Using a Simulation Model to Gather a Year of Operating

question 21

Multiple Choice

Using a simulation model to gather a year of operating data in a few minutes is known as:

• A) historical search data collection.
• B) Monte Carlo optimization.
• C) sub-optimization.
• D) time compression.

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Definitions:

Spreadsheet Software

An application program such as Microsoft Excel or Lotus 1-2-3 that enables a user to do calculations and numerical analyses easily.

Enterprise Resource Planning

A type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, and manufacturing.

Back Office

The administrative and support personnel in an organization who are not client-facing.

Database Software

An electronic filing system best used for larger and more complicated groups of data that require more than one table and the ability to group, sort, and retrieve data and generate reports.