Which of the Following Best Defines Monte Carlo Simulation

question 9

Multiple Choice

Which of the following best defines Monte Carlo simulation?

• A) It is a tool for building statistical models that characterize relationships among a dependent variable and one or more independent variables.
• B) It is a collection of techniques that seeks to group or segment a collection of objects into subsets.
• C) It is the process of selecting values of decision variables that minimizes or maximizes some quantity of interest.
• D) It is the process of generating random values for uncertain inputs in a model and computing the output variables of interest.

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Definitions:

Self-sufficiency

The ability to fulfill all of one’s needs without reliance on others.

Self-esteem

An individual's subjective evaluation of their own worth or abilities.

Typological Approach

Refers to the study of personality types and the categorization of individuals based on certain distinctive traits or patterns of behavior.

Single-trait Approach

A methodology in personality psychology that focuses on how one trait influences a broad range of behaviors and attitudes.