A Disadvantage of a Simulation Model Is That Its Structuring

question 17

True/False

A disadvantage of a simulation model is that its structuring is highly dependent on the expertise of the modeler.

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Definitions:

Budgeting

The process of creating a plan to spend your money by estimating the revenue and expenses for a future period, used as a financial guide.

Actual Results

The real, measured outcomes of financial or operational activities, used to compare against budgeted or forecasted figures for analysis.

Administrative Expenses

Costs associated with the general administration of a business, such as salaries of executive officers, legal and secretarial expenses.

Client-visits

The instances when a client or customer visits a business premise for the purpose of obtaining services or conducting business.