Simulation Models

question 28

Multiple Choice

Simulation models:

• A) guarantee optimum solutions.
• B) generate SAILS reports.
• C) search directly for the best warehouse configuration.
• D) allow the decision maker to test the effects of alternative locations.

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Definitions:

Caveat Emptor

A Latin phrase meaning "let the buyer beware," which implies that the buyer assumes the risk about the quality and condition of the product being sold.

Retention of Deposit

The act of keeping an advance payment or security deposit until certain conditions are met, typically used in leasing or contracting scenarios.

Custom-Made

Specifically designed and made to an individual's specifications or requirements; tailor-made.