Which of the following statements is true ? 1.Average values generated from a simulation are generally more accurate than expected values computed from a probability distribution 2.Simulated results will differ from expected values more for long simulations than for short simulations 3.Simulation can reproduce the behaviour of a system over several periods . 4.A random number is assigned to each value of the random variable

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A: Solution: OPTION (e) IS THE CORRECT OPTION.

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A: Note,  Since you have posted multiple subparts in the same questions, we will be answering the first…

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A: Procurement cost = $4Selling price  = $8Salvage cost = $2

Q: Johnson Electronics Corporation makes electric tubes. It is known that the standard deviation of the…

A: Given data:  Mean (μ)= 2300 Standard deviation (σ) = 145 Sample size (n) =90

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A: 20% chance of winning $100 and 80% chance of losing $100   In this Option, We have an 80 %…

Q: Models that have no random input are called iconic models. Select one: True False

A: Iconic models refer to those type of models under which there is a representation of a specific…

Q: b. What percentage of the Visa cards issued by this bank have a balance of $735 or more? Round your…

A: A normal distribution describes a situation in which the majority of data points are grouped around…

Q: Which of the following is NOT true about the distribution function for a normaldistribution?a. It…

A: The statement which is not true about the distribution function for a normal distribution is given…

Q: A. Find the sample size. (Round up your answer to the next whole number.) B.How would you tell…

A: Given information: AQL=9% LTPD acceptable by the assembly department=44% Consumer's risk=10 percent…

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A: Little's law is described as the theorem through which the average number of items that are present…

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A: Given data: Mean = 100SD = 30

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A: Given-

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A: The following information is given in the question: The carpenter is making doors that are 2058…

Q: Select the least accurate statement regarding simulation. In a simulation, correlation between two…

A: In insights, connection or reliance is any factual relationship, if causal, between two arbitrary…

Q: Famous psychic, television personality Sylvia Browne is invited to Oprah Winfrey show to demonstrate…

A: Step 1: Given that  total number of questions asked = 20  total number of questions answered = 15…

Q: Consider a piston-cylinder assembly that operates in isobaric process. Steam undergoes the process…

A: Step 1:Step 2:Step 3: Step 4:

Q: 0.9 0.8 0.7 0.6 [ Select ] 0.5 V 0.4 Uniform distribution 0.3 0.2 Normal distribution 0.1…

A: In a uniform distribution, the curve is plotted such that the cumulative probability does not change…

Q: With the speed of computers, it is not necessary to limit the amount of factors considered in a…

A: With the speed of computers, it is not necessary to limit the amount of factors considered in a…

Q: True or False: If our explanatory variables do not vary, our model will produce no estimates

A: In regression analysis, there are explanatory variables and response variables. Explanatory…

Q: Prior probabilities are sometimes called likelihoods, the probabilities that are influenced by…

A: Prior probabilities are sometimes called likelihoods, the probabilities that are influenced by…

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A: We must break the provided form down into smaller shapes whose moments of inertia are easily…

Q: The average number of operational losses in a year at a particular plant is 18, so the number of…

A:

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.