Which of the Following Is Characteristic of Monte Carlo Simulation

question 17

Multiple Choice

Which of the following is characteristic of Monte Carlo simulation?

• A)Results are usually not valid,but provide managers with an approximation.
• B)Time compression is not possible using this technique.
• C)Statistical sampling is used to create outcomes for many trials.
• D)Computer packages such as Simquick and Arena can show on-screen graphics of customers moving through the system or inventory accumulation.

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Definitions:

Culture

The shared beliefs, values, norms, and practices that characterize a group of people and are transmitted from one generation to the next.

Mental Set

A psychological tendency to approach problems in a certain way due to past experiences and habits, which can facilitate or hinder the discovery of solutions.

Means-End Analysis

A problem-solving technique that involves breaking down the problem into smaller parts and addressing each part to achieve the final goal.

Prototypical Idealization

The process of creating ideal models or examples in one's mind that represent the most typical or classic features of a particular category or concept.