Regarding the concept of a simulation model, which option accurately characterizes the concept of calibration?

Group of answer choices

Running a simulation model a thousand times is called calibration.

Determining which staff members should run the simulation model is called calibration.

To calibrate a simulation model is to change its workings so that it adequately reproduces known $($observed$)$ data.

The method used by top executives to approve the use of a simulation tool in the firm is calibration.

Deciding on outputs using a random number generator is called calibration.