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

Q: Determine the explanation for the simulation's effects to vary from run to run.

A: The following explains why the simulation outcomes vary from run to run:

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Q: define Monte Carlo simulation and the steps involved in performing Monte Carlo simulation.

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A:

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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.