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Briefly Distinguish Between Sensitivity Analysis, Scenario Analysis, and Simulation

question 71

Essay

Briefly distinguish between sensitivity analysis, scenario analysis, and simulation.


Definitions:

Analytic Thought

The process of solving problems using logical reasoning, often involving the breaking down of complex information into simpler components.

Analytic Thought

A cognitive process involving logical reasoning, comparison, classification, and evaluation to solve problems or understand concepts.

Concrete Operational

A stage in Piaget's theory of cognitive development in which children aged 7 to 11 years become capable of logical thought processes but are still limited to thinking about physical and concrete objects.

Intuitive

Pertaining to knowing or understanding something without the need for conscious reasoning; often relating to gut feelings or instincts.

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