Using Simulation to Perform Risk Analysis Is Like Playing Out

question 15

True/False

Using simulation to perform risk analysis is like playing out many what-if scenarios by randomly generating values for the probabilistic inputs.

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Definitions:

Reasonable Notice

Advance warning or notice given within a fair timeframe, typically in the context of employment or legal procedures.

Benefit of the Bargain

is a legal principle in contract law that awards damages equal to the expected benefits under a contract that were lost due to breaches by the non-performing party.

Consequential Damages

Refers to indirect damages that do not flow directly from the act but are a consequence of the initial act, such as loss of profits.

Prima Facie Unconscionable

A term describing terms or agreements that appear to be shockingly unfair or unjust on the face of it.