Question: You are reviewing a simulation model and find that the analyst who prepared the model used the formula = NORM.INV ( RAND ( ) ,

You are reviewing a simulation model and find that the analyst who prepared the model used the formula =NORM.INV(RAND(),50,3) to generate the cost of a product. Which of the following assumptions did the analyst make about the product cost?
The minimum cost is 50.
The average (mean) cost is 50.
The cost is uniformly distributed.
III only
II only
I and II only
I only
II and III only
You are reviewing a simulation model and find that the analyst

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