While assigning random numbers in Monte Carlo simulation, it is?
A. Not necessary to assign the exact range of random number interval as the probability
B. Necessary to develop a cumulative probability distribution
C. Necessary to assign the particular appropriate random numbers
D. All of the above
Answer: Option B
Solution (By Examveda Team)
While assigning random numbers in Monte Carlo simulation, it is Necessary to develop a cumulative probability distribution. A cumulative probability refers to the probability that the value of a random variable falls within a specified range. Frequently, cumulative probabilities refer to the probability that a random variable is less than or equal to a specified value.This Question Belongs to Management >> Operations Research
A. Is possible when the variables value is known
B. Reduces the scope of judgement & intuition known with certainty in decision-making
C. Require the use of computer software
D. None of the above
A. Must be deterministic
B. Requires computer aid for its solution
C. Represents data in numerical form
D. All of the above
A physical model is example of.
A. An iconic model
B. An analogue model
C. A verbal model
D. A mathematical model
The qualitative approach to decision analysis relies on.
A. Experience
B. Judgement
C. Intuition
D. All of the above
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