risks and uncertainties in predictive and forecasting models.

Cumulative Probability

The probability of obtaining a result equal to or less than a specific value within a statistically distributed set of data.

Demand Probability

The likelihood or chance that a product or service will be desired or required by the market at a certain time.

Monte Carlo Simulation

A statistical technique employing random variables to simulate a model numerous times, thereby estimating the probable outcomes of various decisions or future events.