The New Model of a Tight, Fast, Low-Inventory Supply Chain

question 70

True/False

The new model of a tight, fast, low-inventory supply chain, operating across political and cultural boundaries, has reduced the overall level of supply chain risk.

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Definitions:

Monte Carlo Simulation

A computational technique that uses random sampling to approximate the probability of various outcomes in a process.

Random Values

Numbers or outcomes generated in a manner that follows no discernible pattern, often used in simulations or statistical sampling.

Uncertain Inputs

Factors or variables in a model or process that have unknown or unpredictable values, affecting outcomes and decision-making.

Monte Carlo Sampling

A statistical technique that utilizes random sampling and probability to solve problems that might be deterministic in principle.