When We Maximize or Minimize the Value of a Decision

question 14

True/False

When we maximize or minimize the value of a decision variable by running several simulations simultaneously,we have found an optimal solution to the problem and attitude toward risk becomes irrelevant.

---

Definitions:

Separation of Duties

A key internal control that involves dividing responsibilities among different people to reduce the risk of error or fraud.

Fraud

Dishonest or illegal trickery used to achieve financial or personal advantages.

Cashier Checks

A check issued by a bank, drawn on its own funds rather than on one of its depositor's accounts, guaranteeing payment.

Postage Stamps

Small pieces of paper issued by a government or an official postal administration, denoted with a specified value, and used to pay for the shipment of mail.