5. In a simulation of a stochastic system, which of the following statements is TRUE?

I. The state of the system describes the current status of the simulated process.

II. The state of the system changes whenever an event occurs.

III. The simulation clock tracks the computer time required to run the simulation.

Multiple Choice

I only

II only

III only

I and II only

I and III only

7. The output of a simulation of a stochastic system is useful because

I. The simulation results can easily be verified with mathematical models.

II. The simulation provides a confidence interval for each performance measure.

III. The simulation provides a point estimate for each performance measure.

Multiple Choice

I only

II only

III only

I and II only

II and III only