Select the least accurate statement regarding simulation. In a simulation, correlation between two random input variables may change the mean of an output, but it will not affect the variability and shape of an output distribution. O Simulation can be used to model the effects of uncertainty on system performance. @Risk is an example of an Excel add-in with simulation capability. O It is possible to create simulation models in Excel without Excel add-in software. O The accuracy of simulation statistics improves as the number of simulation trials (or iterations) increases.

Select the least accurate statement regarding simulation. In a simulation, correlation between two random input variables may change the mean of an output, but it will not affect the variability and shape of an output distribution. O Simulation can be used to model the effects of uncertainty on system performance. @Risk is an example of an Excel add-in with simulation capability. O It is possible to create simulation models in Excel without Excel add-in software. O The accuracy of simulation statistics improves as the number of simulation trials (or iterations) increases.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

Select the least accurate statement regarding simulation.
O In a simulation, correlation between two random input variables may change
the mean of an output, but it will not affect the variability and shape of an
output distribution.
Simulation can be used to model the effects of uncertainty on system
performance.
@Risk is an example of an Excel add-in with simulation capability.
O It is possible to create simulation models in Excel without Excel add-in
software.
O The accuracy of simulation statistics improves as the number of simulation
trials (or iterations) increases.

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