Question: 2 0 . The average values for the uncertain inputs cannot be used in a decision model and therefore, the need for Monte Carlo simulation

20. The average values for the uncertain inputs cannot be used in a decision model and therefore, the need for Monte Carlo simulation cannot be eliminated. This phenomenon is called the "______________", which states that the evaluation of a model output using the average value of the input is not necessarily equal to the average value of the outputs when evaluated with each of the input values.
a. random variate
b. flaw of averages
c. risk analysis
d. All of the above

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Programming Questions!