Which of the Following Statements Is/are True Regarding a Simulation

question 59

Multiple Choice

Which of the following statements is/are true regarding a simulation model?

• A) It makes decision-making easier.
• B) It explicitly incorporates uncertainty in one or more input variables.
• C) It does not require any best guesses.
• D) All of these statements are true.

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Definitions:

Ethics

The standards of conduct by which actions are judged as right or wrong, honest or dishonest, fair or not fair.

Net Income

The total earnings of a company after all expenses and taxes have been deducted from revenues, indicating the company's profitability.

Total Expenses

The sum of all costs and expenses incurred by a business during a specific period, including operating and non-operating expenses.

Total Revenues

The complete amount of income generated by a business through its activities, before any costs or expenses are deducted.