One of the Advantages of Simulation Is That

question 76

Multiple Choice

One of the advantages of simulation is that

• A) real-world complications can be included that most OM models cannot permit
• B) it always generates a more accurate solution than a mathematical solution
• C) it is a trial-and-error approach that may produce different solutions in repeated runs
• D) model development is less time consuming than for mathematical models
• E) model solutions are transferable to a wide variety of problems

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Definitions:

Machine Operator's Wages

The compensation paid to workers who operate machinery, typically categorized as direct labor costs in manufacturing.

First-In-First-Out (FIFO)

An inventory valuation method where the oldest inventory items are used up or sold first.

Work in Process

This term refers to the materials, labor, and overhead costs for products that are in the production process but are not yet complete.

Job Cost Sheet

A form prepared for a job that records the materials, labor, and manufacturing overhead costs charged to that job.