A Hot Spare Is a

question 19

Multiple Choice

A hot spare is a

• A) Single point of failure
• B) Redundant component that can replace a failed component with no downtime
• C) Spare components used to replace failed components as quickly as possible
• D) Popular component purchased when it is on sale

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Definitions:

Monte Carlo Simulation

A statistical technique that uses random sampling and variability to calculate results for complex problems or models.

Probability Distributions

Mathematical representations that outline every potential value and their probabilities for a random variable across a specified interval.

Risk

The potential that an investment's actual return will differ from the expected return, encompassing the possibility of losing some or all of the original investment.

Real Option

A real option is a financial concept that represents the choice to undertake certain business initiatives, such as expanding, deferring, or abandoning a project, based on future opportunities.