Which of the Following Best Defines Monte Carlo Simulation

question 13

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 seek to group or segment a collection of objects into subsets.
• C)It is the process of selecting values of decision variables that minimize or maximize 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:

Disaffirm It

The act of rejecting or voiding a legal contract or agreement, especially one entered into by minors or under duress which can be legally disaffirmed.

Duty Of Restitution

The legal obligation to compensate or restore the loss suffered by another party due to unlawful acts or breaches of contract.

Wrecked

In a broader context, 'wrecked' refers to something extensively damaged or completely destroyed.

Exculpatory Clause

A contract term that seeks to release one party from liability for harm or damage that may occur to another.