The Output of Simulation Provides an Excellent Basis for Decision

question 85

True/False

The output of simulation provides an excellent basis for decision making since it allows the decision maker to view a continuum of risk-return trade-offs rather than a single-point estimate.

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Definitions:

Implied-in-Law

A term or condition not expressly stated but inferred by the nature of the transaction or the parties' conduct, as recognized by law.

Discharged by Agreement

A situation where the parties involved decide to release each other from the obligations of a contract, effectively ending the contract.

Operation of Law

Changes in legal rights or obligations that occur automatically due to established legal rules, without the need for action by the parties involved.

Discharged

Refers to the completion or termination of an obligation or responsibility, such as a debt being paid off or a contractual duty being fulfilled.