Which of the Following Is TRUE Regarding Simulation

question 63

Multiple Choice

Which of the following is TRUE regarding simulation?

• A) Small problems can be done by hand.
• B) Most simulations are computerized.
• C) Real-world complications can be included in simulation models.
• D) Simulation is most suitable where standard analytical models are too complex.
• E) All of these are true.

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Definitions:

Planning Fallacy

The tendency to underestimate the time, costs, and risks of future actions while overestimating the benefits, leading to poor planning and time management.

Underestimating

The act of judging something to be of lower quantity, value, or importance than it actually is.

Project

A planned set of interrelated tasks to be executed over a fixed period and within certain costs and other limitations.

Overconfidence

A cognitive bias where an individual's subjective confidence in their judgments and abilities is greater than their objective accuracy.