The flaw of averages refers to 1 the average of a measure (e.g., profit) only provides a
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The flaw of averages refers to
1 the average of a measure (e.g., profit) only provides a small indication of system behavior.
2 setting random input values to their average or best guess values can lead to poor decisions under uncertainty.
3 an error in simulation results that stems from the fact that simulated random numbers are not truly random.
4 the fact that the calculation of confidence intervals must account for the possibility of error in the estimate of the mean.
5 errors and/or poor decisions that arise when decisions for complex decision problems under uncertainty are made by a large committee.
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