What is one benefit of using a simulation? Can predict exact values Can incorporate randomization Can rely on a single calculation Can avoid using a chance device
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Can predict exact values: Simulations usually provide estimates or ranges of possible outcomes, not exact values. Show more…
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Simulations require a distribution to be specified, like a normal distribution. Many times, the exact distribution to be used is unknown, so we have to assume it. One argument against using simulations to perform risk analysis is that there is no real benefit because the set of assumptions is simply shifted from assumed parameter values to assumed distributions of parameters. So are simulations worth it or not?
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