The Seven Steps in the Use of Simulation Include All

question 46

Multiple Choice

The seven steps in the use of simulation include all EXCEPT which of the following?

• A) Define the problem.
• B) Construct a numerical model.
• C) Introduce important variables associated with the problem.
• D) Find the optimal solution.
• E) Run the experiment.

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Definitions:

Margin of Error

A statistic expressing the amount of random sampling error in a survey's results, representing the range within which the true population parameter is likely to lie with a certain degree of confidence.

Variance

A statistical measure that tells us how much a set of numbers is spread out; it's the average of the squared differences from the Mean.

Confidence Interval

A range of values, determined from sample statistics, that is likely to contain the value of an unknown population parameter.

Standard Deviation

A gauge for the level of variability or disparity within a set of data points.