Which of the Following Is Characteristic of Monte Carlo Simulation

question 60

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:

Steel Workers

Individuals involved in the production and fabrication of steel, including workers in steel mills and foundries.

Job Security

The probability that an individual will keep their job; a high level of job security implies a low likelihood of losing one's job.

Unions

Organizations formed by workers to collectively bargain for better wages, benefits, and working conditions with their employers.

Strikes

A work stoppage caused by the mass refusal of employees to work, typically to enforce demands upon their employer.