Question: Select the least accurate statement regardingfunctions used in simulation modeling. 1 The difference between STDEV.S and STDEV.P is STDEV.S computesthe sample standard deviation of simulation

Select the least accurate statement regardingfunctions used in simulation modeling.

1 The difference between STDEV.S and STDEV.P is STDEV.S computesthe sample standard deviation of simulation results whereas STDEV.Pcomputes the standard deviation of simulation results under theassumption that the results are normally distributed.

2 COUNTIF function can be used to compute the number ofsimulation trials that result in profit above a particularvalue.

3 The RAND function in combination with VLOOKUP can be used togenerate random values consistent with a discrete probabilitydistribution that is estimated from historical data.

4 AVERAGE can be used to estimate the mean profit from adecision from the results of a simulation.

5 ROUND can be used to round a value to 2 decimal places (i.e.,to the nearest hundredth).

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