Which of the Following Statements Regarding Simulation Is TRUE

question 28

Multiple Choice

Which of the following statements regarding simulation is TRUE?

• A)Large-scale simulation models are virtually all handled by computer.
• B)Simulation has numerous areas of application in operations.
• C)Simulation attempts to duplicate a real system.
• D)The process of simulation involves seven steps.
• E)All of these are true.

---

Definitions:

Budgeting

The process of creating a financial plan to manage revenues, expenses, and resources over a specified period, often projecting future income and expenditures.

Financial Terms

The specific language or jargon used within the finance industry to describe actions, instruments, processes, and concepts related to money and finance.

Preparing A Budget

The process of creating a financial plan that forecasts the revenues and expenses over a specified period, typically a year.

Budget Goals

Financial targets that an organization aims to achieve within a specific period to manage resources effectively.