In Order to Verify a Simulation Model

question 8

Multiple Choice

In order to verify a simulation model,

• A)compare results from several simulation languages.
• B)be sure that the procedures for calculations are logically correct.
• C)confirm that the model accurately represents the real system.
• D)run the model long enough to overcome initial start-up results.

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Definitions:

Operating Assets

Assets used by an organization in its day-to-day operations to generate revenue, excluding investments and inventory.

Residual Income

The amount of net income an entity has after deducting all necessary expenses and required returns on investments, representing leftover earnings.

Operations

The activities involved in the day-to-day functions of a business related to producing and delivering its products or services.

Housekeeping Department

A division within a business, often within the hospitality industry, responsible for maintaining cleanliness, orderliness, and standards of hygiene.