The main reason that a large number of replications of a simulation would be made is:

computers are usually used, and they can easily handle a large number of replications.

it is part of the scientific approach.

it is a form of sampling, and large samples give more accurate results than small samples.

it is more likely to provide optimal answers.

None of the above

1. In building an RSPE simulation model, it is important to:

   Identify at least one output variable

   set a sufficiently high number of simulation trials

   Identify at least one uncertain input variable

   Assign a probability distribution to each uncertain variable

   All of the above

0.5 points

QUESTION 9

1. Which of the following statements is true with regard to uncertain variables in RSPE software?

   A probability distribution is not needed for an uncertain variable

   Decision variables are sometimes represented by uncertain variables

   The value of the uncertain variable may change with each simulation trial

   Uncertain variables accumulate values of output variables

   None of the above